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Affordable Housing

NHH-Gray-Houston
Affordable HousingDevelopmentLoansMultifamilyTexas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Gray, a 135-unit affordable housing project that will be located in Houston’s Northline neighborhood. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper, IMPACT Community Action Break Ground on 102-Unit Affordable Housing Community in Ohio

by Kristin Harlow

WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall, an eastern suburb of Columbus. Located at 3540 E. Main St., the project will offer one-, two- and three-bedroom layouts. Units will be restricted for residents who earn 30 to 80 percent of the area median income. There will also be several units adapted for those with mobility challenges and sight or hearing disabilities. Amenities will include a community room with kitchenette and a management office for an onsite community manager. There will also be dedicated space for assisting residents with supportive services such as case management, workforce development and employment training, emergency assistance and financial literacy to be coordinated by IMPACT. The Ohio Housing Finance Agency (OHFA) provided a tax-exempt bond issuance and allocated 4 percent Low-Income Housing Tax Credits and soft funds to the development through its bond gap financing program. Alliant Capital invested in the tax credits to provide equity financing. CF Bank will provide a permanent mortgage and construction loan, through the purchase of the tax-exempt bonds issued by OHFA. Franklin County is providing an additional soft mortgage through …

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NHH-Berry-Houston
Affordable HousingLoansMultifamilyTexas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Berry, a 180-unit affordable housing project that will be located in Houston’s Third Ward. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

Hoffman & Associates Nears Completion of 449-Unit Westerly Apartment Community in Southwest D.C.

by John Nelson

WASHINGTON, D.C. — Hoffman & Associates is nearing completion of The Westerly, a 449-unit apartment community in the Southwest neighborhood of Washington, D.C. Set to deliver later this year, the community will include residences in one- and two-bedroom layouts, 20,000 square feet of amenity space and 29,000 square feet of retail space. Committed retail tenants will include Good Company Doughnut Café and Apple Tree Public Charter School. Thirty percent of apartments at The Westerly will be reserved for households earning at or below 30 and 50 percent of the median family income (MFI). Amenities will include a rooftop with a pool deck, terrace, grills and lounge areas, game rooms, TV and library lounges, a 3,900-square-foot fitness center and 2,200 square feet of coworking and meeting space. Leasing at the property, which was designed by Hickok Cole, is scheduled to begin later this summer. The Westerly will be situated three blocks from The Wharf, a $3.6 billion mixed-use development that Hoffman & Associates co-developed, and one block from the Waterfront Metro station.

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Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Capital Provides $320M for Renovation of Bronx Affordable Housing Complex

by Taylor Williams

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx that was originally developed in the 1950s and is home to more than 5,000 residents. The property is the second-largest New York City Housing Authority property in the state and the largest in The Bronx. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property.

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Affordable HousingDevelopmentMidwestMissouriMultifamily

TWG Underway on Development of $42.9M Affordable Housing Community in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — TWG is developing Reserve at Spencer, a $42.9 million affordable housing community in the St. Louis suburb of St. Peters. The community marks TWG’s third Low-Income Housing Tax Credit project in the state of Missouri. Located at 4000 Ryleigh Reserve Lane, Reserve at Spencer will feature 192 units in a four-story property with one-, two- and three-bedroom layouts. All units will be reserved for residents who earn up to 60 percent of the area median income. Amenities will include a lounge, community kitchenette, playground, dog park, coworking rooms, a fitness center and mail room. Project funding comes from CREA LLC, Merchants Bank, UMB Bank and the Missouri Housing Development Commission. The Industrial Revenue Authority of St. Charles County provided bond financing. Construction is underway, with completion slated for late 2024.

