Affordable Housing

Waterford Property Co. Breaks Ground on Affordable Housing Project in Milpitas, California

by Amy Works August 31, 2026

MILPITAS, CALIF. — Newport Beach, Calif.-based Waterford Property Co. has started construction of a 75-unit affordable multifamily property located at 1397 California Circle in Milpitas, located in California’s Santa Clara County. As part of a larger residential master-planned community, the 75-unit property will offer apartments to families earning between 30 percent to 70 percent of the area median income. Slated for completion in early 2028, the project is being financed with 4 percent Low-Income Housing Tax Credits and private activity bonds. Designed by KTGY Architecture and built in partnership with C&C Development, the community will feature four floors of residential space above a parking garage. Community amenities will include two podium-level courtyards, a tot lot, barbecue and outdoor gaming area, lounge, community room, teen homework room, fully equipped community kitchen and dining area, entertainment space with TV and foosball table, a yoga/fitness studio, bike storage and electric vehicle charging stations. Through a partnership with the nonprofit organization Pacific Housing Inc., residents will have access to no-cost, onsite social services programming, including after-school youth tutoring, teen leadership and social skill development and adult financial literacy and wellness classes, as well as dedicated service coordination for individual families. Construction financing was provided by …

August 31, 2026

Affordable Housing California Loans Multifamily Seniors Housing Western

Merchants Capital Provides $193M in Financing for Two Affordable Housing Projects in Rocklin, California

by Amy Works August 26, 2026

ROCKLIN, CALIF. — Merchants Capital has provided roughly $193 million in financing for The Frances and The Steven, a pair of affordable housing developments in Rocklin, about 20 miles north of Sacramento. Developed by USA Properties Fund, the communities will provide 504 new affordable apartments for seniors and families across a range of income levels. Financing for The Frances includes a $72.1 million private placement bond loan through AllianceBernstein and $76.1 million in construction period debt to bridge incoming tax credit equity and permanent bond financing provided by Merchants Bank. Financing for The Steven includes a $30.6 million private placement tax-exempt bond loan through AllianceBernstein and $15 million in construction period debt provided by Merchants Bank. The Frances will feature 324 one-, two- and three-bedroom apartments designated to residents earning 30 to 70 percent of the area median income (AMI) with fully equipped kitchens, central air conditioning and walk-in closets. Community amenities will include a pool, playground, fitness center, courtyard/picnic area, community room, dog park, computer room, service coordinator and an onsite manager. The Steven will add 180 one- and two-bedroom apartments for seniors aged 55 and up that earn between 30 and 70 percent of AMI. Nonprofit organization LifeSTEPS will …

August 26, 2026

Affordable Housing Development Multifamily Texas

April Housing Underway on $24M Renovation of Metro Houston Affordable Housing Property

by Taylor Williams August 25, 2026

STAFFORD, TEXAS — April Housing, Blackstone Real Estate’s affordable housing division, is underway on the $24 million renovation of Park at Fort Bend, a 250-unit affordable housing property in Stafford, a southwestern suburb of Houston. Built in 2001, the garden-style property offers two- and three-bedroom units across 20 buildings that are reserved for households earning 60 percent or less of the area median income. Renovations include new countertops, appliances, fixtures and flooring within unit interiors, as well as upgrades to amenity spaces such as the clubhouse, pool area, fitness center and resident clubhouse. Ownership is also making various accessibility, security and sustainability upgrades throughout the property. Renovations are expected to take about 18 months to complete.

August 25, 2026

Affordable Housing Connecticut Development Multifamily Northeast Seniors Housing

TCB Breaks Ground on 45-Unit Affordable Seniors Housing Project in Enfield, Connecticut

by Taylor Williams August 25, 2026

ENFIELD, CONN. — The Community Builders (TCB) has broken ground on Angela Gardens, a 45-unit affordable seniors housing project in Enfield, located north of Hartford. Angela Gardens is a redevelopment of a historic building. The project will add four studio apartments and 41 one-bedroom units, all of which will be reserved for renters age 62 and above, to the local supply via adaptive reuse of the existing building and ground-up construction of a three-story addition. A tentative completion date was not announced.

