Saturday, April 11, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Affordable Housing

Intrada
Affordable HousingDevelopmentGeorgiaLoansMultifamilySoutheast

Berkadia Secures $11M Fannie Mae Financing for Intrada Westside Affordable Housing Project in Atlanta

by Julia Sanders

ATLANTA — Berkadia has secured $11 million in financing for the development of Intrada Westside, a 143-unit affordable housing property in Atlanta. Carolyn Whatley, Lloyd Griffin and Frank Brown of Berkadia secured financing on behalf of the developer, Missouri-based Vecino Group. The $11 million forward commitment for permanent financing through Fannie Mae’s MTEB Program features a 15-year term with a 35-year amortization schedule. The property is planned to be constructed over a period of 18 months. Located in Grove Park, the Intrada Westside site offers access to Donald Lee Hollowell Parkway Northwest, which connects the primary area to downtown Atlanta. Amenities will include a leasing center that includes spaces for a fitness and business center, as well as a central laundry room, elevators, a playground, picnic and outdoor seating areas. The development also has 9,000 square feet of retail space. Intrada Westside’s site is in a Qualified Census Tract, Opportunity Zone and the Hollowell Tax Allocation District. The affordable restrictions will accommodate families who earn 50, 60 and 80 percent of area median income (AMI) and 25 units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24. Vecino Group helped bring together the …

Continue Reading
FacebookTwitterLinkedinEmail
Park-Tower-Fort-Worth
Affordable HousingDevelopmentMultifamilyTexas

Housing Trust Group to Develop $22M Mixed-Income Community in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Florida-based Housing Trust Group (HTG) will develop Park Tower, a 90-unit mixed-income community in Fort Worth that is valued at $22 million. HTG is developing the property in partnership with the Texas Department of Housing & Community Affairs. The property’s 78 income-restricted units will be reserved for households earning less than 30, 50, and 60 percent of the area median income (AMI), while the other 12 units will be rented at market rental rates. Residences will features one-, two- and three-bedroom floor plans and will be furnished with quartz countertops, wood-style flooring and washer and dryer connections. Communal amenities will include a clubhouse/community room, business center/computer lab, fitness center, a courtyard and onsite laundry facilities. The design team includes San Antonio-based Overland Partners Architecture and Urban Design. Construction is scheduled to begin in February 2022 and to be complete by late 2023. Monthly rents at Park Tower will range from $400 to $2,000.

Continue Reading
FacebookTwitterLinkedinEmail
Chesapeake Crossing
AcquisitionsAffordable HousingMultifamilySeniors HousingSoutheastVirginia

Standard Communities Acquires Affordable Seniors Housing Property in Chesapeake, Virginia

by Julia Sanders

CHESAPEAKE, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit, mixed-income seniors housing community in Chesapeake. The property is located at 1921 Robert Hall Blvd., near the coast and the North Carolina border. Standard worked with NorthMarq in coordinating this transaction. The total capitalization was about $68 million, which includes renovation and other costs. The seller was not disclosed. Standard is rebranding the property as Starling Village and plans to invest $7.5 millions in renovations that include modernization upgrades to individual units, common areas, parking, leasing office and courtyards, as well as the fire and safety systems. Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia, according to Scott Alter, principal and co-founder of Standard Communities. The firm’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit seniors housing community in Virginia Beach.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisMidwestMultifamily

Interfaith Housing Development Corp. Opens 72-Unit Affordable Housing Project in Suburban Chicago

by Kristin Harlow

MAYWOOD, ILL. — Interfaith Housing Development Corp. has opened Fifth Avenue Apartments in Maywood, a western suburb of Chicago. The 72-unit affordable housing project is situated at 800 S. 5th Ave., a site purchased from the Village of Maywood in 2019. A 5,500-square-foot retail space on the ground floor is slated for grocery store use. Of the apartment units, 19 are set aside for special needs populations, eight for homeless veterans and 11 for residents from the Illinois State Referral Network. The building’s first occupants are being selected based on their ability to meet the federal income criteria for affordable housing programs. Maintaining its affordability status for a minimum of 40 years, the five-story development will provide housing for households at or below 60 percent of the area median income. HED was the project architect and McShane Construction Co. was the general contractor. Additional project team members include SITE Design for landscape architecture and Ericksson Engineering for civil engineering. Interfaith Management Services will serve as property manager. Financial partners for the project included Illinois Housing Development Authority, the Cook County Department of Planning and Development, the Richman Group Affordable Housing Corp. and Bank of America. The Chicago Community Loan Fund …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMidwestMissouriMultifamilyTop Stories

Cordish Cos. to Break Ground on Two Multifamily Developments in Kansas City’s Power & Light District

by Katie Sloan

KANSAS CITY, MO. — The Cordish Cos. has announced plans to break ground on two multifamily developments in Kansas City’s Power & Light District. Projects include Three Light Luxury Apartments, a $140 million, 26-story tower set to offer 288 units at the corner of Truman Road and Main Street; and Midland Lofts, a repositioning of the historic Midland office building to offer 139 affordable housing units. Three Light Luxury Apartments will feature 19 floors of studio, one- and two-bedroom units alongside penthouse-style apartments; a seven-story garage with 472 parking spaces; and 7,600 square feet of ground-floor retail.  Amenities are set to include a deck overlooking 14th Street, an infinity pool, bar, demonstration kitchen, theater room and a sky bridge above Walnut Street linking to the company’s Two Light multifamily community, allowing residents of both towers to share building amenities. The groundbreaking for the project to be built by JE Dunn Construction is scheduled to take place this May, with completion slated for May 2023. The Midland office building has been vacant for more than 20 years. Following renovations, Midland Lofts will offer a mix of studio and one-bedroom units with rents starting at $700 per-month.  Amenities will include a coffee …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisMidwestMultifamily