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Maunakea-Honolulu-HI
AcquisitionsAffordable HousingHawaiiMultifamilyWestern

Public-Private Partnership Purchases 379-Unit Maunakea Affordable Housing Community in Honolulu

by Amy Works

HONOLULU, HAWAII — Standard Communities has led a public-private partnership with the State of Hawaii, United States Department of Housing and Urban Development (HUD), Honolulu-based Stanford Carr Development, the City of Honolulu and Hawaii Housing Finance & Development Corp. in the acquisition of Maunakea, a 100 percent affordable housing community in Honolulu. Although the price was not disclosed, according to the acquisition team, the transaction is the largest FHA deal and Project-Based Section 8 transaction in Hawaii state history. The transaction extends the affordability of all units at the property for 20 years. Located at 1245 Maunakea St., Maunakea features 254 one-bedroom units and 125 two-bedroom units. Standard will implement renovations budgeted at more than $41 million, approximately $109,000 per unit, at the property, which was built in 1977 and renovated in 2000. In unit renovations will include updates to kitchens and bathrooms, as well as new flooring. Residents will also benefit from new windows throughout the property, a new business center, fitness center and the addition of grills to the picnic area.

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Affordable HousingLoansMassachusettsMultifamilyNortheastSeniors Housing

MassHousing Provides $12.9M in Financing for Metro Boston Affordable Seniors Housing Complex

by Taylor Williams

BROCKTON, MASS. — MassHousing has provided $12.9 million in financing for Bixby Brockton Apartments, a 106-unit affordable seniors housing complex located on the southern outskirts of Boston. The complex houses 88 one-bedroom apartments and 18 two-bedroom apartments, with two units occupied by maintenance and security staff. The borrower, Affordable Housing & Services Collaborative Inc., will use the proceeds to fund capital improvements and extend the property’s affordability status. Among the improvements slated for the property are unit repairs, two new heating systems, a new fence, security camera upgrades and the extension of a laundry room.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Housing Assistance Corp., POAH to Develop 39-Unit Affordable Housing Project in Mashpee, Massachusetts

by Taylor Williams

MASHPEE, MASS. — A partnership between Housing Assistance Corp. and the Preservation of Affordable Housing (POAH) will develop LeClair Village Apartments, a 39-unit affordable housing project in Mashpee, located in southern Massachusetts at the base of Cape Cod. LeClair Village will offer 14 one-bedroom apartments, 21 two-bedroom units and four three-bedroom apartments that will be rented to households meeting a range of income restrictions. Eastern Bank provided construction and permanent financing for LeClair Village and purchased $10 million in federal Low-Income Housing Tax Credits that will also be used to finance the project. Delivery is slated for 2025.

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Affordable HousingDevelopmentIllinoisIowaMichiganMidwestMultifamily

Woda Cooper Receives LIHTC Financing for Five New Affordable Housing Communities

by Kristin Harlow

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. Inc. has received Low-Income Housing Tax Credit (LIHTC) financing for the development of five new affordable housing communities in North Carolina, Michigan, Iowa, Virginia and Illinois. The North Carolina Housing Finance Agency allocated $1.2 million for Pender Crossing, a 48-unit community to be built in Wilson, N.C. Plans call for three walkup buildings with amenities such as a fitness center, computer room, playground and covered pavilion. Raleigh-based TightLines Designs is the architect. In Marquette, Mich., Woda Cooper will partner with the Keweenaw Bay Indian Community to develop Black Rock Crossing, a 50-unit general occupancy multifamily development. The Michigan State Housing Development Authority allocated $1.4 million in tax credits for the project. Grand Rapids-based PCI Design Group is the architect. Construction is expected to begin in April. The Iowa Finance Authority awarded $1.1 million in LIHTC financing for Alley Landing, a 40-unit project in Des Moines. The community will include eight Permanent Supportive Housing homes for veteran households experiencing homelessness. Hooker DeJong is the architect. Virginia Housing allocated $1.4 million in tax credits for Bains Pointe, a 50-unit development in Portsmouth, Va., named after Eliza Bains who was instrumental in helping slaves gain freedom …

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