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Affordable Housing

Jefferson-Quail-Creek-Denton
Affordable HousingDevelopmentMultifamilyTexas

JPI Breaks Ground on $103M Workforce Housing Community in Denton

by Taylor Williams

DENTON, TEXAS — JPI has broken ground on Jefferson Quail Creek, a $103 million workforce housing project that will be located in the North Texas city of Denton. Jefferson Quail Creek will offer 415 units in one-, two- and three-bedroom floor plans. Rent restrictions were not disclosed. Amenities will include a pool, courtyard with grilling stations, beer garden with an outdoor kitchen, clubroom with a café, a resident lounge with TVs and gaming stations, an indoor-outdoor fitness center and yoga studio and an enclosed dog park. The first units are expected to be available for occupancy in the mid-2027.

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SDCCD-Michaels-Org-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentMultifamilyStudent HousingWestern

San Diego Community College District, Michaels Break Ground on 787-Bed Affordable Student Housing Community 

by Amy Works

SAN DIEGO — A partnership between the San Diego Community College District (SDCCD) and The Michaels Organization has broken ground on a 787-bed student housing development at 1601 B St. in downtown San Diego. The seven-story community, designed by TCA Architects, will offer 283 affordably priced units. Shared amenities are set to include study lounges, tutoring spaces, a mental health and wellness center, outdoor courtyards, shared kitchens, a basic needs food pantry and a rooftop lounge. The community will be the first development by the SDCCD and is scheduled for completion in fall 2028.

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamily

Colliers Negotiates $11.2M Sale of Affordable Housing Community in Metro Twin Cities

by Kristin Harlow

ALBERTVILLE, MINN. — Colliers has negotiated the $11.2 million sale of Albertville Meadows, a 75-unit affordable housing community in the Twin Cities suburb of Albertville. Built in 1993, the property is located along I-94. The asset benefits from Minnesota’s new 4d(1) property tax classification, effective 2025, which implemented a major tax reduction for affordable housing properties. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Dominium. The buyer was undisclosed.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

HTG, AM Affordable Housing Open 81-Unit Seniors Housing Community in Crystal River, Florida

by John Nelson

CRYSTAL RIVER, FLA. — Affordable housing developers Housing Trust Group (HTG) and AM Affordable Housing have partnered to deliver The Fountains at Hidden Lake, an 81-unit affordable seniors housing community located at 10456 W. Ashburn Lane in Crystal River. The $24.5 million community was fully occupied at the grand opening to households age 62 and older who earn at or below 30, 40 and 60 percent of the area median income (AMI). Situated on 7 acres in west Florida, The Fountains at Hidden Lake includes 61 one-bedroom and 20 two-bedroom apartments ranging in size from 645 to 952 square feet. Amenities include a resort-style swimming pool, horseshoe court, fitness center, dog park and a multipurpose community room. Programming for the senior residents will include regular wellness check-ins, light housekeeping, grocery and laundry assistance and a calendar of community events and activities. Public and private funding sources for the project included $20.4 million in 9 percent Low-Income Housing Tax Credits (LIHTC) allocated by the Florida Housing Finance Corp. and syndicated by City Real Estate Advisors; an $18.5 million construction loan and $4.15 million permanent loan from KeyBank Real Estate Capital; and a $340,000 loan from the City of Crystal River. The …

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvania

Tryko Partners to Develop 48-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams

PITTSBURGH — New Jersey-based Tryko Partners will develop a 48-unit affordable housing project in Pittsburgh’s West End neighborhood. Hill Top Villas will be an age-restricted complex in which the majority (40) of the one-bedroom units will be reserved for households earning 60 percent or less of the area median income. Amenities will include a fitness center and a community room. Tryko Partners has received 9 percent Low-Income Housing Tax Credits to finance the project, and construction could begin as early as 2027.

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Jolly-Pull-Quote
Affordable HousingMarket ReportsMultifamilyTexasTexas Market Reports

How New Texas Laws Aim to Tackle Housing Shortage, Affordability Crisis Through Public-Private Partnerships

by Taylor Williams

By Jamee Jolly, president and CEO, The Real Estate Council With record population growth and a $2.7 trillion economy, Texas faces mounting pressure to expand its housing supply and affordability. New legislation from the 89th legislative session gives developers, cities and investors new tools to build sustainable communities through stronger collaboration between the public and private sectors. From established patterns of corporate relocations, job creation and direct foreign investment to fostering emerging industries like renewable energy, semiconductor manufacturing, aerospace and financial services, Texas has a long history of economic strength, industry diversification and innovation. That track record makes it one of the nation’s premier destinations for both businesses and residents. Last year, according to U.S. Census Bureau data, Texas led the nation in population growth for the 14th consecutive year, adding more than 560,000 people to reach over 31 million statewide. In North Texas, the population in Dallas-Fort Worth (DFW) alone is expected to grow from 8 million to 12 million residents by 2050. While this growth fuels one of the world’s largest economies, it has also created a shortage of more than 320,000 homes and a rising challenge of housing affordability statewide, particularly at the entry-level price point, where …

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Woda Cooper, Keweenaw Bay Indian Community Open 50-Unit Affordable Housing Project in Michigan

by Kristin Harlow

MARQUETTE, MICH. — Woda Cooper Cos. Inc. and the Keweenaw Bay Indian Community (KBIC) have opened Black Rock Crossing, a 50-unit affordable housing project in Marquette. The property features 26 one-bedroom units and 24 two-bedroom apartments for residents who earn between 30 to 80 percent of the area median income. Nine of the units are set aside for members of KBIC, and five units are adapted for people with mobility disabilities or sight/hearing challenges. Monthly rents range from $302 to $1,175, depending on income limits and size of unit. Amenities include a second-floor outdoor terrace, multipurpose room, fitness center, common laundry and outdoor playground area. The building is certified as LEED Zero Energy, which will result in lower energy costs for residents. The Michigan State Housing Development Authority allocated housing tax credits, which were purchased by KeyBank Community Development Lending and Investment to provide equity financing. KeyBank also provided a construction loan. Cedar Rapids Bank & Trust provided the permanent mortgage. The City of Marquette approved a Payment in Lieu of Taxes, and the Marquette Housing Commission provided eight project-based vouchers for rental assistance. PCI Design Group Inc. was the architect, and Woda Construction Inc. served as general contractor. Woda …

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Sharon-Crossing
AcquisitionsAffordable HousingNorth CarolinaSoutheast

LEO Impact Capital Acquires Sharon Crossing Affordable Housing Complex in Charlotte for $20.7M

by Abby Cox

CHARLOTTE, N.C. — LEO Impact Capital, JBG SMITH’s workforce housing investment management platform, has acquired Sharon Crossing, a 144-unit, garden-style apartment complex located in Charlotte. The $20.7 million acquisition, which marks LEO’s first transaction outside the Washington, D.C., region and the first investment from its newly launched LEO Impact Housing Fund, will preserve long-term affordability for Sharon Crossing’s middle-income residents. Additionally, LEO Impact Capital is partnering with the Lotus Campaign, a North Carolina-based nonprofit organization that works to provide long-term housing for formerly homeless individuals, to reserve roughly 30 units for Lotus clients through its landlord participation program. Sharon Crossing offers one- and two-bedroom apartments across 20 residential buildings. Community amenities include a resort-style swimming pool and sundeck, sports courts and a dog park. Residents also benefit from utility savings through green initiatives that emphasize energy efficiency and sustainability, according to company representatives. Ginkgo Residential will continue to provide onsite property management service on behalf of ownership.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $21.4M in Bond Financing for Worcester Affordable Housing Complex

by Taylor Williams

WORCESTER, MASS. — MassDevelopment has provided $21.4 million in tax-exempt bond financing for a 73-unit, 16-building affordable housing complex in Worcester. The owner, Worcester Common Ground, will use proceeds to renovate the complex, which houses units that are reserved for renters earning between 30 and 60 percent of the area median income, and preserve its affordability status. Improvements will include the replacement and upgrading of electrical, mechanical and plumbing systems, as well as the renovation of kitchens and bathrooms. Roofs will also be replaced, and four fully accessible units will also be created. Construction is underway and is expected to be complete in spring 2027.

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Affordable HousingLoansMultifamilyNew YorkNortheast

Greystone Provides $114.5M Acquisition Loan for Queens Affordable Housing Portfolio

by Taylor Williams

NEW YORK CITY — Greystone has provided a $114.5 million bridge loan for the acquisition of a portfolio of nine affordable housing buildings totaling 753 units in Queens. Known as The State Preservation Portfolio, the elevator-served properties feature a mix of studio, one- and two-bedroom units, as well as covered parking. Information on specific income restrictions was not disclosed. The borrower is a partnership between national affordable housing owner-operator Iris Holdings Group and the New York City Department of Housing Preservation and Development. The partnership will use a portion of the proceeds to fund capital improvements and preserve the buildings’ affordability status.

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