Affordable Housing

USA Properties Fund Starts Construction of $80M Affordable Seniors Housing Community in Los Angeles

by Amy Works March 8, 2021

LOS ANGELES — USA Properties Fund Inc. has started construction of Vintage at Woodman, a 239-unit affordable seniors housing community in the Panorama City neighborhood of Los Angeles. Units will be restricted to residents at least 55 years old that meet a range of income limits, via the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program. With the Mixed-Income Program, renters earning 50 percent to 80 percent of the area median income — about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment — could qualify for Vintage at Woodman. “Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” says Tia Boatman Patterson, executive director of the California Housing Finance Agency (CalFHA). CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community,” adds Patterson. The five-story apartment community, featuring one- and two-bedroom units, is scheduled for completion in spring …

March 8, 2021

Affordable Housing Features Multifamily

Making the Case for Market-Rate Affordable Rental Housing, an Essential Part of Healthy Communities

by Jeff Shaw March 8, 2021

By R. Michael Goman, Goman+York In recent years, much of our work has focused on helping our client communities encourage the development of new market-rate affordable housing units. For our purposes, we define market-rate affordable rental housing as housing that is available at rental rates equivalent to 80 percent to 100 percent of 30 percent of the area median income (AMI). It also means that after paying rent, residents still have enough money for food, transportation, health care and similar needs. Rental rates below 80 percent of 30 percent of AMI typically indicate residents who require financial assistance, which falls into a different category. Our advice to communities typically revolves around a few key issues: location, market and financial feasibility, economic impact, and local land-use issues. These are factors that a potential developer will review when considering a possible development opportunity. Our goal is to help the community put together the best possible story that addresses each of these issues in a real-world, quantitative way. The Right Site As with many real estate projects, location is key to success. Optimal sites for new market-rate affordable rental projects are those located near concentrations of employment. The available jobs don’t have to …

March 8, 2021

Affordable Housing Market Reports Multifamily North Carolina Seniors Housing Southeast Southeast Market Reports Student Housing

Triangle’s Apartment Demand Pushes to the Region’s Suburban Markets

by John Nelson March 8, 2021

The impacts of COVID-19 on the U.S. multifamily market vary significantly across metro areas. Not surprisingly, the nation’s denser gateway markets have been hardest hit, while secondary and tertiary markets have fared better. In a reversal of pre-pandemic trends, suburban locations have gained favor over urban submarkets from both renters and investors. As many employees continue to work from home, larger and more affordable units in suburban submarkets have become more appealing. Elevated construction costs are also a factor, driving garden-style development versus more costly podium construction. The Triangle’s suburban submarkets are experiencing the strongest construction activity, most notably in the North Cary/Morrisville submarket, where 1,784 units averaging over 1,000 square feet per unit are currently underway. As ongoing work-from-home arrangements prompt more tenants to consider living further from the Triangle’s primary employment centers, developers are increasingly willing to look at sites in outlying communities such as Wendell and Clayton. Demand is expected to return to the Triangle’s urban submarkets as employees return to the office and retailers and restaurants fully reopen, but the recovery in these areas is likely to be protracted. Solid footing The Triangle’s multifamily sector ended 2020 on relatively firm footing despite a tumultuous year. Both …

March 8, 2021

Affordable Housing Development Multifamily Southeast Virginia

Dwight Capital Provides $66.8M HUD Loan for Affordable Housing Community in Ashburn, Virginia

by Julia Sanders March 5, 2021

ASHBURN, VA. — Dwight Capital has provided a $66.8 million HUD 223(f) refinancing loan for Ashburn Meadows Apartments, a 336-unit affordable housing community located in Ashburn. Brandon Baksh of Dwight Capital originated the transaction, which is the fourth refinance that Dwight has closed for the undisclosed borrower. The loan includes a reduced Mortgage Insurance Premium (MIP) set at 25 basis points as the property is classified by HUD as “Broadly Affordable.” Built in two phases in 2000 and 2002, Ashburn Meadows includes 14 three-story apartment buildings and a one-story clubhouse situated on over 18.3 acres. Community amenities feature a fitness center, barbeque grill area, swimming pool with sundeck and walking trails.

March 5, 2021

Affordable Housing Development Multifamily Southeast Virginia

AHDC, Carpenter’s Shelter Open Affordable Housing Project, Homeless Shelter in Alexandria, Virginia

by Julia Sanders March 2, 2021

ALEXANDRIA, VA. — Alexandria Housing Development Corp. (AHDC) has partnered with local homeless shelter Carpenter’s Shelter for The Bloom at Braddock and Carpenter’s Shelter, a hybrid affordable housing community and homeless shelter in Alexandria. The project is a redevelopment of the former 17,000-square-foot Carpenter’s Shelter, which provides support and accommodations to people who are experiencing homelessness. The Bloom at Braddock has 97 low-income tax credit housing (LIHTC) units. Carpenter’s Shelter partnered with architectural firm Cooper Carry’s Alexandria office to complete the project. The redevelopment of Carpenter’s Shelter transformed the shelter, previously housed in a two-story building originally designed for the Department of Motor Vehicles, into a new, 163,000-square-foot building that supports both organizations’ missions under the same roof. The hybrid design features the build-to-suit homeless shelter and an apartment community that features a community room, multiple outdoor spaces and a 1,600-square-foot community produce garden. The two housing facilities share several amenities, including a level of underground parking and a playground. Carpenter’s Shelter has a new entrance to welcome residents seeking temporary housing for an average shelter stay of two to four months. A separate entrance to David’s Place at Carpenter’s Shelter provides access to shower facilities, laundry and lockers for …

