Affordable Housing

Horning Acquires 288-Unit Multifamily Community in Suburban D.C., Places Income Restrictions

by Abby Cox August 4, 2025

HYATTSVILLE, MD. — Horning has acquired Plaza Towers Apartments, a 288-unit multifamily community located in Hyattsville, a suburb of Washington, D.C. Horning has agreed to 99-year affordability covenants on all the building’s units, capping rents between 40 and 80 percent of the area median income (AMI). Amazon’s Housing Equity Fun provided $18.7 million in low-cost financing, while Prince George County contributed $3 million through its Right of First Refusal Preservation Fund, as well as a Payment in Lieu of Taxes (PILOT) for an undisclosed value. Additionally, an unnamed Freddie Mac Optigo lender provided senior debt financing. Built in 1964 near the University of Maryland’s College Park campus, the 11-story building houses 44 studio, 158 one-bedroom, 62 two-bedroom and 24 three-bedroom apartments. Community amenities include a business center, fitness room, club room, bike storage, playground and an outdoor pool. Horning plans to invest in the property with updated infrastructure and building systems. The buyer’s property operator affiliate, Horning Management Co,. will provide management services for Plaza Towers.

August 4, 2025

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $40M Acquisition Loan for Affordable Seniors Housing Property in The Bronx

by Taylor Williams August 1, 2025

NEW YORK CITY — Greystone has provided a $40 million bridge loan for the acquisition of Kittay House, a 295-unit affordable seniors housing property in The Bronx. Kittay House offers dozens of onsite social, recreational and educational programs, as well as meals, housekeeping and easy access to healthcare and supportive services. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse, interest-only financing on behalf of the owner, a joint venture between Metropolitan Realty Group and Citadel Care Centers. The loan also carried a 24-month term with two six-month extension options.

August 1, 2025

Affordable Housing Loans Mississippi Seniors Housing Southeast

Regions Bank Provides $117.3M in Financing for Three Affordable Housing Communities in Jackson, Mississippi

by Abby Cox August 1, 2025

JACKSON, MISS. — Regions Bank’s affordable housing group has provided a combined $117.3 million in financing to Vitus Group LLC for the acquisition and rehabilitation of three existing affordable housing communities in Jackson. The properties include Village Apartments, Commonwealth Apartments and Madonna Manor, which are now part of Jackson Trio, a collection of townhomes, garden-style apartments and a 13-story high-rise apartment building for seniors. The portfolio totals 77 buildings and 613 units, with 149 of the units dedicated to age-restricted housing for people age 62 and older. Jackson Trio will provide affordable housing to renters earning between 50 percent and 80 percent of the area median income. Regions Affordable Housing provided approximately $36.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity, a $19.7 million bridge loan and a $61 million Fannie Mae MTEB permanent loan. The properties feature a mix of one-, two-, three- and four-bedroom apartments with various amenities, including an exercise room, onsite property management and maintenance and kitchen appliances. Two developments also include playgrounds for children, and Madonna Manor includes free lunch by the City of Jackson for senior residents.

August 1, 2025

Affordable Housing Development Illinois Midwest Multifamily

Related Midwest, KABOOM! Unveil Resident-Designed Playground at Chicago Affordable Housing Property

by Kristin Harlow August 1, 2025

CHICAGO — Related Midwest, the Related Affordable Foundation and Related Affordable Management Co. have opened a newly renovated playground at Marshall Field Garden Apartment Homes in Chicago’s Old Town neighborhood. Related partnered with KABOOM!, a national nonprofit, to construct the playground at the 628-unit affordable housing community. Residents, volunteers, Related team members and community partners built the playground on July 23 and 24. The project’s completion comes nearly two months after Related and KABOOM! hosted a design day at the community, where children and adult residents shared visions for the playspace. There are more than 17,000 KABOOM! playspaces nationwide. Related led a $175 million renovation of Marshall Field Garden Apartment Homes following its acquisition of the property in 2016.

