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Affordable Housing

Affordable HousingDevelopmentGeorgiaIndustrialMixed-UseMultifamilySoutheast

Atlanta Beltline Issues RFP for Mixed-Use Development on Southside Trail

by John Nelson

ATLANTA — Atlanta Beltline has issued a request for proposals (RFP) for new mixed-use development on a site along the Beltline’s Southside Trail. The 13.7-acre site is located at 356 University Ave. near the city’s historic Pittsburgh neighborhood that the Beltline purchased in 2023. Atlanta Beltline met with more than two dozen community groups since April 2024 to discuss future plans for the site. Based on the community feedback and the Beltline’s newly completed master plan, the RFP is seeking a mix of market-rate and affordable housing, as well as a mix of commercial and industrial uses. More specifically, the RFP calls for at least 30 percent of residential units reserved as permanently affordable (10 percent at or below 80 percent AMI, 20 percent at or below 50 percent AMI); a minimum of 30 percent of total floor area dedicated to light-industrial use; affordable commercial space (at least 20 percent at rents 30 percent below market for more than 10 years); a partnership with an arts, cultural or community organization for onsite programming; and accessible green spaces, ADA pathways and Beltline connectivity. To date, the Beltline has acquired nearly 90 acres preserved for residential and commercial affordability for both residents …

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

Annex Group Breaks Ground on $25.8M Affordable Housing Community in Milwaukee

by Kristin Harlow

MILWAUKEE — The Annex Group has broken ground on Union at Rose Park, a $25.8 million affordable housing community in Milwaukee. The property will offer 75 one-, two- and three-bedroom units for households earning a range of income levels starting at 30 percent of the area median income to market rate. Nine units will be targeted to veterans. Amenities will include a community room, fitness center and business center. The development will include rooftop solar panels and is designed to meet Enterprise Green Community Standards. Project partners include Ware Malcomb, raSmith, Integrity Structural Corp., Latimer Sommers & Associates, Terracon, Heartland Energy Consultants, Baker Tilly, ACC Management Group and Impact Housing Indiana, an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio. Impact Housing Indiana will have a dedicated onsite space within Union at Rose Park. Advantage Capital provided more than $9 million in federal equity and just under $3 million in state credit equity for the project. The Wisconsin Housing and Economic Development Authority allocated 4 percent tax credits, approximately $13.5 million in tax-exempt bonds and both a $1 million Vacancy-to-Vitality loan and a $125,000 Infrastructure Access Funding loan. Cedar Rapids Bank & Trust served as construction …

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Garfield-Terrace-II-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Pennrose Underway on $57M Affordable Housing Development in Phoenix

by Amy Works

PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with six units reserved for residents earning at or below 40 percent of the AMI and 24 available for residents earning at or below 50 percent of the AMI. The remainder of the apartments are set aside for seniors earning at or below 60 percent of the AMI.  Upon completion, Garfield Terrace II will deliver an additional 60 units for seniors earning at or below 60 percent of the AMI, with 12 apartments reserved for formerly homeless residents. Completion is scheduled for fall 2026.  Amenities at the property will include a fitness center, outdoor courtyard and recreation area, community room and parking. The Greater Phoenix Urban League and Central Arizona Shelter Services …

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Lim-Pull-Quote
Affordable HousingFeaturesMultifamily

How The One Big Beautiful Bill Supports Federal Tax Credits for Housing

by Taylor Williams

By Lisa Lim, member, real estate & housing specialist, Rosenberg & Estis PC On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (BBB) into law. The legislation represents one of the nation’s most sweeping tax, spending and regulatory shakeups in decades, touching everything from border enforcement to energy. The passing of the bill also marked a significant step in addressing the nation’s worsening housing crisis, as well as the need for community reinvestment. Policymakers have long debated the best ways to incentivize the construction of affordable housing, spur economic development and preserve historic buildings. The BBB was designed, in part, to meet those goals by expanding and permanently extending key federal tax credit programs, including the Low-Income Housing Tax Credit (LIHTC), the New Market Tax Credit (NMTC) and the Historic Tax Credit (HTC). In this article, we address what each of the legislative impacts are for each of those programs and assess their ramifications on the broader U.S. housing market. Low-Income Housing Tax Credits At the most basic level, the BBB gives states more money to support affordable housing by permanently increasing the amount of Low-Income Housing Tax Credits (LIHTCs) they receive by 12 percent. These …

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Brownsville-Arts-Center-&-Apartments
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Breaks Ground on $254M Affordable Housing Project Near Downtown Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. has broken ground on the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom formats that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is expected to be complete in 2027.

