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Affordable Housing

Affordable HousingDevelopmentMidwestMultifamilyOhio

The Community Builders Opens $46.4M Affordable Housing Community in East Cleveland

by Kristin Harlow

CLEVELAND — The Community Builders has opened Woodhill Station West, a $46.4 million affordable housing community in East Cleveland’s Buckeye-Woodhill neighborhood. The 120-unit development marks Phase I of the Woodhill Homes transformation. The project converted an empty lot into an affordable housing building with 4,520 square feet of community space. The development includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 million Choice Neighborhoods Implementation Grant to the Cuyahoga Metropolitan Housing Authority (CMHA) and the City of Cleveland to support the Buckeye-Woodhill transformation plan. In 2023, HUD awarded CMHA and the city a Choice Neighborhoods Supplemental Funding Grant for $10 million to further support the development of replacement housing. The redevelopment, which is taking place in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Choice Neighborhoods Implementation Grants assist in the redevelopment of severely distressed HUD-assisted properties into mixed-income communities. The Community Builders is an affordable housing developer with a portfolio of more than 14,000 apartment units nationwide.

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Affordable HousingDevelopmentFeaturesMultifamily

Affordable Housing Crisis Prompts Search for Answers from Local, State and Federal Governments

by Jeff Shaw

One step forward, one step back could easily be the motto for affordable housing development this year. Experts are hopeful a more stable interest rate environment will bolster transaction activity in 2024. At the same time, rising insurance costs, supply-chain hiccups and property staffing issues are forcing developers and investors to proceed with caution in the affordable housing sector. The one-step-forward theme also applies to the legislative arena. The Tax Relief for American Families and Workers Act of 2024 contained Low-Income Housing Tax Credit (LIHTC) provisions that would have incentivized developers to build more housing for extremely low-income renters.  The act passed the U.S. House of Representatives in late January and is headed to the Senate, though the National Low Income Housing Coalition (NLIHC) reports that the major reforms to LIHTC were left out of the bill.  These speedbumps aren’t mere bureaucratic headaches. Some experts say they stand in the way of keeping many Americans safe and secure.  According to NLIHC, the United States is short 7.3 million rental homes that are affordable and available to renters with extremely low incomes, which is defined as either the federal poverty guideline or 30 percent of their area median income (AMI), whichever …

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassDevelopment Provides $17M in Bond Financing for Affordable Housing Complex in New Bedford, Massachusetts

by Taylor Williams

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.

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Pacific-Flats-Phoenix-OR
Affordable HousingDevelopmentMultifamilyOregonWestern

Commonwealth, WNC Plan Pacific Flats Affordable Housing Project in Phoenix, Oregon

by Amy Works

PHOENIX, ORE. — Commonwealth Development Corp. and WNC & Associates have released plans for Pacific Flats, an affordable multifamily community in Phoenix, a small city in the southern portion of the state near the California border. Slated for completion in June 2025, Pacific Flats will feature 72 Low-Income Housing Tax Credit (LIHTC) units spread across five three-story residential buildings. Amenities will include a clubhouse with a fitness center, business center and community room. Eight units will be reserved for families earning up to 30 percent of area median income (AMI), 20 units at 50 percent AMI and 44 units at 60 percent AMI.  The property will include high-efficiency windows and Energy Star-rated appliances and building mechanical equipment. Pacific Flats residents will have access to supportive services, including educational classes and help with access coordination to other non-profit agencies. ACCESS, a local community action organization, will provide the services. WNC’s total investment in the project is $25.1 million. The deal was structured with 4 percent LIHTC Equity, a construction and permanent loan through Legacy Bank, a $13.5 million soft loan using LIFT funds and a $170,000 soft loan using OHCS MEP funds. Commonwealth Development also partnered with Native of One Wind Indigenous …

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

HTG, AM Affordable Housing Open $44M Tucker Tower Senior Apartments in Miami

by John Nelson

MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be reserved for households earning at or below 25, 30 and 60 percent of the area median income (AMI). With rents ranging from $463 to $1,359 per month, these rates are a notable contrast to the average rental prices in Miami-Dade County, which currently stand at $2,451. According to a recent study from the University of Florida, Miami-Dade County has a gap of more than 90,000 affordable and available units for renter households with incomes below 80 percent of AMI. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added. Tucker Tower is an eight-story community offering a mix of one- and two-bedroom units ranging from 601 square feet to 895 square feet. Six units are fully accessible and three units are hearing impaired units. Funding sources …

