Wednesday, July 16, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Affordable Housing

Affordable HousingDevelopmentMidwestMultifamilyOhioSeniors Housing

Woda Cooper Completes 42-Unit Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has completed Hemming Crossing, a 42-unit affordable seniors housing community in Carrollton, about 55 miles south of Akron. The three-story development is reserved for residents age 55 and older with incomes between 30 and 70 percent of the area median income. Hemming Crossing represents a $12.5 million investment in the community. Rents range from $315 to $830 per month, depending on income restriction and size of unit. Amenities include a community room with kitchenette, fitness center, grandchild playroom and outdoor playground. The project was made possible with funding supported by Low-Income Housing Tax Credits (LIHTCs) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Marble Cliff Capital invested in the LIHTCs allocated to Hemming Crossing. Consumer National Bank provided a construction loan and first mortgage, and was a secondary investor in the tax credits. Appalachian Growth Capital provided a second soft mortgage. The project team included PCI Design Group, civil engineer Chadan Engineering and sustainability consultant Sol Design + Consulting. Woda Construction Inc. was the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management.

Continue Reading
FacebookTwitterLinkedinEmail
Palladium-Park-Row-Katy-Living
Affordable HousingDevelopmentMultifamilyTexas

Palladium USA Breaks Ground on $33M Affordable Housing Project in Metro Houston

by Taylor Williams

KATY, TEXAS — Palladium USA has broken ground on Palladium Park Row Katy Living, a $33 million affordable housing project in the western Houston suburb of Katy. The property will feature 93 units in one-, two- and three-bedroom layouts. Amenities will include a pool, fitness center, conference center, dog park, business center, children’s playroom and clubhouse with a mini kitchen. Palladium expects to deliver the first units next December. Palladium is developing the property in a public-private partnership with the Harris County Housing Finance Corp. HEDK Architects designed the community, and Brownstone Group is serving as the general contractor. Financing for the project includes $15 million of 9 percent housing tax credits from the Texas Department of Housing & Community Affairs; $13.3 million of equity and $12 million of long-term debt from PNC Bank; and $5 million of ARPA funding from Harris County.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassHousing Provides $25M in Financing for Consolidation, Renovation of Boston Affordable Housing Properties

by Taylor Williams

BOSTON — MassHousing has provided $25 million in financing for the consolidation and renovation of two affordable housing properties in Boston. The borrower, Affordable Housing & Services Collaborative Inc., will combine the 46-unit Columbia West Apartments and the 45-unit Uphams Corner Market in the city’s Dorchester neighborhood into a 91-unit property that will be known as Columbia Uphams Apartments. The properties were built in 2005 and 1926, respectively. The financing includes $3.9 million in permanent debt, a $20 million construction loan and $1.1 million in subordinate financing. Planned improvements include upgrades to building envelopes via new windows and doors, as well as new roofs, HVAC systems, appliances, faucets, showerheads, toilets, lighting and security systems. Units will also receive new kitchen and bathroom cabinets, countertops and flooring, and elevator systems will be modernized.

Continue Reading
FacebookTwitterLinkedinEmail
Centro35-San-Marcos
Affordable HousingDevelopmentMultifamilyTexas

NRP Group Delivers 330-Unit Affordable Housing Community in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Cleveland-based multifamily developer The NRP Group has delivered Centro35, a 330-unit affordable housing community in San Marcos, located roughly midway between Austin and San Antonio. Centro35 offers one-, two-, three- and four-bedroom units that are reserved for households earning 60 percent or less of the area median income. The amenity package comprises a pool, fitness center, conference center with individual work pods, children’s activity room and a game room. NRP Group developed the property in partnership with Capital Area Housing Finance Corp.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingFeaturesMultifamilyMultifamily & Affordable Housing Feature Archive

Which Amenities Pay Off in Today’s Multifamily Market?

