REBusinessOnline

Millenia Cos. Receives $27.5M Loan to Redevelop Affordable Seniors Housing Community in New Orleans

NEW ORLEANS — The Millenia Cos. has received a $27.5 million construction loan to redevelop Peace Lake Towers, a 131-unit affordable seniors housing community in New Orleans’ Read Boulevard West neighborhood. Upon completion, the property will offer renovated one-bedroom floor plans and communal amenities such as a community center, arts activity space, library, computer lab and a fitness room. The renovations will also include upgraded heating, cooling and electrical systems; a new roof, …

Affordable Housing, Development, Loans, Louisiana, Multifamily, Southeast

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years.Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy …

Affordable Housing, Development, Multifamily, Southeast, Tennessee, Top Stories, Virginia, Washington, Western

Woda Cooper to Develop 46-Unit Affordable Housing Project in Downtown Minneapolis

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride (PPL) in Living will co-develop Shelby Commons, a 46-unit affordable housing project in the North Loop neighborhood of downtown Minneapolis. The Minnesota Housing Finance Agency awarded $967,549 in housing tax credits for the project, which will be the first for Woda Cooper in the state of Minnesota. The four-story building will include underground parking, laundry facilities, a community room, lobby, playground and community …

Affordable Housing, Development, Midwest, Minnesota, Multifamily

Redevelopment Authority Selects Tryko Partners for Seniors Housing Project in Pittsburgh

PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial …

Affordable Housing, Development, Multifamily, Northeast, Pennsylvania, Seniors Housing

NHP Foundation Purchases 63-Unit Townhome Property in Suburban Maryland to Preserve as Affordable Housing

FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, …

Acquisitions, Affordable Housing, Maryland, Multifamily, Southeast

Steele Properties Buys Affordable Housing Complex in Dallas for $57.7M

DALLAS — Denver-based Steele Properties, in partnership with the Dallas Housing Finance Corp., has purchased Ridgecrest Terrace Apartments, a 250-unit affordable housing community. The sales price was $57.7 million. The property was built in 1969 on 16.2 acres and features one-, two- and three-bedroom units, as well as a playground and communal activity room. The new ownership will invest approximately $77,000 per unit in capital improvements, including new kitchens, appliances, cabinetry, …

Acquisitions, Affordable Housing, Multifamily, Texas

Enterprise Housing Invests $57.5M in Seattle’s First Affordable Housing High-Rise

SEATTLE — Enterprise Housing Credit Investments has invested $57.5 million to create Seattle’s first affordable housing high-rise development located in the First Hill neighborhood. The 17-story building will feature 365 apartments and offer two entrances for tenants at 1400 Madison St. and 1014 Boylston Ave. The investment is the largest single Low-Income Housing Tax Credit equity deal in the company’s history.Plymouth Housing is developing the Bolyston supportive housing …

Affordable Housing, Development, Loans, Multifamily, Washington, Western

Avenue Breaks Ground on 70-Unit Mixed-Income Community in Houston

HOUSTON — Avenue, a locally based nonprofit developer, has broken ground on a 70-unit mixed-income multifamily community in Houston’s Oak Forest neighborhood. The unit mix will consist of 23 one-bedroom apartments, 27 two-bedroom units and 20 three-bedroom residences ranging in size from 706 to 1,201 square feet. While 14 units will be offered at market rates, income-restricted units will be designated for families making between $35,000 and $65,000 annually. In addition to amenities such …

Affordable Housing, Development, Multifamily, Texas

MassHousing Provides $26.4M in Financing for Affordable Housing Property in Westfield, Massachusetts

WESTFIELD, MASS. — MassHousing has provided $26.4 million in financing for Powdermill Village, a 248-unit affordable housing property in Westfield, located in the southwestern part of the state. The property was built in the 1970s and renovated in 2000. Proceeds will be used to refinance existing debt and to rehabilitate the property with new roofing, siding, flooring, doors and community space. The borrower, nonprofit Affordable Housing & Services Collaborative Inc., will also upgrade …

Affordable Housing, Loans, Massachusetts, Multifamily, Northeast

Southeast Enjoys Outsized Multifamily Demand Due to Stellar Job Growth, InterFace Panelists Concur

The pace at which global corporations are expanding in the Sun Belt is extraordinary. To name just a few companies generating headlines, Amazon is making a sizable investment at its HQ2 in Northern Virginia and new office tower at Nashville, a number of life sciences and pharmaceutical firms are opening in Raleigh-Durham, Microsoft recently executed a full-building lease and commitment of 1,500 jobs in Atlanta and Oracle and Tesla are relocating to Austin, Texas.Researchers believe this …

Affordable Housing, Conference Coverage, Features, Multifamily, Southeast, Southeast Feature Archive
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