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Affordable Housing

Affordable HousingDevelopmentLoansMichiganMidwestMultifamilyWisconsin

Cinnaire Raises $340M for Affordable Housing Development, Preservation Across 11 States

by Kristin Harlow

LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire. Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich. Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People. Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State …

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AcquisitionsAffordable HousingDevelopmentMultifamilyNortheastRhode Island

BLVD Group Buys Rhode Island Apartment Community for $57M, Plans Repositioning

by Taylor Williams

WOONSOCKET, R.I. — The BLVD Group, a multifamily investment firm with offices in Los Angeles and Dallas, has purchased Rock Ridge Apartments, a 152-unit multifamily complex in Woonsocket, located on the Massachusetts-Rhode Island border. The company plans to reposition the property to add 30 new affordable housing units, restricting all residences to renters earning up to 50 or 60 percent of the area median income. The acquisition and renovation are being financed through Low-Income Housing Tax Credits and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes equity from the sale of renewable energy tax credits, a construction loan from Merchants Bank and a permanent Fannie Mae loan. The renovation will involve the replacement of the majority of the building envelope and full interior upgrades, such as modernized kitchens and baths, as well as enhanced building systems. Additional community amenities include a renovated basketball court, clubhouse and grilling stations.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Joint Venture Breaks Ground on 210-Unit Mixed-Income Multifamily Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Bayfront Development Partners, which is a joint venture between Pennrose LLC and Paths Development LLC, has broken ground on Bayfront Promenade, a 210-unit mixed-income multifamily project in Jersey City. The development will be located on the Hackensack River Waterfront and will include 74 affordable housing units and 93 workforce housing units, as well as commercial and community space. Amenities will include a rooftop terrace, fitness center with a yoga room, coworking lounge and community room with a kitchen area. The New Jersey Economic Development Authority provided $64 million in tax credits for the project, a tentative completion date for which was not announced.

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Affordable HousingConference CoverageFeaturesGeorgiaSoutheastSoutheast Feature Archive

Affordable Housing Developers Aim to Control What They Can Control, Say InterFace Panelists

by John Nelson

ATLANTA — Interest rates. Tariffs. Natural disasters. These three factors alone frighten any developer, let alone those who are tasked with delivering our nation’s affordable housing supply. Just to get to the ribbon-cutting ceremony, developers have an uphill climb. They have to obtain the land outright or in a ground lease agreement, navigate the permitting and entitlement processes, overcome any neighborhood pushback, raise equity and borrow the necessary capital and then build these communities on time and on budget. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “We try to stay in control of what we’re in control of,” said Christopher Byrd, Southeast region development director of LDG Development, an affordable housing developer based in Louisville, Ky. “As long as we are in the right markets with the right growth and the right partners, we are safe and insulated.” Byrd’s comments came while on stage during the development panel at InterFace Affordable Housing Southeast, a networking and information conference held at the Cobb Galleria Centre in Atlanta on Tuesday, May 7. Kelly Williams, vice president of …

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Affordable HousingDevelopmentMultifamilyOregonWestern

Annex Group Opens 174-Unit Affordable Housing Community in Corvallis, Oregon

by Amy Works

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing property in Corvallis. Construction on the $56 million community began in early 2023, with the property — managed by Avenue5 Residential — now 99 percent leased. Union at Pacific Highway features 174 one-, two- and three-bedroom apartments for individuals and households earning up to 60 percent of the area median income. Situated on more than 7 acres, the property offers a community center, fitness center, playground, community gardens, a dog park, dog wash, business center, activity rooms and a picnic area. Partners on the project include Oregon Housing and Community Services, the City of Corvallis, Linn-Benton Housing Authority, Structure Development Advisors as the LIHTC consultant, KTGY as architect and DEVCO Engineering as civil engineer. Additionally, Piper Sandler placed the tax-exempt bonds and NDC provided more than $19 million in tax credit equity.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Partnership Receives $120M for Redevelopment of Samuel Madden Homes in Old Town Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — A public-private partnership between Fairstead, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has received $120 million in financing for the ground-up redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. The Samuel Madden site will be redeveloped into a six-story, 295,000-square-foot mixed-income community. The property’s affordable component will apply to all households earning between 30 and 80 percent of the area median income (AMI). Originally constructed in 1945, the Samuel Madden community will be redeveloped to feature 207 units, ranging from one- to four-bedroom floorplans. Community amenities will include a studio for podcast recording, game room with free internet access, 7,500 square feet of open space, interior courtyard and an underground parking garage. Local nonprofit organization ALIVE! will also operate a 500-square-foot food hub on the ground-floor to provide residents access to fresh food and various resources. Additionally, through a partnership with Virginia Center for Housing Research at Virginia Tech, green design elements will be incorporated throughout the development to reduce energy and water consumption. Financing sources for the development include Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank, the City of Alexandria, the U.S. Department of Housing and Urban Development (HUD) …