by John Nelson

Amenities are the personality of a multifamily property. They proclaim a community’s individuality and lure tenants with promises of a fun, relaxing or convenient lifestyle. What counts as a multifamily amenity today? If most renters and homeowners are accustomed to robust Wi-Fi or controlling their heating and air conditioning through their phones, is a smart thermostat or bulk internet something to advertise as an “extra,” or are these features a given nowadays, like a fridge or a microwave? “Want versus need is a spectrum when it comes to multifamily amenities,” says Meg Spriggs, managing director of development, Americas, with New York City-based Lendlease. “The amenities renters need do not necessarily have the same wow factor as those they may want. In fact, you can’t even see some of them, such as fast and reliable internet service. Fitness centers, package systems, dog runs and electric vehicle (EV) charging stations are other check-the-box items that, in some cases, are non-negotiables,” says Spriggs. Wi-Fi and EV outlets may be essentials, but they’re not always clinchers for prospective renters on the fence about where to live. This is when the wow factor takes over. Recording studios, on-site beekeeping, private speakeasies, meditation pods, maker spaces, …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentFloridaMultifamilySoutheast

HTG Breaks Ground on $25.7M Affordable Housing Community in Holly Hill, Florida

by John Nelson

HOLLY HILL, FLA. — Housing Trust Group (HTG) has broken ground on Fox Pointe, a $25.7 million affordable housing community in Holly Hill, a coastal suburb of Daytona Beach. HTG is partnering with HfH Supportive Housing on the development, which will feature 35 units reserved for housing-insecure individuals and 35 units reserved as affordable and workforce housing. A partments at Fox Pointe will be reserved for residents who earn at or below 22, 30, 60 and 80 percent of the area median income (AMI), with monthly rents ranging from $319 to $1,610. The property will comprise one-, two- and three-bedroom apartments ranging in size from 600 to 975 square feet. Amenities will include a resort-style swimming pool, clubhouse with a lounge area, business center, picnic pavilion, dog park, playground, fitness center and onsite resident services. HTG expects to complete Fox Pointe by fourth-quarter 2025, with leasing to begin next fall. Members of the design-build team include Park and Eleazer Construction, FK Architecture, civil engineer Mark Dowst & Associates Inc., interior designer Builders Design and landscape architect Culliver Design Inc. Funding sources include Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. that was syndicated through Raymond James Equity Investor; …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

FHFA Expands Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by John Nelson

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The two government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a 4 percent increase from the 2024 caps of $70 billion apiece. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), says that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal funds rate in recent months. “The 4 percent increase in the multifamily loan purchase caps to $73 billion for each GSE is appropriate, given the slightly improved market conditions and lending activity that’s expected next year due to the slow decline in interest rates,” says Broeksmit. The FHFA will continue to exclude multifamily loans that finance workforce housing communities from the 2025 cap and require the GSEs to have at least 50 percent of their multifamily originations finance “mission-driven” affordable housing. The FHFA will continue to monitor the multifamily mortgage market and “maintains the ability to raise the caps further if necessary to support liquidity in the market.” If …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $31.5M Sale of Harlem Affordable Housing Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $31.5 million sale of a 127-unit affordable housing building in Harlem. The building at 34 W. 139th St. was originally constructed in 2007. Victor Sozio, Shimon Shkury, Remi Mandell and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. Information on floor plans and income restrictions, as well as the buyer, was also not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Bridge-at-Estancia-Austin
Affordable HousingDevelopmentMultifamilyTexas

NRP Group Completes 318-Unit Affordable Housing Project in South Austin

by Taylor Williams

AUSTIN, TEXAS — The NRP Group, a multifamily developer based in Cleveland, has completed Bridge at Estancia, a 318-unit affordable housing project in South Austin. Designed by HEDK Architects, the property is located on a 15-acre site within the 600-acre Estancia Hill Country master-planned development. Units come in one-, two-, three- and four-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, activity room and a playground. Financing for the project included a $20 million housing tax credit investment from Hudson Housing Capital, along with construction and permanent financing provided by BWE and Deutsche Bank.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMultifamilyTexas

LEDG Capital Completes $12M Renovation of Mixed-Income Community in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — LEDG Capital, an owner-operator of affordable and workforce housing properties, has completed the $12 million renovation of Southstead, a 244-unit mixed-income community in Lubbock. Built in phases in the 1970s, Southstead comprises 11 two-story buildings and 14 single-story buildings on a 20-acre site. Of the 244 units, 100 are rented at market rates. In addition to upgrading kitchens, bathrooms and HVAC systems, LEDG Capital’s rehabilitation delivered new roofs, painting, pathways, parking areas, a playground and trash enclosures. Merchants Capital financed the project, which lasted 11 months and extends Southstead’s affordability for another 30 years.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts