Sunday, May 11, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Affordable Housing

The-Aspire-Apts-Riverside-CA.jpg
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

IHO Opens Affordable Housing Complex for Transitional Age Youth in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Innovative Housing Opportunities (IHO) has opened The Aspire, an affordable residential community in Riverside. Situated at the corner of Third Street and Fairmount Boulevard, The Aspire features 33 fully furnished units for transitional age youth, including young people aging out of the foster care system. The furnished one-bedroom units are approximately 450 square feet and include a patio or deck. Community amenities include an interior courtyard, roof terrace, communal living room and public art. Additionally, The Aspire is in a walkable neighborhood close to transit, employment, recreation, retail and cultural options. The Aspire will offer onsite education services and programs, provided by the California Family Life Center. Riverside Community College District is also offering academic, career and financial aid counseling, as well as job placement assistance. The $25 million development was funded with Housing Authority funds from the City of Riverside, project-based housing choice vouchers from Riverside County and California’s Housing and Community Development/Multifamily Housing Program.   

Continue Reading
FacebookTwitterLinkedinEmail
The-Eastwalk-Braintree
Affordable HousingDevelopmentMultifamilyNortheast

WinnCos. Breaks Ground on $47M Affordable Housing Project in Braintree, Massachusetts

by Taylor Williams

BRAINTREE, MASS. — Developer WinnCos. has broken ground on The Eastwalk, an affordable housing project in the southern Boston suburb of Braintree that is valued at $47 million. Of the development’s 56 total units, 30 will be reserved for households earning 60 percent or less of the area median income (AMI). Another 20 residences will be earmarked for renters earning 120 percent or less of AMI, and the remaining six units will be rented at market rates. Residences will come in one-, two- and three-bedroom floor plans, and amenities will include a community room with a kitchen, onsite resident workspace, fitness room and a patio lounge with grills. The Eastwalk is expected to be available for occupancy in summer 2026. WinnCos. is developing the project in partnership with Arch Communities, with Webster Bank financing construction. The capital stack also includes both state- and federal-issued Low-Income Housing Tax Credits, and the investors of those securities are U.S. Bank and Boston Financial, respectively.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingIndianaLoansMidwestMultifamily

BWE Secures $6.3M for Renovation of 54-Unit Affordable Housing Property in Arcadia, Indiana

by Kristin Harlow

ARCADIA, IND. — BWE has secured a $6.3 million USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of Hamilton Place, a 54-unit affordable housing property in Arcadia, about 45 miles north of Indianapolis. Lundat Kassa and Bob Morton of BWE arranged the loan with a 38-year term and 40-year amortization. The property’s units are spread across three single-story garden homes, two two-story townhomes and one apartment building, all of which are set to be renovated. The units are reserved for tenants earning up to 60 percent of the area median income. Renovated amenities will include a community room, computer center, playground, basketball court, exercise room and walking path. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.

Continue Reading
FacebookTwitterLinkedinEmail
Rainbow-Village
Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

by Katie Sloan

MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami.  Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces.  Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group.  “As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group.  Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit. Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026. Funding for Rainbow Village includes $70 million in …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingLoansMultifamilyNortheastPennsylvania

Lument Provides $24.8M Agency Acquisition Loan for Metro Philadelphia Affordable Housing Complex

by Taylor Williams

LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, a northeastern suburb of Philadelphia. The name of the property, which was built in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations, was not disclosed. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer, an affiliate of New Jersey-based owner-operator Silverstein Properties. Zach Schwartz of Brook Hollow Capital acted as the mortgage broker on the deal.

Continue Reading
FacebookTwitterLinkedinEmail
Los-Arcos-at-Vida-San-Antonio
Affordable HousingDevelopmentMultifamilyTexas

NRP Group Completes $81M Affordable Housing Project in San Antonio

by Taylor Williams

SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has completed Los Arcos at Vida, an $81 million project in San Antonio. The property is located within the 600-acre Vida master-planned development on the city’s south side and totals 324 units. Residences come in one-, two-, three- and four-bedroom floor plans and are reserved for households earning between 30 and 70 percent of the area median income. Amenities include a pool with a sundeck, barbecue grills and picnic areas, a conference center and cybercafé, activities room, community garden, playground and onsite laundry facilities. The project was financed in large part by $36 million in tax credits issued by the Texas Department of Housing & Community Affairs.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingLoansMultifamilyTexas

Bolour Provides Acquisition Loan for Affordable Housing Property in Southwest Dallas

by Taylor Williams

DALLAS — An affiliate of California-based investment, development and finance company Bolour Associates Inc. has provided an undisclosed amount of acquisition financing for a 112-unit affordable housing community located at 4753 Duncanville Road in southwest Dallas. The property was originally built in 1989 and features one-, two- and three-units that range in size from 663 to 1,059 square feet. Income restrictions for the community were not disclosed. John Choi of Concord Summit Capital arranged the financing on behalf of the unnamed borrower.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingIndianaLoansMidwestMultifamily

BWE Arranges $10.8M in Financing for Two Affordable Housing Properties in Indiana

by Kristin Harlow

FOWLER AND RENSSELAER, IND. — BWE has arranged a $10.8 million USDA RHS 538 GRRHP loan to provide permanent financing for the renovation of two affordable housing properties totaling 132 units in Indiana. Madison Cottages of Benton County, located in Fowler, totals 61 units across eight buildings. Madison Cottage of Rensselaer features 71 units across 12 buildings. All of the units are reserved for tenants earning up to 60 percent of the area median income. Lundat Kassa and Bob Morton of BWE structured the loan with a 40-year term and amortization. The project received additional financing through the use of 4 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

REDCOM Completes 22-Unit Supportive Housing Project in Westfield, New Jersey

by Taylor Williams

WESTFIELD, N.J. — REDCOM Design & Construction has completed a 22-unit supportive housing project in Westfield, about 25 miles southwest of Manhattan. The building at 1003 N. Avenue W houses one-bedroom units that are reserved for formerly homeless and at-risk veterans, who as residents will have access to mental health and career training services. REDCOM partnered with The Foundation for Sustainable Veteran Housing and American Legion on the project, with the Westfield chapter of the latter entity being the owner.

Continue Reading
FacebookTwitterLinkedinEmail
2868-Webster-Ave.-Bronx
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Douglaston Development Breaks Ground on 277-Unit Bronx Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Douglaston Development has broken ground on a 277-unit affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and is backed by $190 million in financing from a variety of sources. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will construct the community. Construction is expected to be complete in 2027.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts