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Affordable Housing

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 …

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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 …

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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.

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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.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

WinnDevelopment Breaks Ground on $19.2M Mixed-Income Redevelopment in Southern Massachusetts

by Taylor Williams

NEW BEDFORD, MASS. — WinnDevelopment has broken ground on the $19.2 million redevelopment of the historic Cliftex Mill building in New Bedford, about 60 miles south of Boston. The project will convert the 114-year-old building into a 71-unit mixed-income housing development for adults 55 and older. The majority of the units (56) will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center and a resident lounge. Completion is slated for August.

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Oceanaire-Long-Beach-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Waterford Property, CSCDA Buy Oceanaire Apartments in Long Beach for $120M, Plan Middle-Income Housing Conversion

by Amy Works

LONG BEACH, CALIF. — A partnership between Waterford Property Co. and the California Statewide Communities Development Authority (CSCDA) has purchased Oceanaire, a multifamily property located at 150 W. Ocean Blvd. in Long Beach. Waterford, as property administrator, acquired the property with CSCDA for $120 million. The partnership plans to convert the 216-unit property into middle-income housing, with the acquisition being part of a workforce housing financing program CSCDA created in 2020. Using tax-exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide needed housing for the middle-income workforce demographic. With this purchase, the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the transaction.

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Siena-San-Diego-CA
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

Chelsea Investment, Sudberry Properties Open $155M Affordable Housing Development at Civita in San Diego

by Amy Works

SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into a sustainable, transit-oriented village. Siena features 103 apartments for seniors in earning 30 percent to 60 percent of area median income (AMI). The one- and two-bedroom units range from 540 square feet to 783 square feet, with rents starting at $468 per month. Stylus offers 203 two- and three-bedroom apartments for families earning 50 percent to 60 percent of AMI. The units range from 770 square feet to 1,040 square feet, with rents starting at $1,037 per month. Additionally, Stylus features 37,000 square feet of ground-floor retail space, which LA Fitness will occupy. Each apartment community has its own clubroom with kitchen, on-site management, computer lab, laundry facilities on each …

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Centra Villa
AcquisitionsAffordable HousingGeorgiaMultifamilySoutheast

Community Solutions, Partners for Home Purchase Atlanta Apartment Community for New Veteran Homelessness Project

by Julia Sanders

ATLANTA — Community Solutions and Atlanta-based Partners for Home have purchased Centra Villa, a 132-unit apartment building in Atlanta that will be reimagined to provide affordable housing for veterans experiencing homelessness. The project is expected to cost $12 million. Located at 1717 Centra Villa Drive SW, Centra Villa is situated 2.8 miles from the Fort McPherson Veteran Affairs Clinic, providing its tenants with close access to medical services and other community resources, including long-term, permanent housing. Centra Villa will increase the number of units available to house veterans. The current tenants will continue to stay, and the project aims to have 50 percent of the units set aside for vulnerable veterans, which will be accomplished through natural attrition. The City of Atlanta provided a HomeFirst grant to the co-developers. The Atlanta Affordable Housing Fund provided a social impact subordinate loan, and Fannie Mae provided the mortgage. The Home Deport Foundation also provided an undisclosed amount of funding. The property is being built as part of Built for Zero, Community Solutions’ national initiative comprising 80 cities and counties to measurably end homeless. The City of Atlanta joined the initiative last year.

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Affordable HousingMarket ReportsMultifamilySeniors HousingSoutheastSoutheast Market ReportsStudent HousingTennessee

Multifamily Investors Await Clarity on Nashville’s Economic Recovery

by John Nelson

Owners and buyers remain apart on pricing. Unlike some densely populated urban areas where the extent of the damage to local commercial real estate operations is unknown, the gap in Nashville persists due to uncertainty regarding the upside potential rather than downside risks. Owners are hesitant to list properties because the metro remains a safe portion of their portfolios. If this disconnect persists, pricing will return to pre-recession levels before many other areas of the country. In the early months of the COVID-19 pandemic, multifamily transactions slowed to almost a standstill. However, transaction velocity picked back up and made a strong rebound between the third and fourth quarters of 2020. Although total sales volume dropped from $1.9 billion in 2019 to $1.6 billion in 2020, it was still the third-highest sales output since 2010 and cap rates averaged 5 percent, down 28 basis points year-over-year. California-based investors represent the lion’s share of investment activity, purchasing over $650 million of assets in Nashville in 2020. We are seeing more cities buying into Nashville such as Virginia-based Snell Properties, which purchased Retreat at Iron Horse in the Nashville suburb of Franklin for $306,000 per-unit in September. San Antonio-based Embrey developed the Class …

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Hilite-Seattle-WA
Affordable HousingDevelopmentMixed-UseMultifamilyRetailWashingtonWestern

Partnership Breaks Ground on 206-Unit Hilite Apartment Project in Seattle’s Judkins Park

by Amy Works

SEATTLE — A partnership between Hatteras Sky, Trent Development and Cresset Diversified Real Estate Capital has broken ground on Hilite, a mixed-use apartment community located at 622 Rainier Avenue in Seattle’s Judkins Park neighborhood. The project’s name is a nod to the West Coast Printing Building that previously operated on the same site as the new development. Slated to open in 2023, Hilite will feature 206 units above approximately 5,200 square feet of ground-floor retail space. The property will participate in Seattle’s Multifamily Tax Exemption program, which requires that 20 percent of the units be dedicated as affordable. WG Clark Construction is serving as general contractor and Studio 19 is serving as the architect. Blanton Turner will serve as the property management team.

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