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Serenity-Apts-LA-CA
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

Partnership Opens 50-Unit Affordable Seniors Housing Development in Los Angeles

by Amy Works

LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles.  John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and 36 reserved for previously homeless seniors. One unit is reserved for an onsite manager.  The property, formerly known as Southside Seniors, is situated on land provided by Southside Church through a land lease.  Trillium will manage Serenity Apartments. Amenities at the community include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The development also features 1,600 square feet of ground-floor commercial space and a 100-car garage.  In partnership with R4 Capital Funding, Western Alliance Bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the project. 

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Industry-SOMA-Austin
Affordable HousingDevelopmentMultifamilyTexas

Industry ATX Delivers 23-Unit Affordable Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based developer Industry ATX has delivered Industry SOMA, a 23-unit affordable housing project in Austin’s South Menchaca neighborhood. The townhome-style residences are housed and are reserved for households earning 80 percent or less of the area median income. Units have an average size of about 1,100 square feet. Mark Odom Studio designed the project, construction of which began in fall 2022.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

River Caddis Communities Receives Construction Financing for 204-Unit Michigan Affordable Housing Project

by Kristin Harlow

MIDLAND, MICH. — River Caddis Communities (RCC), in partnership with the Capital Area Housing Partnership, has received construction financing for The Dean – Apartments at Eastlawn in Midland. The project will transform a former school site into an affordable and workforce housing community. The Dean will be built on a 6.4-acre site once home to Eastlawn School, which served the community from 1947 to 2017. Upon completion in 2027, the development will feature six three-story residential buildings with 204 units; a clubhouse and leasing center; a community hub with gathering spaces, outdoor amenities and walking/biking connections; and sustainable features such as bike repair stations, energy-efficient design and solar investment supported by federal clean energy tax credits. The Dean will provide housing for families earning up to 40, 60, 80 and 120 percent of the area median income. All utilities will be covered by the landlord. The Michigan State Housing Development Authority awarded $30 million in tax-exempt bonds via the Pass Through Bonds program, utilizing low-income housing tax credits to finance costs of constructing the development. Through a private placement, Huntington Bank will serve as the construction lender. The Sturges Company underwrote the short-term cash-collateralized tax-exempt bonds with institutional lenders. In …

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvania

Odin Properties Breaks Ground on 51-Unit Affordable Housing Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer Odin Properties has broken ground on Sepviva Lofts, a 51-unit affordable housing project that will be located in Philadelphia’s Kensington neighborhood. Sepviva Lofts will be located on the site of a former industrial facility and will offer one-, two- and three-bedroom units. Amenities will include a community room, computer lab, onsite laundry facilities and a playground. Information on specific income restrictions, as well as a tentative completion date, was not announced. Odin is developing the property in partnership with RB Development and Liberty Housing Development Corp.

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Affordable HousingDevelopmentLoansLouisianaMultifamilySeniors HousingSoutheast

Churchill Stateside Provides $11M Construction Loan for Seniors Housing Adaptive Reuse Project in New Orleans

by John Nelson

NEW ORLEANS — Churchill Stateside Group LLC has closed an $11 million construction loan for Canal Crossing, a 49-unit affordable seniors housing development in New Orleans. Churchill Stateside provided the tax-exempt loan through Churchill Mortgage Construction LLC. The project, which is being financed in part with low-income housing tax credits (LIHTC), is an adaptive reuse of a historic building at 2640 Canal St. and will be reserved for households age 55 and older. Canal Crossing will feature three units reserved for households earning 30 percent of the area median income (AMI), eight units at 50 percent AMI, 24 units at 60 percent AMI and 14 units at 70 percent AMI. The developer and other details of Canal Crossing were not disclosed.

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