August 1, 2025

Affordable Housing Development Indiana Midwest Multifamily

The Community Builders Breaks Ground on 57-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow July 31, 2025

INDIANAPOLIS — The Community Builders (TCB) and the Mapleton Fall Creek Development Corp. (MFCDC) have broken ground on Central@29, a new $19.5 million affordable housing development to be built on the corner of 29th Street and Central Avenue in Indianapolis. The four-story community will feature 57 units in the city’s Mapleton Fall Creek neighborhood. Eleven homes will be reserved for individuals emerging from homelessness. Units will range from 675 to 1,200 square feet. Income restrictions for individuals and families range from $17,000 to $70,000 per year. Residents will have access to supportive services from partners such as Raphael Health Center. In 2023, MFCDC was awarded Low-Income Housing Tax Credits from the Indiana Housing and Community Development Authority (IHCDA). Over a 10-year period, the MFCDC will receive $10 million in tax credits to support Central@29. Additional costs will be supported by the Department of Metropolitan Development HOME and Community Development Block Grants, the city’s Housing Trust Fund, the IHCDA Housing Trust Fund, the Indiana Development Fund and development loans sourced through The Urban League and the Indianapolis African American Quality of Life Initiative. Construction of Central@29 is slated for completion by winter 2026.

July 31, 2025

Brownsville-Arts-Center-&-Apartments-Brooklyn

Affordable Housing Development Multifamily New York Northeast

Partnership to Develop $254M Affordable Housing Project Near Downtown Brooklyn

by Taylor Williams July 30, 2025

NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. will develop the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is set to begin before the end of the summer and to be complete in 2027.

July 30, 2025

Affordable Housing Connecticut Development Multifamily Northeast

WinnCos. Completes $85M Affordable Housing Redevelopment in New Britain, Connecticut

by Taylor Williams July 30, 2025

NEW BRITAIN, CONN. — Regional developer WinnCos. has completed The Ellis Block, an $85 million affordable housing redevelopment in New Britain, located just outside of Hartford. The project converted four buildings within the vacant, 115-year-old former manufacturing facility of household appliances company Landers, Frary & Clark into a 154-unit apartment complex. The property now features 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments that are reserved for renters earning between 30 and 80 percent of the area median income. Amenities include a fitness room, community room, game room, flexible workspaces and outdoor seating areas. Hartford-based JCJ Architecture designed the project, and Massachusetts-based Keith Construction served as the general contractor. The Connecticut Housing Finance Authority provided tax credits and tax-exempt bonds as part of the project’s financing, which also included a construction loan from Bank of America. Bank of America also served as the tax credit investor.

July 30, 2025

Acquisitions Affordable Housing Arizona Development Multifamily Western

Dominium Acquires Land for 304-Unit Affordable Housing Development in Surprise, Arizona

by Amy Works July 30, 2025

SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom unit in Surprise are about $2,054. Amenities will include a leasing center, playgrounds, private backyards and a community pool. Development partners include Western Alliance Bank, Old National Bank, Freddie Mac, PNC Bank, Colliers Securities, Arizona Department of Housing, Arizona Industrial Development Authority, Polaris Capital, Winthrop & Weinstine, Langston Hughes, Todd & Associates, Atwell Engineering, TLS Land Services, Commercial Partners Title, Kutak Rock and U.S. Bank. WD Construction is the general contractor. A project timeline was not disclosed.

July 30, 2025

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on 48-Unit Supportive Housing Development in Northbrook, Illinois

by Kristin Harlow July 28, 2025

NORTHBROOK, ILL. — Skender has broken ground on Poupard Place, a 48-unit supportive housing development in the Chicago suburb of Northbrook. Developed by nonprofit Housing Opportunity Development Corp. and designed by Cordogan, Clark & Associates, the project marks the city’s first affordable housing community and is slated for completion in summer 2026. The 1.5-acre project site was donated by the Village of Northbrook. Poupard Place will offer affordable homes for individuals and families where at least one household member is living with a disability. The development is named for Tom Poupard, the retired director of Northbrook’s Development and Planning Services. The four-story building will include a mix of one-, two and three-bedroom apartment units. Plans also call for a children’s play area.

July 28, 2025

Affordable Housing Development Multifamily Northeast Rhode Island

Partnership Completes 63-Unit Mixed-Income Multifamily Project Near Providence

by Taylor Williams July 24, 2025

EAST GREENWICH, R.I. — A partnership between Pennrose, Cove Homes Inc. and the East Greenwich Housing Authority has completed Soria Apartments, a 63-unit mixed-income multifamily project located south of Providence. The four-story building houses one- and two-bedroom units that are reserved for renters earning between 30 and 120 percent of the area median income. Amenities include a fitness center, resident lounge, storage lockers and outdoor picnic areas. Residents also have access to a range of social services.

July 24, 2025

Newer Posts

Older Posts