Tuesday, December 24, 2024
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Affordable Housing

The Pryde, Boston
Affordable HousingDevelopmentFrom The Magazine

Affordable Developers Get Creative

by Jeff Shaw

By Jeff Shaw Every affordable housing project relies on an intricate combination of funding, partnerships and know-how to reach the finish line. Fortunately, developers have a lot of different levers they can pull to make a project work financially. Each development typically involves a mash-up of federal tax credits, support from various municipalities (state, county and/or city) and private funding. It requires immense creativity on the part of developers.  But many developers are still finding success, as evidenced by the bevy of new projects coming to market across the country. …

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Affordable HousingCaliforniaDevelopmentNews

Hunt Provides LIHTC Financing for Rehabilitation, Expansion of Valley Pride Village in San Fernando Valley

by Jeff Shaw

SYLMAR, Calif. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corporation (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, northwest of Los Angeles. The development project will preserve its 88 existing homes and introduce 92 new housing options. Valley Pride Village’s rehabilitation and expansion will help alleviate the urgent need for …

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Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts Construction of $51M Historic Redevelopment in Worcester, Massachusetts

by Jeff Shaw

WORCESTER, Mass. — WinnCompanies has started construction of Residences on Lincoln Square, a $51 million project to transform the historic Worcester Boys Club property into 80 affordable apartment homes for adults 55 and older. The historic structure hosted one of the first Boys Clubs in the nation in 1930 and later served as Worcester Vocational High School for decades before becoming vacant in 2006. The WinnDevelopment effort will employ adaptive reuse techniques to preserve and renovate the 94-year-old building as 16 apartment homes and a variety of community spaces, while …

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Affordable HousingCaliforniaDevelopmentNews

Bridge Housing, R.D. Olson Construction Complete 70-Unit Affordable Complex in Pasadena, California

by Jeff Shaw

PASADENA, CALIF. — Bridge Housing, with R.D. Olson Construction as general contractor, has opened Heritage Square South, an affordable seniors housing community in Pasadena, a northeastern suburb of Los Angeles. Heritage Square South features 70 one- and two-bedroom units, 24-hour security, 3,817 square feet of outdoor lounging areas, two flex rooms and a community room. The property also features solar power operations, producing 196,400 kWh of electricity annually.

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 55-Unit Good Shepherd Affordable Community in Philadelphia 

by Jeff Shaw

PHILADELPHIA — Pennrose, Wynnefield Overbrook Revitalization Corporation (WORC) and other project partners have broken ground on Good Shepherd, a 55-unit, affordable seniors housing community at the site of the former Good Shepherd Presbyterian Church in the Overbrook neighborhood of Philadelphia.  The project is slated to be completed in Fall 2025.  The four story, 53,000 square foot affordable housing community will offer one-bedroom apartments for seniors earning between 20 percent and 60 percent of the area Mmdian income (AMI), about $430 to $1,290 for a one-person household. The sustainable building will …

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AcquisitionsAffordable HousingCaliforniaNews

CPP Acquires 139-Unit Green Hotel Apartments Affordable Community in Pasadena, California

by Jeff Shaw

PASADENA, Calif. — Community Preservation Partners (CPP) has acquired Green Hotel Apartments, an affordable seniors housing complex in downtown Pasadena, a suburb of Los Angeles. This is the 15th community in the greater Los Angeles area for CPP and the 41st in the state. Built in the 1890s, Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. The 139-unit property is a seven-story mix of studio and one-bedroom units serving seniors earning between 30 and 60 percent of the area median income …

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Affordable HousingDevelopmentFinanceIllinoisNews

HUD Provides $28M for Redevelopment of Ravine Terrace Affordable Community in Waukegan, Illinois

by Jeff Shaw

WAUKEGAN, Ill. — The U.S. Department of Housing and Urban Development has completed a $28 million Rental Assistance Demonstration (RAD) transaction with the Waukegan Housing Authority (WHA) to expand affordable housing options for low-income seniors in Waukegan, a suburb north of Chicago. Constructed in 1964, Ravine Terrace is a 98-unit, eight-story building that is in extensive need of repair and improvements due to its advanced age. The transaction funds the rehabilitation and reconfiguration of 56 studio apartments into 28 larger, one-bedroom homes; and the renovation of 42 one-bedroom homes.  Additionally, …

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Affordable HousingDevelopmentFloridaNews

SG Holdings Opens 578-Unit Affordable Community at Sawyer’s Walk in Miami

by Jeff Shaw

MIAMI — SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the US within the last decade, according to the developer.  The mixed-use development is underway in the Overtown neighborhood of Miami. Upon full build-out it will total 1.5 million square feet, including the 578 residential units completed that will be home to low-income seniors, 175,000 square feet for credit retailers, a 25,000-square-foot public plaza, and 130,000 square …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties, Riverside Charitable Corp. Start Construction of 166-Unit The Orion Affordable Project in Orange, California

by Jeff Shaw

ORANGE, Calif. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community.The City …

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AcquisitionsAffordable HousingMinnesotaNews

Standard Communities Acquires Rivertown Commons Affordable Community in Stillwater, Minnesota for $27.8M

by Jeff Shaw

STILLWATER, Minn. — Standard Communities has made its first investment in Minnesota, acquiring Rivertown Commons, a 96-unit affordable seniors housing community in Stillwater.  The transaction is capitalized at $27.8 million.  Stillwater is located along the St. Croix River separating Minnesota from Wisconsin, just east of the Twin Cities area. Standard completed the acquisition in partnership with the Washington County Community Development Agency and the Minnesota Housing Finance Agency (MHFA). Huntington Bank provided the tax credit equity. Standard will preserve and extend the affordability of Rivertown Commons, with resident income restricted to …

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