NEWARK and WASHINGTON TOWNSHIP, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved two additional senior residential development projects for Aspire funds. The two projects, one located in Newark and the other in Washington Township, will include 164 housing units for seniors, all of which will be affordable. To date, the board has now approved a total of $294 million in Aspire funds for residential projects, leading to the creation and preservation of over 1,500 housing units, nearly 70 percent of which will be affordable. With the development …
SONOMA, Calif. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.
BOSTON — 2Life Communities has received more than $7.6 million from the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs. The funding is part of HUD’s recent announcement of $160 million in grants awarded to nonprofit organizations across the country that support the development of new or redeveloped affordable multifamily rental housing and ongoing project-based rental assistance for low- and very-low-income seniors. The Section 202 Supportive Housing for the Elderly grant funding for 2Life will go towards creating 127 new affordable apartments for seniors with …
WAREHAM, Mass. — Pennrose and Wareham Redevelopment Authority (WRA) have begun construction on Littleton Drive, a 93-unit mixed-income development for families. The project is being built on a vacant, 16-acre plot in Wareham, a South Coast city along Buzzards Bay and just west of Cape Cod. It is scheduled for completion in summer 2024. Plans for Littleton Drive include a 49-unit family development with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors age 62 and older. One-, two-, and three-bedroom apartments will be available …
LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors housing. Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980. “Extending the affordability of all 407 apartment units isn’t just a matter of …
It has been more than three years since COVID-19 lockdowns wreaked havoc on skilled nursing, assisted living and memory care facilities. Among other consequences, falling admissions and occupancies required many operators to seek or extend short-term loans to survive until brighter days. The good news is that, to a certain extent, those days have arrived: Rebounding occupancies are inching closer to pre-pandemic levels, higher Medicaid reimbursements are flowing to net operating income, and labor costs are stabilizing, says Michael Gehl, chief investment officer for FHA lending for NewPoint Real Estate …
ST. PETERSBURG, Fla. — The Tampa Bay Rays, a Major League Baseball team since 1998, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has …
CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million. George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc. The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, …
BOSTON — MassHousing, working with Rogerson Communities, has provided $14.5 million in affordable housing financing to Charles H. Farnsworth Senior Housing Corp., owner and developer of the 76-unit Farnsworth House for older adults in Boston. The funds will be used for the refinancing and renovation of the property, as well as the extension of resident affordability for at least 24 years. Located in the city’s Jamaica Plain neighborhood, Farnsworth House is a seven-story brick building built in 1982 under the federal Section 202 Program. Among the improvements planned for the …
ALEXANDRIA, Va. — The Arlington Partnership for Affordable Housing (APAH), along with development partners and Fairfax County officials, has cut the ribbon on Oakwood Meadow Senior Residences. The affordable housing development for independent seniors is located in Alexandria and offers 150 one- and two-bedroom apartments for qualifying adults age 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project demonstrates a public-private partnership between APAH and Fairfax County Redevelopment and Housing …