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Affordable HousingLeasing ActivityMassachusettsMultifamilyNortheast

MassHousing Provides $19.2M in Financing for Cape Cod Affordable Housing Redevelopment

by Taylor Williams

ORLEANS, MASS. — MassHousing has provided $19.2 million in financing for an affordable housing redevelopment project in the Cape Cod community of Orleans. The financing consists of $15.4 million in tax credit equity bridge financing, $2.8 million in permanent financing and $1 million from the agency’s workforce housing initiative. The project will convert the former site of a Cape Cod Five Bank operations center that originally opened in 1977 into a 62-unit complex that will serve renters with a range of income restrictions. The borrower, Pennrose, will adaptively reuse part of the existing structure and also construct new units from the ground up. Amenities will include a fitness room, community room, resident services office and a package room.

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Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

Evergreen Real Estate Group Completes 120-Unit Affordable Assisted Living Community in Goshen, Indiana

by Kristin Harlow

GOSHEN, IND. — Evergreen Real Estate Group has completed Green Oaks of Goshen, a 120-unit assisted living community for low-income seniors in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50 percent leased. Located at 282 Johnson St., the $30 million project replaces a vacant three-acre lot on the city’s north side near an existing Salvation Army building. Bourbonnais, Ill.-based Gardant Management Solutions operates the four-story community. Green Oaks of Goshen offers 49 studio and 71 one-bedroom units, all of which are reserved for seniors age 62 or older with incomes at or below 80 percent of the area median income. Amenities include a community room with kitchen, private dining room, media and theater room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent Low-Income Housing Tax Credits (LIHTC) for the project. In addition, the City of Goshen issued tax-exempt bonds that were sold by Piper Sandler, providing debt financing. Affordable Housing Partners also invested in the project, providing LIHTC equity.

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Affordable HousingIllinoisLoansMidwestMultifamily

Colliers Mortgage Originates $7.8M Loan for Refinancing of 72-Unit Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Colliers Mortgage has originated a $7.8 million Fannie Mae loan for the refinancing of Southeast Englewood and South Wabash in Chicago. The 72-unit, scattered site affordable housing property consists of six three-story buildings with garden-level basements. The buildings are situated on six parcels, three of which are non-contiguous. All of the units are restricted to low-income tenants by a HUD Section 8 HAP contract. Les Hardin of Colliers Mortgage structured the loan, which features a 10-year term. LSG Lending Advisors arranged the loan.

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Affordable HousingDevelopmentGeorgiaMixed-UseMultifamilySoutheast

Culdesac, Urban Oasis to Develop 20-Acre Murphy Crossing Project in Atlanta

by John Nelson

ATLANTA — Culdesac Inc. and Urban Oasis Development will develop the Murphy Crossing mixed-use redevelopment in Atlanta’s Oakland City neighborhood, following approval by Atlanta BeltLine Inc. (ABI) and Invest Atlanta, the City of Atlanta’s economic development arm. Located at 1050 Murphy Ave., the project will span 20 acres and feature 1,100 residential units, as well as commercial space, light industrial space and amenities. Of the residential units, 30 percent will be designated as affordable housing for residents earning 60 to 80 percent of the area median income (AMI). Additionally, a portion of the commercial and industrial space will be offered at an affordable rate to small businesses, with small business retail tenants eligible for one-time business grants. Upon completion, the development, which is situated adjacent to the BeltLine’s Westside Trail and near the Oakland City and West End MARTA stations, will feature plazas, courtyards, green space, paths, bike lanes and a community garden. A development timeline was not disclosed.

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Grandview-Terrace-Jersey-City
AcquisitionsAffordable HousingMultifamilyNew JerseyNortheastSeniors Housing

Hudson Valley Property Completes Renovation of 283-Unit Affordable Seniors Housing Complex in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Hudson Valley Property Group has completed the renovation of Grandview Terrace Apartments, a 283-unit affordable seniors housing complex in the Journal Square area of Jersey City. The $15.2 million, 16-month project upgraded the cabinetry, countertops, appliances, lighting, flooring, walls and water fixtures in the units and added amenities such as a new sky lounge with a stretching room, community room, library and a computer center. KeyBank provided construction financing for the project, and that loan was refinanced under HUD’s 223(f) program upon completion. 

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