March 2, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Secures $18.6M for Construction of Affordable Housing Property in Cleveland

by Kristin Harlow March 2, 2021

CLEVELAND — KeyBank has secured $18.6 million in financing for the construction of Slavic Village Gateway, an 88-unit affordable housing property in Cleveland. The two-building project will feature 21,000 square feet of ground-floor retail space as well as 10 townhomes. The property will feature 23 units for renters that earn at or below 30 percent of area median income (AMI) and 65 units for those who earn at or below 60 percent of AMI. KeyBank Community Development Lending and Investment (CDLI) secured a $12.5 million construction loan, while KeyBank’s Commercial Mortgage Group arranged a $6.1 million forward commitment for a Freddie Mac permanent loan. Additionally, the project will use 9 percent low-income housing tax credit equity from the Ohio Capital Corp. for Housing, $600,000 from the City of Cleveland and $1.5 million from University Settlement, which is a nonprofit social service agency that will occupy some of the project’s retail space. Kyle Kolesar of KeyBank’s CDLI team and Robbie Lyn of KeyBank’s Commercial Mortgage Group structured the financing on behalf of the developer, The NRP Group LLC.

March 2, 2021

Acquisitions Affordable Housing Multifamily South Carolina Southeast

Standard Communities Leads Partnership to Acquire, Renovate 300-Unit Affordable Housing Community in Charleston

by Julia Sanders March 1, 2021

CHARLESTON, S.C. — Standard Communities has led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately owned affordable community in Charleston. Standard Communities partnered with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and nonprofit firm Housing on Merit for the transaction. The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Alliant Capital provided low income housing tax credit (LIHTC) equity in a transaction arranged with SC Housing. Citibank provided additional financing. Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. More than $70,000 per unit will be invested to upgrade unit interiors, including flooring, countertops and cabinetry, as well as enhance safety and security features with added site lighting, access control systems, surveillance cameras and monitoring. The renovations will include a new amenity center for residents. The project will feature several green energy initiatives, including LED light fixtures and low flow plumbing fixtures in units, as well as photovoltaic and rain …

March 1, 2021

Gregg Gerken, Head of Commercial Real Estate for TD Bank

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

TD Bank: Why We Need to Address Affordable Housing Needs Now

by Sarah Daniels February 26, 2021

By Gregg Gerken, Head of Commercial Real Estate for TD Bank Even prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing. But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and large city in America. While the $600 per month unemployment payments, stimulus checks and extension of eviction moratoriums have helped, the bottom line is that those most affected by COVID-19 financially still have the longest road to recovery and need more assistance – especially affordable housing – to get back on their feet. The Tenant Versus Landlord Narrative Multifamily housing renters are trying hard to make rent, but some just can’t, and that hardship then tilts onto landlords who are trying to cover payroll, taxes, utilities, upkeep and mortgages. The looming crisis now is that millions of renters are behind on their rent with approximately $70 billion due in back payments that could create a wave …

February 26, 2021

Affordable Housing Colorado Development Multifamily Western

Overland Property Group, The Dinerstein Cos. Plan 525 Apartment Units at Gateway Landing in Denver

by Amy Works February 25, 2021

DENVER — Equity Ventures Commercial Development and Wall Development Group have announced plans for 525 affordable and market-rate apartments to the Gateway Landing, the partnership’s 34-acre mixed-use development in Denver’s Green Valley Ranch. The newly announced residential units, located at the northeast quadrant of Green Valley Ranch and Peña boulevards, will be developed through partnerships with Overland Property Group (OPG) and The Dinerstein Cos. (TDC). The Reserves at Green Valley Ranch by OPG will offer 216 affordable apartment units in a mix of one-, two- and three-bedroom units. Amenities will include a 7,500-square-foot clubhouse, 24/7 fitness center, movie theater, game room, indoor and outdoor fireside rooms, and a business center. TDC will deliver Millennium Green Valley Ranch, a seven-building, market-rate multifamily complex. Developed to accommodate the regional workforce, the 312-unit community will offer apartments with nine-foot ceilings, stainless steel appliances, dual-bath vanities, full-size washers/dryers, flat-front cabinets, granite countertops, modern lighting fixtures, custom finishes, private balconies and keyless entries. Community amenities will include a resort-style pool and spa with poolside cabanas, an outdoor kitchen area, landscaped courtyards, fitness center, resident lounges, clubhouse, business center, wireless internet access, bike storage and an automated parcel system. At build-out, Gateway Landing will offer residential, …

February 25, 2021

Affordable Housing Development Iowa Midwest Multifamily

TWG Underway on $10M Affordable Housing Project in Urbandale, Iowa

by Kristin Harlow February 24, 2021

URBANDALE, IOWA — Developer TWG is underway on construction of Lillis Lofts, a $10 million affordable housing project in Urbandale. TWG is developing the project with Dreamcatcher Inc., a Des Moines-based nonprofit that helps build housing for low-income individuals and those with disabilities. Located at 6313 Douglas Ave. near the Merle Hay Mall, the three-story Lillis Lofts is slated for completion this fall. It is the first affordable housing project in the area in more than two decades, according to TWG. The 43 units at Lillis Lofts will be designated for renters who earn between 30 and 60 percent of the area median income. Amenities will include a community room, fitness center and free internet connectivity. ID8 Architects designed the community. Polk County Housing Trust Fund contributed funds for the project.

February 24, 2021

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