August 25, 2026

Affordable Housing Development Georgia Southeast

Capstone Completes Construction of 201-Unit Affordable Housing Development in Atlanta

by Abby Cox August 17, 2026

ATLANTA — Capstone Building Corp. has completed the construction of Herndon Square Phase II, a $57 million affordable housing development located in Atlanta’s Westside neighborhood. The second phase of Herndon Square, which serves as a key component of the larger Legacy at Herndon Square redevelopment, rises six stories and spans 335,348 square feet. The building features 201 apartments in one-, two- and three-bedroom floorplans. Amenities include a resident lounge, fitness center, interior courtyard, playground, wellness clinic, enclosed parking deck, dog wash station and outdoor grilling and picnic areas. Along with Birmingham, Ala.-based general contractor Capstone Building Corp., the project team comprises Atlanta Housing, Hunt and Pennrose (developers), as well as Thriven Design (architect).

August 17, 2026

Affordable Housing Development Multifamily New York Northeast

Partnership Nears Completion of $158M Workforce Housing Project in Mount Vernon, New York

by Taylor Williams August 14, 2026

MOUNT VERNON, N.Y. — A partnership between Simone Development Cos. and Stagg Group is nearing completion of Qwest Towers, a $158 million workforce housing project in Mount Vernon, located north of New York City. Qwest Towers will consist of two buildings that will rise 15 and 12 stories and will house a combined 228 residences. The unit mix will comprise 58 studios, 91 one-bedroom units, 78 two-bedroom apartments and one three-bedroom unit, as well as a separate residence for the building superintendent. Information on income restrictions was not disclosed. The first building is scheduled to be complete before the end of the year, with the second to follow a few months later.

August 14, 2026

Affordable Housing Development Multifamily New Jersey Northeast

TCB Completes 53-Unit Affordable Housing Building in New Brunswick, New Jersey

by Taylor Williams August 14, 2026

NEW BRUNSWICK, N.J. — The Community Builders (TCB) has completed Stirlingside Residences, a 53-unit affordable housing building in New Brunswick, located in Central New Jersey. Specific income restrictions were not announced, but the building includes six units for families and individuals who have previously experienced homelessness. A ribbon-cutting ceremony took place in late May.

August 14, 2026

Affordable Housing Development Loans Multifamily New York Northeast

Affinius Capital Provides $40.7M Construction Loan for Upper Manhattan Multifamily Project

by Taylor Williams August 11, 2026

NEW YORK CITY — Affinius Capital has provided a $40.7 million construction loan for an 84-unit multifamily project in Upper Manhattan. The borrower is Haussmann Development. The site is located within a Qualified Opportunity Zone at 16–20 Convent Ave., adjacent to Columbia University’s campus, and the mixed-income project will be developed pursuant to New York City’s 485-x tax abatement program. Information on floor plans, income restrictions and amenities was not disclosed. NDKazalas Architecture PC is designing the project, which is slated for an early 2028 completion.

August 11, 2026

Affordable Housing California Development Multifamily Western

USA Properties Fund, Irvine Co. Break Ground on 338-Unit Affordable Housing Community in Tustin, California

by Amy Works August 10, 2026

TUSTIN, CALIF. — USA Properties Fund, in partnership with Irvine Co., has broken ground on Terracina at Tustin Legacy, a 338-unit affordable housing community located southeast of Anaheim in Tustin. The community sits within a 1,600-acre master-planned development that is a redevelopment of a former Marine Corps Air Station. Terracina at Tustin Legacy will feature two four-level buildings at 2265 Airship Ave. and 16055 Compass Ave., each featuring one-, two- and three-bedroom apartments, as well as a clubhouse, pool and parking garage. Completion is slated for the second quarter of 2029.

August 10, 2026

Acquisitions Affordable Housing Development Multifamily New York Northeast

Tredway Buys Brooklyn Affordable Housing Property for $41.5M, Plans Renovations

by Taylor Williams August 7, 2026

NEW YORRK CITY — Local owner-operator Tredway has purchased Restore Housing, a 138-unit affordable housing property in Brooklyn’s Bedford-Stuyvesant neighborhood, for $41.5 million with plans to implement renovations. Units at the property are reserved for households earning 60 percent or less of the area median income. Capital improvements, which will serve to preserve the property’s affordability status, will cover units’ kitchens, bathrooms, appliances and flooring, as well as the building’s common spaces. Merchants Capital provided financing for both the purchase and renovations.

August 7, 2026

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