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Affordable Housing

Affordable HousingDevelopmentMarylandMultifamilySoutheast

Gilbane Development Opens 293-Unit Mixed-Income Multifamily Community in Hyattsville, Maryland

by John Nelson

HYATTSVILLE, MD. — Gilbane Development has cut the ribbon on Sovren, a five-story, 293-unit multifamily community in Hyattsville. Amazon’s housing equity fund contributed debt to fund the development. Located within the larger mixed-use development of The Riverfront at West Hyattsville, Sovren has direct access to the West Hyattsville Metro station and the Northwest Branch Anacostia River trail system. Sovren includes 147 units reserved for residents earning 80 percent or less of the area median income, as well as 2,500 square feet of retail space and an art-wrapped, 298-space parking garage. The community offers studios, one-, two- and three-bedroom floorplans ranging from 429 square feet to 1,417 square feet in size. Amenities at the property include a resort-style swimming pool with cabanas, fitness center with a dedicated yoga space, coworking areas, dog park, pet-washing facilities, outdoor grilling areas, fire pits and an entertainment lounge with a billiards table. Monthly rental rates for Sovren begin at $1,860, according to Apartments.com.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

JV Completes 58-Unit Affordable Housing Project in Chicago’s Auburn Gresham Area

by Kristin Harlow

CHICAGO — Evergreen Real Estate Group, Imagine Group and KLEO Enterprises have completed Auburn Gresham Apartments, a two-building, 58-unit affordable housing community in Chicago’s Auburn Gresham neighborhood on the South Side. The project was a joint venture between developers Evergreen and Imagine, in collaboration with KLEO, the Chicago Department of Planning and Development (DPD) and the Chicago Department of Housing. The development, which won a 2020 DPD request for proposals for vacant city land at 79th and Green streets, was initially envisioned as a single building. Following three community workshops, the developers shifted more than half of the proposed units to a second city-owned site at 79th and Halsted streets. The complex now comprises a three-story building with 28 units and 5,200 square feet of retail space and a five-story building with 30 units and 3,300 square feet of commercial space. All residences are reserved for households with incomes at or below 60 percent of the area median income. Professionally managed by Evergreen, the units are approximately 75 percent leased. Commercial tenants will include for-profit development and property management firm KLEO, Italian restaurant The Auburn and K.L.E.O. Community Family Life Center, a nonprofit dedicated to youth development. Designed by Ross …

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Nears Completion of 70-Unit Affordable Housing Project in Lacey, New Jersey

by Taylor Williams

LACEY, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger Cornerstone at Lacey development, which consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request. Walters is currently accepting renter applications for a lottery drawing that will take place on May 7. The first move-ins will begin in June.

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Clifton-Riverside-Fort-Worth
Affordable HousingDevelopmentMultifamilyTexas

Overland Property Group Completes 94-Unit Affordable Housing Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Kansas-based developer Overland Property Group has completed Clifton Riverside, a four-story, 94-unit affordable housing project in the River East neighborhood of Fort Worth. The site spans 2.3 acres at 2406 E. Belknap St. According to Apartments.com, units come in studio, one- and two-bedroom units. Residences are reserved for households earning between 30 and 60 percent of the area median income. Amenities include outdoor courtyards, a fitness center, media center and a clubroom.

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Affordable HousingDevelopmentFloridaMixed-UseMultifamilySoutheastTop Stories

Miami-Dade County Commission Approves $3B Little River District Mixed-Use Development 

by Kristin Harlow

MIAMI — The Miami-Dade County Commission has granted final approval for Little River District, a $3 billion mixed-use development in Miami’s Little River and Little Haiti neighborhoods. SG Holdings, a joint venture between Swerdlow Group, SJM Partners and Alben Duffie, is the developer. Spanning 63 acres, the project is slated to include more than 5,700 affordable and workforce housing units alongside big box retail stores, small businesses, a major grocery operator, green public space and transit infrastructure with the addition of a new train station. Construction is expected to begin in 2026, with a projected development timeline of eight years. Little River District is considered the largest affordable housing development in Miami-Dade County’s history, according to a news release. Plans call for 2,284 affordable housing units for residents earning up to 60 percent of the area median income (AMI), 1,398 workforce rental units for those making 120 percent of AMI and 2,048 potential workforce condo units, which would allow the buyers to obtain significant subsidies to meet the purchase price at up to 140 percent AMI. Current residents of existing public housing complexes situated within the development site are guaranteed the right to return to new units at Little River …

