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Affordable Housing

Affordable HousingDevelopmentNewsTexas

Columbia Residential, Renaissance Heights Open Phase II of Columbia Renaissance Square in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Renaissance Heights United, in partnership with Columbia Residential and Purpose Built Communities, has opened the second phase of Columbia Renaissance Square Senior Residences, an affordable seniors housing community in Fort Worth. The $21.8 million expansion is the second of three phases, and included a three-story building with 120 apartments. The apartments average 792 square feet with 96 of the units reserved for low-income seniors. Construction was certified by National Green Building Standard for improved energy efficiency, indoor air quality and lower utility costs. Project partners included …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties Fund Starts Construction of $32M Sage at Folsom in California

by Jeff Shaw

FOLSOM, Calif. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction on the …

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Affordable HousingDevelopmentMarylandNews

Enterprise Acquires Three Affordable Communities in Maryland, Plans Redevelopment Projects at a Total Cost of $60M

by Jeff Shaw

GLEN BURNIE, ELLICOTT CITY and COLUMBIA, Md. — Enterprise Community Development has acquired and planned redevelopment projects at three affordable seniors housing communities: Park View at Furnace Branch in Glen Burnie, Park View at Ellicott City II in Ellicott City and Park View at Snowden River in Columbia. The combined cost to acquire and redevelop the properties is $60 million. Built in the early 2000s, all three communities serve low-income senior households earning up to 60 percent of the area median income. In total, the three properties consist of 292 …

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Affordable HousingFinanceNew YorkNews

Berkadia Provides $22.6M HUD-Insured Loan for Refinancing of Section 8 Housing Property in Brooklyn

by Jeff Shaw

NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.

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Affordable HousingDevelopmentNewsTexas

Merchants Capital Arranges $102M Financing for Historic Affordable Housing Redevelopment in San Antonio

by Jeff Shaw

SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk in the heart of downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property is currently a mixed-use, 14-story high-rise housing the low- and very-low-income senior population. The financing for the project includes a $43 million Merchants Bank of Indiana construction loan and $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also …

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Affordable HousingCaliforniaDevelopmentNews

Meta Housing Completes Arboleda Senior Apartments in La Puente, California

by Jeff Shaw

LA PUENTE, Calif. — Meta Housing Corp., Western Community Housing Inc. and the City of La Puente have opened Arboleda Senior Apartments, an affordable, 74-unit multifamily community for adults age 62 years and older. The property features one- and two-bedroom units with rents ranging from 40 percent to 70 percent below market rate. Meta Housing partnered with Bank of America, California Community Reinvestment Corp., Los Angeles County Development Authority and the California Tax Credit Allocation Committee to finance the project.

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Affordable HousingDevelopmentNew YorkNews

RKTB Architects Opens Phoenix Estates II Affordable Community in the Bronx

by Jeff Shaw

NEW YORK CITY — RKTB Architects has completed Phoenix Estates II, a multifamily residence for families and seniors in the Hunts Point neighborhood of the Bronx. The eight-story, mixed-use complex features 108 studio, one-, two and three-bedroom units, 48 of which are reserved for seniors. Mutual Housing Association of New York (MHANY) and Nos Quedamos developed the 102,000-square-foot residence. All of the units are designated as affordable, and units for seniors are distributed throughout the building rather than grouped together, which the developers hope lead to intergenerational interactions. “The inclusion …

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Affordable HousingDevelopmentGeorgiaNews

Columbia Residential, Decatur Housing Authority Receive Funding for Affordable Project in Georgia

by Jeff Shaw

DECATUR, Ga. — The Decatur Housing Authority (DHA), in partnership with Columbia Residential, was recently awarded a 9 percent Low-Income Housing Tax Credit (LIHTC) allocation from the Georgia Department of Community Affairs. The move will fund development of Columbia Senior Residences at Decatur East Phase II. The mixed-income community for seniors age 62 and older will be located adjacent to the Avondale MARTA station in Decatur, just east of Atlanta. Phase II will deliver 80 units, 70 of which will be affordable to households earning below 60 percent of the …

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Affordable HousingCaliforniaDevelopmentNews

R.D. Olson Breaks Ground on Two Affordable Housing Communities in Los Angeles County

by Jeff Shaw

LONG BEACH and WEST CARSON, CALIF. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units …

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AcquisitionsAffordable HousingNew JerseyNews

Fairstead, LIHC Investment Group Buy 691-Unit Affordable Seniors Housing Portfolio in Newark

by Jeff Shaw

NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.

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