Affordable Housing

MidPen, EPACANDO Open 136-Unit Affordable Housing Community in East Palo Alto, California

by Amy Works May 28, 2026

EAST PALO ALTO, CALIF. — MidPen Housing and the East Palo Alto Community Alliance Neighborhood Organization (EPACANDO) have opened Colibri Commons, a 136-unit affordable housing community at 965 Weeks St. in East Palo Alto. The property’s 136 studio, one-, two-, three- and four-bedroom units are reserved for tenants earning no more than 60 percent of the area median income. Community amenities include a community room, an outdoor play area and free onsite services such as nutrition classes, adult education and after-school programming. MidPen Property Management is the property manager. Financing for Colibri Commons was provided through multiple public and private sources. The project team included David Baker Architects and Blach Construction.

May 28, 2026

Affordable Housing Development Indiana Loans Midwest Multifamily

Merchants Capital Provides $99M in Debt, Tax Credit Equity for Indiana Workforce Housing Community

by Kristin Harlow May 28, 2026

FORT WAYNE, IND. — Merchants Capital has provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit workforce housing community now leasing in Fort Wayne. Developed by Biggs Group in partnership with Ancora, Weigand Construction and MSquared, The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that opened last month. Merchants Capital secured a $34.4 million Freddie Mac non-LIHTC forward permanent loan and provided $9.5 million in federal low-income housing tax credit (LIHTC) equity for The Elex. Merchants Bank provided $55.5 million in construction and equity bridge financing. The Elex offers one-, two- and three-bedroom units, with 207 units rented at market rate and 89 affordable units set aside for residents earning between 30 and 80 percent of the area median income. Affordability is supported via LIHTC equity syndicated by Merchants Capital, state tax credits and tax-increment financing bonds. Named in tribute to The Elex Club, a pioneering women’s organization formed by General Electric’s female employees, The Elex represents Phase II of The Electric Works redevelopment, which is comprised of 18 historical buildings, office space, education and innovation space, retail, residential, hotel and entertainment venues developed across …

May 28, 2026

Acquisitions Affordable Housing Georgia Seniors Housing Southeast

Dominium Acquires Affordable Seniors Housing Community in Duluth, Georgia, Plans $9.9M Renovation

by Abby Cox May 22, 2026

DULUTH, GA. — Dominium has acquired Sweetwater Terraces, a 165-unit affordable seniors housing community located in Duluth, a northeast suburb of Atlanta. The property was originally developed in 2008 under the Low-Income Housing Tax Credit (LIHTC) program. Dominium has planned a $9.9 million renovation of the property to include updates to roofing, siding and unit interiors, as well as the clubhouse and amenity spaces. The Plymouth, Minn.-based affordable housing developer and investor plans to preserve the affordability status of Sweetwater Terraces during its ownership period. The four-story residential community comprises studio, one-, two- and three-bedroom apartments ranging in size from 496 to 1,158 square feet, according to Apartments.com. Amenities include a community garden, fitness center, salon and shuffleboard courts.

May 22, 2026

Affordable Housing Development Multifamily New York Northeast

Partnership Receives $97M in Financing for Multifamily Adaptive Reuse Project in Harlem

by Taylor Williams May 21, 2026

NEW YORK CITY — A partnership between LDG Group LLC, Infinite Horizons, L+M Development Partners and Urbane Development Group has received $97 million in financing for a multifamily adaptive reuse project in Harlem. Designed by Curtis & Ginsberg Architects, the project involves the conversion of the former Lincoln Correctional Facility into a 105-unit affordable housing complex with units that will be reserved for households earning between 40 and 100 percent of the area median income. The new housing complex will feature amenities such as a community room, children’s playroom, coworking lounge and multiple terraces, as well as 6,000 square feet of retail space. The financing includes a construction loan from M&T Bank and a variety of public-sector subsidies. Demolitions and abatements of existing structures are set to begin in June and to last about 12 months. Full completion is expected in mid-to-late 2029.

May 21, 2026

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing

Merchants Capital Provides $26.3M in Financing for Historic Manhattan Multifamily Property

by Taylor Williams May 20, 2026

NEW YORK CITY — Merchants Capital has provided $26.3 million in financing for the rehabilitation and conversion (to affordable seniors housing) of Three Arts Club, a 62-unit historic multifamily property on Manhattan’s Upper West Side. Three Arts Club was originally built in the 1920s as dormitory-style housing for aspiring female artists. Upon completion of the rehabilitation and conversion, the property will offer housing for residents age 62 and above who earn 50 percent or less of the area median income. In addition, 25 units will be set aside for formerly homeless individuals. The financing consists of an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. The owner is nonprofit organization West Side Federation for Senior & Supportive Housing Inc.

