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Affordable Housing

Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat Opens First Multifamily Building at $200M Ogden Commons Development in Chicago

by Kristin Harlow

CHICAGO — Chicago-based developer and property manager Habitat has opened OC Living, the first multifamily building at the $200 million Ogden Commons mixed-use development in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., OC Living consists of 92 units, 90 percent of which are affordable. The four-story building features a mix of 23 studios, 60 one-bedroom units and nine two-bedroom apartments. Amenities include a rubber-surfaced children’s lot with play structures, bike racks, a walking path, landscaped lawn, 110 parking stalls, a package room, resident lounge, fitness center and social services offices. Developed by Habitat along with Sinai Health System, Alecko Capital and the City of Chicago, Ogden Commons is among the city’s largest opportunity zone projects. Upon full build-out, the development will consist of 120,000 square feet of commercial and retail space along with more than 350 mixed-income housing units. The first phase of Ogden Commons was a 45,000-square-foot commercial building completed in 2021 that is home to Sinai Health System’s One Lawndale Express Care Clinic, a Wintrust Bank branch, La Catedral Café & Restaurant and Momentum Coffee. The second phase is slated for completion by 2026. McHugh Construction and Bowa Construction are the general contractors. Bank of …

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Affordable HousingDistrict of ColumbiaMultifamilySoutheast

Multifamily Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by John Nelson

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units. If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or rehabilitation. Failing to hit the 5 percent cap, owners would lose out on what’s known as “faster deprecation” write-offs. According to Investopedia, property owners can deduct market value loss and the costs of buying and improving a property from their taxes. Most multifamily industry leaders are against rent control for several reasons but chiefly because they say such measures reduce the incentive to build more housing or to renovate and improve existing properties. Ahead of the White House’s announcement, which was released this morning, numerous public policy groups spoke out against the proposal. “This legislative proposal will not create a single new unit while raising costs on the very residents …

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Affordable HousingDevelopmentLoansMultifamilyNortheastPennsylvania

Berkadia Arranges $12.8M in LIHTC Equity Financing for Affordable Housing Project in Annville, Pennsylvania

by Taylor Williams

ANNVILLE, PA. — Berkadia has arranged $12.8 million in Low-Income Housing Tax Credit (LIHTC) equity financing for Carmany Place Apartments, a 48-unit affordable housing project in Annville, an eastern suburb of Harrisburg. The property will consist of three buildings with 30 two-bedroom units and 18 three-bedroom units that will be reserved for households earning between 20 and 80 percent of the area median income. Brian Blanchard of Berkadia secured the equity on behalf of the sponsor, Völker Development. Fulton Bank purchased the tax credits and also provided construction debt for the project.

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Affordable HousingIndianaLoansMidwestMultifamily

Merchants Capital Provides $17.1M for Construction of Supportive Housing Development in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Merchants Capital has provided $17.1 million in construction financing for The Marvetta & Anthony Grimes Family Center, a 36-unit supportive housing development in Indianapolis. The property will serve households recovering from addiction. Merchants Capital provided $9.5 million in Low-Income Housing Tax Credits (LIHTC) equity financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9 percent LIHTC financing as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners included First Merchants Bank and The National Bank of Indianapolis. The developer, 2 Thirty-Eight Properties LLC, is building the project in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Cos. is the development consultant and general contractor. RealAmerica Management will serve as the property manager. Volunteers of America Ohio and Indiana and Seeds of Hope will provide onsite services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development will comprise two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and an onsite daycare center. Tenants will be referred …

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Oakhouse-Dallas
Affordable HousingDevelopmentMultifamilyTexas

Mintwood Real Estate Begins Leasing 219-Unit Mixed-Income Residential Project in Dallas

by Taylor Williams

DALLAS — Locally based developer Mintwood Real Estate has begun leasing Oakhouse, a 219-unit mixed-income residential project in the Oak Cliff area of Dallas. Mintwood developed the project in partnership with Mirasol Capital and New York City-based MSquared. Approximately half the units are reserved for households earning 80 percent or less of the area median income. Amenities include a pool, fitness center, dog park, children’s play area and a resident lounge. WDG Associates designed the project, and Rogers O’Brien served as the general contractor. Independent Financial provided construction financing.

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Affordable HousingDevelopmentLoansMultifamilySeniors HousingTexas

Hunt Capital Arranges $13.2M Equity Financing for Affordable Seniors Housing Project in Stafford, Texas

by Taylor Williams

STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

US Representatives Propose Bipartisan Bill to Address Housing Crisis

by John Nelson

WASHINGTON, D.C. — U.S. Reps. Mike Carey (R-Ohio) and Jimmy Gomez (D-Calif.) have proposed a bill to address the housing crisis in the United States. Dubbed the Revitalizing Downtowns and Main Streets Act, the bill would include a 20 percent tax credit for expenses attendant upon converting certain underutilized or vacant commercial property older than 20 years for residential use. Additionally, the legislation includes a stipulation that 20 percent of the converted residential units be designated for residents earning at or below 80 percent of the area median income (AMI), as well as incentives for rural and economically distressed areas and the ability to combine existing historic tax credits and other state and municipality incentives. NAIOP (National Association for Industrial and Office Parks) commended the proposed legislation, with president and CEO Marc Selvitelli stating that it “will spur the conversion of vacant spaces that can stimulate local economies and begin to address the housing crisis in communities across the United States.”

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Bronx-Vibe
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Developer Completes 155-Unit Mixed-Income Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — A developer doing business as Bronx 161 LLC has completed Bronx Vibe, a 155-unit mixed-income housing project in the borough’s Concourse Village area. Residences come in studio, one- and two-bedroom floor plans, with 30 percent of the units reserved as affordable housing. Amenities include a pool, fitness center, coworking lounge, game roof and a rooftop terrace. IMC Architecture designed the project. Classic Image handled interior design, and Ray Builders served as the general contractor. Information on starting rents was not disclosed.

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Elmore-Roberts-Great-Falls-MT
AcquisitionsAffordable HousingDevelopmentMontanaMultifamilyWestern

CPP Purchases 60-Unit Elmore Roberts Affordable Multifamily Community in Great Falls, Montana

by Amy Works

GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired Elmore Roberts, an affordable apartment property in Great Falls, with plans to renovate the asset. CPP’s total development investment is approximately $13.2 million, which includes the $3.1 million purchase price and an estimated $97,000 per unit renovation cost. Located at 6 6th St. S., Elmore Roberts features 60 units in a mix of 30 one-bedroom and 30 two-bedroom layouts. Planned renovations include addressing deferred maintenance and outdated systems, including ADA accessibility, and increasing sustainability across the property. In-unit renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators and upgraded ranges and range hoods. Additionally, units will receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Exterior and community upgrades include new windows, roofing and gas furnaces, path-of-travel upgrades, parking lot restriping and brick pointing. CPP will also upgrade the laundry room and add a community area with a computer room. Renovations are slated for completion in December. Project partners include WNC & Associates, Glacier Bank, MBOH, Montana Healthcare Foundation and the City of Great Falls. The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a …

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Affordable HousingDevelopmentMultifamilyTexas

Housing Trust Group Begins Work on $33.7M Affordable Housing Redevelopment Project in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — Housing Trust Group has begun work on Inn Town Lofts, a $33.7 million affordable housing redevelopment project in Lubbock. The project will convert the former Jim Kimmell Center into a residential complex that, along with another building that will be constructed from the ground up, will add 56 units to the local supply. Residences will come in studio, one-, two- and three-bedroom formats and will feature a range of income restricions. Amenities will include a fitness center, children’s playground, community laundry room, business center and a community theater area. Wallace Architects designed Inn Town Lofts, and Teinert Construction is the general contractor. Leasing will begin next summer.

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