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Affordable Housing

Affordable HousingBuild-to-RentFinance InsightLoansMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasVideoWestern

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels

  NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

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The Palms at Towne Center
Affordable HousingDevelopmentFloridaMultifamilySoutheast

Housing Trust Group Delivers Affordable Housing Community in Palm Coast, Florida

by Julia Sanders

PALM COAST, FLA. — Housing Trust Group (HTG) has developed The Palms at Town Center, an 88-unit affordable housing community located at 470 Bulldog Drive in Palm Coast. The property is 100 percent occupied. The development opened in February 2021 and cost $17.8 million to build. The Palms at Town Center features three three-story buildings and a clubhouse. The new community offers a mix of units including 30 one-bedroom, 50 two-bedroom and eight three-bedroom units. Units feature open floor plans, full-sized Energy Star appliances, ceiling fans and washers and dryers. Community amenities include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations. The affordable apartment complex is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), eight units for those at or below 60 percent of AMI and 48 units for those at or below 80 percent of AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents were made possible through the use of the federal Low Income Housing Tax Credit program and Florida Housing SAIL program. The Florida-based construction and …

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Affordable HousingLoansMultifamilyTexas

Bellwether Provides $12.2M Agency Loan for Refinancing of Dallas Affordable Housing Property

by Taylor Williams

DALLAS — Bellwether Enterprise has provided a $12.2 million Fannie Mae loan for the refinancing of Villas del Solamar, a 212-unit affordable housing property in Dallas. Anthony Tarter of Bellwether originated the loan through Fannie Mae’s Healthy Housing Rewards program, in which the sponsor, San Diego-based Comunidad Realty Partners (CRP), will self-impose rental restrictions. As such, CRP is restricting 60 percent of the community’s units are reserved for renters earning 60 percent or less of the area median income and will receive a discount on the interest rate of the loan.

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Newtowne 20
Affordable HousingDevelopmentMultifamilySoutheast

Pennrose, HACA Break Ground on Newtowne 20 Affordable Housing Redevelopment Project in Annapolis, Maryland

by Julia Sanders

ANNAPOLIS, MD. — Pennrose and the Housing Authority of the City of Annapolis (HACA) have broken ground on the Newtowne 20 revitalization at 810 Brooke Court in Annapolis. The redevelopment will replace the previous public housing property with new apartments, a new community building and open space. The project is slated to be complete in spring 2022. The Newtowne 20 redevelopment will replace the former 78 units with energy-efficient apartments in a mix of both stacked and garden-style apartment buildings with a central green space. Plans for the site also include a 3,500-square-foot community clubhouse with amenity spaces, new basketball court and a tot lot. Previous Newtowne 20 residents have been temporarily rehoused and will have the opportunity to return to the new development once complete. The Newtowne 20 redevelopment involves a U.S. Department of Housing and Urban Development (HUD) program that enables housing authorities to convert public housing properties to a more stable Section 8, voucher-based model. This program allows housing authorities to leverage private funding sources for projects like Newtowne 20. The owner, a joint venture doing business as Newtowne 20 LLC, is funding the roughly $24 million project with multiple layers of capital sources, including multifamily bonds, …

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Baker Manor Apartments
AcquisitionsAffordable HousingFloridaMultifamilySoutheast

AHIB Arranges $2.5M Sale on Section 8 Public Housing Community in Macclenny, Florida

by Julia Sanders

MACCLENNY, FLA. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the sale of Baker Manor Apartments at 680 S 6th St. in Macclenny for just over $2.5 million. Kyle Shoemaker of AHIB represented both the California-based purchaser, The Grey Rock Group, and the undisclosed seller to complete the transaction. Built in 1974, the 50-unit Baker Manor features 12 one-bedroom, 26 two-bedroom and 12 three-bedroom units. Rents in the building range from $655 to $924 per month. Amenities include a playground, pool that underwent renovations in 2018, a laundry facility, community room and an onsite management office. Baker Manor is located close to Interstate 10. The community currently has a waiting list of approximately three years.

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Affordable HousingDevelopmentFinance InsightMidwestMultifamilyNortheastSoutheastTexasVideoWestern

TD Bank: Affordable Housing — Trends and Delays

by Sarah Daniels

  2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing ​ industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …

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Vintage-at-Woodman-Web
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

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

by Amy Works

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 …

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Affordable HousingFeaturesMultifamily

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

by Jeff Shaw

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 …

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Affordable HousingMarket ReportsMultifamilyNorth CarolinaSeniors HousingSoutheastSoutheast Market ReportsStudent Housing

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

by John Nelson

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 …

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Affordable HousingDevelopmentMultifamilySoutheastVirginia

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

by Julia Sanders

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.

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