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Affordable Housing

Affordable HousingFloridaNewsPeople

LeadingAge Florida Appoints Rhanda McKown as Director of Affordable Housing

by Jeff Shaw

TALLAHASSEE, Fla. — LeadingAge Florida has appointed Rhanda McKown as its director of affordable housing. McKown joins LeadingAge Florida from the North Tampa Housing Development Corp., where she served as a local contract specialist. She has nearly 20 years of experience in various aspects of the housing industry and spent the last 15 years conducting management and occupancy reviews (MOR) under the Performance Based Contract Administration (PBCA) contract in Florida. “Through her previous work with our association and her work at the North Tampa Housing Development Corp., she knows many …

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Affordable HousingDevelopmentNewsNorth Carolina

Greystone, Weaver-Kirkland Break Ground on 70-Unit Affordable Housing Community in Hudson, North Carolina

by Jeff Shaw

HUDSON, N.C. — Greystone Affordable Development and Weaver-Kirkland Development have broken ground on Kirkwood Grove Apartments, a 70-unit affordable seniors housing community in Hudson, approximately 65 miles northwest of Charlotte. Kirkwood Grove is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years. Kirkwood Grove will be Greystone’s first new-construction affordable housing development where it will serve as a long-term owner. The second property for the partnership will be The Havens at Oxford in Oxford, N.C., which …

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Affordable HousingDevelopmentFloridaNews

Public-Private Partnership Completes $23M Affordable Housing Community in Orlando

by Jeff Shaw

ORLANDO — A partnership between Orange County, American Residential Communities and New South Residential has completed Phase I of Madison Landing, an affordable seniors housing community in Orlando. The seven-story building features 110 units in 105,011 square feet on 5.4 acres. Development costs were estimated at $23 million. Winter Park Construction (WPC) is the general contractor for the project, Evans Engineering is the civil engineer, and Blue Skies Studios and DM Architect provided architectural services. Construction began in September 2020. Phase I units are reserved largely (90 percent) for households …

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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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