May 20, 2026

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on 33-Unit Affordable Housing Development in Evanston, Illinois

by Kristin Harlow May 20, 2026

EVANSTON, ILL. — Skender has broken ground on Mt. Pisgah Apartments, a 33-unit affordable housing development in Evanston. The project, led by Housing Opportunity Development Corp. (HODC) in partnership with Skender, Mt. Pisgah Ministries and the City of Evanston, will transform the current church site at 1813 Church St. The one-, two- and three-bedroom units will be reserved for households earning up to 60 percent of the area median income. The development will also include 2,250 square feet of ground-floor commercial space, shared community amenities and energy-efficient building features. Mt. Pisgah Apartments will remain under the long-term ownership and management of HODC. Cordogan, Clark & Associates Inc. is the architect. Financing partners include the Illinois Housing Development Authority, City of Evanston, Clocktower Tax Credits, Housing Authority of Cook County, National Equity Fund, Wintrust Village Bank & Trust and ComEd.

May 20, 2026

Affordable Housing California Development Loans Multifamily Western

Seachange Partners Receives $15.6M in Construction Financing for Two Affordable Housing Projects in Los Angeles

by Amy Works May 19, 2026

LOS ANGELES — Seachange Partners has received $15.6 million in nonrecourse construction financing for two affordable multifamily developments in Los Angeles. Keith Rosso and Jeremy Kanter of Berkadia arranged the financing through Genesis Capital, a private Los Angeles-based residential construction lender. Located at 1723 Corinth Ave. and 3751 Delmas Terrace, the two five-story properties will deliver a combined 79 units of deed-restricted affordable housing. Construction is underway, with completion slated for 2027. Seachange Partners was founded in 2024 by Kyle Jenkins and Cameron Whiting. To date, the firm has initiated four affordable housing development projects in the greater Los Angeles area. The Corinth Avenue and Delmas Terrace developments are Seachange’s inaugural projects.

May 19, 2026

Affordable Housing Development Midwest Multifamily Ohio

The Community Builders Completes 64-Unit Affordable Housing Development in Cleveland

by Kristin Harlow May 19, 2026

CLEVELAND — The Community Builders (TCB) has completed Woodhill Station East, the third phase of the Buckeye-Woodhill Choice Transformation in Cleveland. The building delivers 54 affordable apartments and 10 market-rate units for residents in the Buckeye-Woodhill neighborhood and is situated immediately to the east of Woodhill Station West. Woodhill Station East is the third phase in the redevelopment of the former Woodhill Homes. A commercial space will host up to three tenants. Residents have access to amenities including a community room, lounges, a fitness center, landscaped greenspace and an outdoor patio. All units are pre-wired for high-speed internet service, including low-cost access provided by Digital-C. TCB will oversee a wide range of resource and programming partners and activities, including a team of TCB Community Life case managers, which will provide onsite supportive service programming. They will connect residents to opportunities in six areas: workforce development, asset building, community engagement, youth development, education and health and wellness. Financial partners included Lument, Ohio Capital Corp. for Housing, Ohio Housing Finance Agency, Citizen’s Bank, HUD Choice Neighborhoods program, TCB, Cuyahoga Metropolitan Housing Authority (CMHA) and the City of Cleveland via ARPA HOME funds. In 2021, HUD awarded a $35 million Choice Neighborhoods Implementation …

May 19, 2026

Acquisitions Affordable Housing Development Multifamily New York Northeast

Partnership Agrees to Buy Church Land in Manhattan’s Upper West Side, Develop Mixed-Income Project

by Taylor Williams May 13, 2026

NEW YORK CITY — A partnership between Rockefeller Group and Atlas Capital Group has entered into an agreement with the Roman Catholic Church of Holy Name of Jesus and Saint Gregory the Great to buy church-owned land on Manhattan’s Upper West Side, with plans to develop a mixed-income housing project. The agreement, valued at $96 million, involves land at 200 W. 97th St., and the project will involve underutilized portions of the church campus — such as the former school, convent and recreation buildings — while the active church continues its ministry. The number of units was not disclosed, but 25 percent of residences will be subject to income restrictions, and the new building will also have retail space. The deal is expected to close in the coming weeks.

May 13, 2026

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Arranges $79.8M Sale of Brooklyn Affordable Housing Portfolio

by Taylor Williams May 13, 2026

NEW YORK CITY — Ariel Property Advisors has arranged the $79.8 million sale of a portfolio of eight affordable housing buildings totaling 347 units in Brooklyn’s Prospect Park neighborhood. Known as the Prospect Park South Portfolio, the properties collectively offer 33 studios, 154 one-bedroom units, 121 two-bedroom apartments, 56 three-bedroom residences, 14 four-bedroom units and nine five-bedroom units. Victor Sozio, Shimon Shkury, Sean Kelly, Remi Mandell, Lawrence Sarn, Nicole Daniggelis and Erik Moloney of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

May 13, 2026

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