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Affordable Housing

30-Water-St.-Ossining-New-York
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Westchester County Approves $94M Affordable Housing Project in Ossining, New York

by Taylor Williams

OSSINING, N.Y. — The Independent Development Agency of Westchester County has approved a $94 million affordable housing project in Ossining, about 35 miles north of Manhattan. The site at 30 Water St. formerly housed the operations of Village Department of Public Works. The new development will consist of two buildings with 109 units that will be reserved for households earning between 30 and 80 percent of the area median income. Floor plans will include 40 one-bedroom units, 60 two-bedroom apartments and nine three-bedroom residences, and the property will also house 3,745 square feet of retail space and 3,968 square feet of community meeting space. Amenities will include a rooftop deck, fitness center and onsite laundry facilities. Locally based firm WBP Development LLC will develop the property. Construction is scheduled to begin in October and to be complete in 2027.

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Affordable HousingLoansLumentMultifamilyTexas

Lument Provides $42.7M Agency Acquisition Loan for Mixed-Income Property in Boerne, Texas

by Taylor Williams

BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac acquisition loan for Estraya Boerne, a 288-unit mixed-income multifamily property located on the northwestern outskirts of San Antonio. Built in 2022, Estraya Boerne offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. Half the units are subject to income restrictions. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.

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Affordable HousingDevelopmentLoansLouisianaMultifamilySoutheast

Churchill Stateside Closes $47.7M Construction Financing for Affordable Housing Project in Lake Charles, Louisiana

by John Nelson

LAKE CHARLES, LA. — Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a new 144-unit affordable housing development in Lake Charles, a city in western Louisiana. Once complete, the property will feature 18 one-bedroom units, 84 two-bedroom apartments and 42 three-bedroom units that will cater to families. The construction timeline and developer/sponsor were not disclosed. The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan via Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent loan commitment; and a $600,000 Equitable Recovery Program loan commitment through Churchill Mortgage Investment LLC. The Clearwater, Fla.-based financial services company utilized its PUBLIC-TEL loan program to facilitate the financing.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $7.5M Bond Financing for Affordable Housing Conversion Project in Metro Boston

by Taylor Williams

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for a project in the northeastern Boston suburb of Lynn that will convert the upper portion of a former commercial building into a 24-unit affordable housing complex. Units will be reserved for formerly homeless adults aged 18 to 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to finance construction of the project.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Hunt Capital Partners Provides $13M in LIHTC Financing for 50-Unit Tribal Housing Development in Northern Michigan

by Kristin Harlow

PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …

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Affordable HousingMarket ReportsMultifamilyNew YorkNortheastNortheast Market Reports

A Developer’s Thoughts on Recent Changes to New York Laws Regarding Rent-Stabilized Apartments

by Taylor Williams

By Francis Greenburger, founder, chairman & CEO, Time Equities Inc.  The recent changes to New York laws regarding rent-stabilized apartments, included in the 2024 budget legislation and signed into law by Gov. Kathy Hochul, are a step in the right direction. Unfortunately, the step is so small that the effect will be the same as standing still. Much of the initial commentary on 2024 housing law updates was about the so-called “good cause eviction” provisions, which have little to do with eviction but are instead a rebranding of rent control.  In 2019, the legislature made significant changes to the rules governing rent-stabilized apartments. Most legislators who voted for this bill undoubtedly hoped to help New York State meet its affordable housing needs, but the opposite has happened. Thousands of low-cost, rent-stabilized apartments have since become vacant and remain so. Many of these apartments were occupied by tenants or families for 40 years or more. Apartments require capital investments periodically, and expectations for housing change dramatically over long periods. Renovating these units to meet modern standards requires significant investment, often mandated by housing code. Until the changes, building owners were willing to make these investments because they were permitted to increase …

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Affordable HousingDevelopmentGeorgiaMixed-UseMultifamilyRetailSeniors HousingSoutheast

Reports: RBH Group to Develop 34-Story Workforce Housing Tower in Downtown Atlanta

by John Nelson

ATLANTA — RBH Group plans to develop Teachers Village Atlanta, a 34-story workforce housing tower in downtown Atlanta’s Fairlie-Poplar neighborhood, according to multiple media outlets including Fox 5. The New Jersey-based developer received approval last week from the Development Authority of Fulton County to issue up to $370 million in tax-exempt bonds for the redevelopment of 98 Cone St. into the tower, according to The Atlanta Journal-Constitution. Situated near Centennial Olympic Park and Georgia State University, the development will span 457,584 square feet and include 227 independent living units, 197 rent-restricted apartments, 22,995 square feet of retail space, 371 garage parking spaces and 21,484 square feet of amenities and additional shared rooftop space, according to the project page on RBH Group’s website. 99.5 WSB reports that RBH Group plans to break ground on Teachers Village Atlanta in 2025, and Fox 5 reports that the tower will be delivered in 2027. The developer has previously delivered similar workforce housing developments such as Teachers Village Newark, Teachers Village Hartford and Teachers Village Chicago.

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Affordable HousingDevelopmentLoansMultifamilyTexas

Generation Housing Partners to Develop 96-Unit Affordable Housing Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Generation Housing Partners will develop Heights at Crowley, a 96-unit affordable housing project in Fort Worth. The garden-style complex will house one-, two- and three-bedroom units and amenities such as a pool, playground, dog park, daycare facility and a nature trail. Ten units will be designated for renters earning 30 percent or less of the area median income (AMI); 18 will be set aside for residents at 50 percent or less of AMI; and 52 will be earmarked for residents earning 60 percent or less of AMI. The remaining 16 units will be rented at market rates. Financing for the project includes a $9.3 million Freddie Mac 9 Percent Forward Commitment, which was secured by BWE, and Low-Income Housing Tax Credits issued by the Texas Department of Housing & Community Affairs.

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AcquisitionsAffordable HousingDevelopmentGeorgiaHospitalityMultifamilySoutheast

Bull Realty Brokers Sale of Hotel in Atlanta’s Summerhill Neighborhood, Buyer Plans Affordable Housing Conversion

by John Nelson

ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Nears Completion of 63-Unit Affordable Housing Complex in Chatham, New Jersey

by Taylor Williams

CHATHAM, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. Walters is also launching a lottery program to lease the building, which sits on a 3.2-acre site that formerly housed a now-defunct restaurant. Units come in one-, two- and three-bedroom formats, range in size from 807 to 1,343 square feet and are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, community room and outdoor grilling and dining stations. Construction began in August 2023. Full completion is slated for late 2024.

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