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

WinnCos., BHA Begin Construction on $70M South Boston Affordable Housing Project

by Taylor Williams

BOSTON — A partnership between regional multifamily owner-operator WinnCos. and the Boston Housing Authority (BHA) has begun work on a $70 million affordable housing project in South Boston. The 94-unit building, which carries a price tag of $62 million, will be constructed as part of the initial phase of the redevelopment of the 1,016-unit Mary Ellen McCormack public housing development, which originally opened in 1938. The partnership plans to invest another $8 million in infrastructure upgrades. Units at the new building will primarily come in one-, two- and three-bedroom floor plans. Bank of America provided the construction loan for Building A and is also the tax credit equity investor on the project. Once Building A is completed in late 2026, construction will begin on Building B, which will offer 300 mixed-income apartments, and Building C, which will offer 196 mixed-income apartments, with 172 units reserved for seniors aged 62 or older. In all, eight new residential buildings totaling 1,310 units will be built over the course of a decade during Phase I of the redevelopment, replacing 529 aging public housing apartments for BHA households and creating 781 additional apartments for middle-income and market-rate renters. Existing buildings will be demolished to …

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB, Pine Street Inn Complete 202-Unit Affordable Housing Project in Boston

by Taylor Williams

BOSTON — A partnership between nonprofit developer The Community Builders and social services provider Pine Street Inn has completed The Lyndia, a 202-unit affordable housing project in Boston’s Jamaica Plain neighborhood. Designed by Boston-based RODE Architects, The Lyndia offers 140 units for formerly homeless individuals and 62 income-restricted units, as well as 13,000 square feet of community space. Residents will have access to resources like medical and mental healthcare, vocational and volunteer opportunities.

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AcquisitionsAffordable HousingSeniors HousingSoutheastVirginia

Greysteel Brokers $5.9M Sale of Affordable Seniors Housing Community in Berryville, Virginia

by John Nelson

BERRYVILLE, VA. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The Wentwood Cos., in the transaction. Community Housing Partners was the buyer. Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and a salon.

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Affordable HousingDevelopmentMississippiMultifamilySeniors HousingSoutheast

Gulf Coast Housing, Midtown Partners to Open Affordable Housing Property in Jackson, Mississippi

by John Nelson

JACKSON, MISS. — Gulf Coast Housing Partnership (GCHP) and local nonprofit organization Midtown Partners Inc. plan to open Noel Place, a 27-unit affordable housing community located at 144 Noel St. in Jackson. Set to officially open tomorrow in a ribbon-cutting ceremony with partners and local dignitaries, about 60 percent of Noel Place’s apartments will be reserved for special needs residents, including people with disabilities and senior citizens. Federal Home Loan Bank of Dallas and BankPlus awarded GCHP with a $499,000 grant to help fund construction of Noel Place. Other partners include Mississippi Home Corp. and Mississippi Regional Housing Authority No. VI.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

F.H. Paschen Tops Out Construction of $43M Workforce Housing Development in Metro Chicago

by Kristin Harlow

BELLWOOD, ILL. — F.H. Paschen has topped off the first phase of the Bellwood Gateway Development, a $43 million workforce housing project in the Chicago suburb of Bellwood. The four-story, 71-unit community will feature 6,000 square feet of ground-floor commercial space and is set to open in spring 2026. Serving as the developer and general contractor, F.H. Paschen now moves toward the enclosure of the structures. Once enclosed, work will move on to mechanical, electrical, plumbing and fire protection installations, followed by drywall, windows and façade work. Construction began in July 2024 on the project, which involves the repurposing of the former Village Hall, police and fire stations, and emergency management office. Chicago-based DesignBridge was the architect. The project is financed through a combination of tax-increment financing, a State of Illinois grant and workforce housing bonds.

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