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Hope Network Opens $40M Affordable Housing Development in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Hope Network has opened Eastpointe Commons, a $40 million affordable housing development in Grand Rapids. Formerly the Fulton Manor property, the 118-unit community was completely renovated and is now fully leased. The 182,018-square-foot complex features 79 one-bedroom units, 34 two-bedroom units and five three-bedroom apartments. The property is home to a mix of residents, including veterans, seniors and people with disabilities. Hope Network offers social services and case management onsite. Amenities include a children’s room, exercise room, multipurpose room, courtyard and grilling area. The project team included DeStigter Architecture and Pioneer Construction. The building has earned GREEN Energy certification from the Enterprise Green Communities. Financing for the project came from UnitedHealth Group, Cinnaire Corp., Fifth Third Bank, CPC Financial, HUD CPF Community Grant and the City of Grand Rapids MEDC Grant.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

EAH Housing to Convert Assisted Living Facility into Affordable Housing Units in Glendale, California

by Amy Works

GLENDALE, CALIF. — EAH Housing, in collaboration with Egan | Simon Architecture and ICON National, will convert Parkview Glendale, an assisted living facility in Glendale, into an affordable housing property. Originally built in 1973, the former assisted living facility will be adapted to feature 20 studio apartments ranging from 350 square feet to 360 square feet, 47 one-bedroom apartments ranging from 400 square feet to 475 square feet, and a 750-square-foot manager unit. All units will feature energy-efficient appliances, central heat and air and window coverings. Designed to serve older adults earning 30 percent to 60 percent of the area median income, the 43,000-square-foot community will offer a community room, community garden, spacious courtyards, a resident lounge, elevator, onsite laundry, management offices and ample parking. EAH Housing will also provide an onsite resident services coordinator and collaborate with local organizations to offer specialized programs to enhance residents’ well-being.

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Affordable HousingCaliforniaDevelopmentMultifamilyProperty TypeWestern

Mid-Pen Opens First Phase of Midway Village Affordable Housing Property in Daly City, California

by Amy Works

DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable housing units in Daly City. MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of the area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have priority for 27 of the units. When complete in 2027, Midway Village II will feature homes for families earning between 30 and 60 percent of AMI. Twenty-nine of the units will be reserved for individuals with supportive housing needs, provided through the Housing for a Healthy California program. This second phase will also feature a 15,000-square-foot childcare center where Peninsula Family Service will serve 109 children, including children from low-income families in the broader community. These are the first two phases of a four-phase revitalization and expansion effort that will ultimately transform an existing San Mateo County Housing Authority property from 150 outdated units into 555 new apartment homes. Residents of the original …

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Affordable HousingDevelopmentFloridaMixed-UseRetailSoutheast

Housing Trust Group Opens $100M Mixed-Use Affordable Housing Development in Hollywood, Florida

by John Nelson

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has opened the Apartments at University Station, a $100 million mixed-used affordable housing community located in downtown Hollywood. The development features 216 income-restricted units of affordable and workforce housing — 108 one-bedroom and 108 two-bedroom apartments — ranging in size from 621 square feet to 899 square feet. The property’s affordable component will apply to all households earning between 22 and 80 percent of the area median income. The complex comprises two residential towers, a 635-space public-private parking garage, more than 2,000 square feet of retail space and a new 12,210-square-foot campus for Barry University’s College of Nursing and Health Services. Amenities at the complex include a multipurpose room with a catering kitchen and bar, fitness center, resort-style swimming pool and a game room, as well as elevated pedestrian bridges connecting the residential buildings to the parking garage. Developed in a public-private partnership with the City of Hollywood, the project team includes general contractor ANF Group Inc., Corwil Architects, HSQ Group (civil engineer), B. Pila Design Studio (interior design), Witkin Hults + Partners (landscape architect), BNI Engineers (structural engineer), RPJ Inc. (MEP engineer) and Kaller Architecture (Barry University interiors). Financing sources for the development …

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