McHugh Construction, Brown & Momen Break Ground on $17.1M Mixed-Income Development in Chicago

by Kristin Harlow

CHICAGO — James McHugh Construction Co. and Brown & Momen Inc. have broken ground on 508 Pershing at Oakwood Shores, a 53-unit mixed-income development in Chicago’s Bronzeville neighborhood. As part of a public-private partnership led by The Community Builders, the residential and retail building marks the latest phase of the larger Oakwood Shores project, which will span more than 100 acres. Located at 508 E. Pershing Road, the four-story building will include 50 one-bedroom units and three two-bedroom units. There will be 7,000 square feet of amenity space and management offices as well as 3,500 square feet of street-level retail space. Completion of the $17.1 million project is slated for February 2022. Nia Architects and Antunovich Associates are the architects. Of the 53 units, 36 will be low-income housing tax credit units for households earning up to 80 percent of the area median income. The remaining 17 units will be market rate. National Affordable Housing Trust provided project funding in partnership with investor UnitedHealth Group. The project is situated on land formerly occupied by the Chicago Housing Authority’s Ida B. Wells, Madden Park and Clarence Darrow Homes. All told, Oakwood Shores will be home to more than 2,000 rental and …

Continue Reading
FacebookTwitterLinkedinEmail
Abrams Hall Senior Apartments
Affordable HousingDevelopmentDistrict of ColumbiaLoansMultifamilySeniors HousingSoutheast

DHCD Provides Construction Financing for 54-Unit Affordable Seniors Housing Project in D.C.

by Julia Sanders

WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. The project also received a $1.1 million allocation of 9 percent low income housing tax credits (LIHTC) from DHCD. The project will receive an annual subsidy from the Local Rent Supplement Program, which is administered by the D.C. Housing Authority (DCHA). All units at Abrams Hall Senior Apartments will be available for low-income seniors — those with annual household income at or below $26,500 — who are formerly homeless and have a need for assisted living services. Additionally, the residents will access Medicaid subsidies through the Department of Health Care Finance (DHCF). The Abrams Hall Senior Apartments building will feature studio apartments to accommodate assisted living facilities for seniors who may require medical, dental, rehabilitative and counseling services, along with 24-hour supervision to ensure resident …

Continue Reading
FacebookTwitterLinkedinEmail
Broadstone-Watch-City-Waltham-Massachusetts
Affordable HousingFeaturesMultifamily

COVID-19 Changed the Way We Calculate Affordable Housing Property Taxes

by Jeff Shaw

By Carlos Suarez, Popp Hutcheson After a pandemic year that decimated rental incomes, owners of affordable housing properties should prepare to protest property tax assessments that overstate their liability. As stay-at-home orders in 2020 forced businesses across the county to change their operations, a large portion of the labor force began to work from home. But many renters, including a large contingent of affordable housing residents, found themselves without jobs and struggling to pay rent. Job losses and other issues related to COVID-19 adversely affected tenants and property owners alike, straining rental income while adding the cost of new safety procedures and equipment to landlords’ operating costs. To reduce property tax liabilities and limit financial losses from the pandemic, it is now crucial for owners of affordable housing to correctly navigate procedures across jurisdictions and weigh all relevant valuation considerations for their properties. Here are key areas for affordable housing owners to consider in arguing for a lower assessment. Procedures have changed The global pandemic transformed interactions between appraisal districts and property owners throughout the 2020 tax year. Many appraisal districts across Texas closed their doors to the public and shifted formal and informal meetings to a virtual setting to …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMultifamilyNortheastPennsylvaniaSeniors Housing

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Taylor Williams

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingIndianaLoansMidwestMultifamily

Merchants Capital Secures $21M in Financing for Workforce Housing Property Under Development in Indiana

by Kristin Harlow

EVANSVILLE, IND. — Mortgage banking company Merchants Capital has secured $21 million in financing for Forge on Main, a 180-unit workforce housing property currently under development in Evansville. Located in an Opportunity Zone, the project will include 15,000 square feet of commercial space. Of the 180 units, 18 will be reserved for residents earning no more than 60 percent of the area median income (AMI), while the rest of the units will be priced for tenants at 60 to 120 percent of the AMI. Construction began in August and pre-leasing is underway for fall 2021 move-ins. Developers are working to put a grocery store in the commercial space. The three-year construction loan is combined with an equity bridge loan of $3.4 million in redevelopment tax credits from the Indiana Economic Development Corp. (IEDC). The borrower was House Investments. Project partners include the Partnership for Affordable Housing Inc., IEDC and the City of Evansville, which awarded tax-increment financing bonds and a 10-year property tax abatement. Additionally, the Centerpoint Energy Foundation, a nonprofit arm of Centerpoint Energy, provided a grant for the project. Indianapolis-based Blackline is the architect.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts