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CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M

SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI).CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to …

Michaels Organization Breaks Ground on $93.3M Affordable Seniors Housing Project in Downtown Honolulu

HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu.Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units.Construction of the $93.3 million project will be …

HVAF of Indiana, Woda Cooper Break Ground on 61-Unit Affordable Housing Community in Indianapolis

INDIANAPOLIS — Co-developers HVAF of Indiana and Woda Cooper Cos. Inc. have broken ground on Proctor Place, a 61-unit affordable housing community in Indianapolis. The $12.6 million, three-story project is located at 240 N. Warman Ave. on the Central Greens campus just west of downtown. Units will be designated for renters who earn 30 to 80 percent of area median income. Monthly rents will range from $461 to $1,035, depending on the size of unit and income restrictions. Amenities will include …

Hunt Capital, Development Partners Secure $4M LIHTC Financing for Affordable Housing Project in Merritt Island, Florida

MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million.Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent …

Hunt Capital Closes $8.5M Loan for Acquisition, Rehabilitation of Affordable Housing in Palm Desert, California

PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert.The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 …

Woda Cooper Opens $14M Mixed-Income Housing Project in Michigan’s Upper Peninsula

SAULT STE. MARIE, MICH. — Woda Cooper Cos. Inc. has opened Osborn Commons, a $14 million mixed-income housing project located at 215 Governor Osborn Blvd. in downtown Sault Ste. Marie, a city in Michigan’s Upper Peninsula. Of the project’s 65 units, 63 are available for residents who earn 30 to 80 percent of the area median income. Two units are available at market rate and seven units are designated for those with disabilities.Amenities include a fitness center, management office and …

KeyBank Provides $37.5M in Financing for Affordable Seniors Housing Property in Connecticut

NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail …

Tapestry, Columbia Residential Open $19M Affordable Seniors Housing Community in Decatur, Georgia

DECATUR, GA. — Decatur-based Tapestry Development Group and Atlanta-based Columbia Residential have opened Stride Senior Residences, a $19 million mixed-income seniors housing community in Decatur. The property offers income-restricted and market-rate units, with 80 percent of the residences affordable to seniors at 60 percent of area median income. Currently, 88 of the 90 units are leased, including all the affordable units.The property is located at 651 Decatur Village Drive, about 2.2 …

Hunt Arranges $13.1M in LIHTC Equity for Affordable Housing Adaptive Reuse Project in Milwaukee

MILWAUKEE — Hunt Capital Partners has arranged $13.1 million in Low-Income Housing Tax Credit (LIHTC) equity for the rehabilitation and adaptive reuse of an old school in Milwaukee dating back to 1902. Developer Royal Capital Group plans to create 82 multifamily units known as the Phillis Wheatley Apartments. Of the units, 67 will be set aside for households earning up to 60 percent of the area median income. Amenities will include a business center, community room, fitness center, theater …

HUD Selects Detroit for $30M Grant to Help Bring 500 Affordable Housing Units to Corktown Area

DETROIT — The U.S. Department of Housing & Urban Development (HUD) has selected Detroit as a winner of its Choice Neighborhoods grant program, which will enable the city to bring more than 500 new units of affordable housing to the Corktown area. Detroit, which was one of five cities selected nationally, will receive a $30 million HUD grant, the largest amount offered under the Choice program. The grant is supported by $1 billion in leverage commitments from grant partners, including …

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