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Affordable Housing

Affordable HousingDevelopmentKentuckyNews

Woda Cooper, Housing Services Alliance Open 57-Unit Haven Crossing Affordable Community in Walton, Kentucky

by Jeff Shaw

WALTON, Ky. — Developer Woda Cooper Cos. Inc. and co-developer Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati. Haven Crossing is a three-story building with an elevator that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI). Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank. Primary financing for …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $17.8M in Bond Financing for Leland House Affordable Community in Waltham, Massachusetts

by Jeff Shaw

WALTHAM, Mass. — MassDevelopment has issued $17.8 million in tax-exempt bond financing on behalf of 2Life Leland LLC, an affiliate of 2Life Communities. The borrower will use bond proceeds to demolish a vacant former rest home at 21 Newton St. in downtown Waltham and build a three-story, 68-unit affordable rental housing facility for seniors in its place.  Built in 1891, the existing building operated as The Leland Home before its closing in 2020. The new building, which will be known as Leland House, will include 66 one-bedroom apartments and two …

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Affordable HousingFinanceIndianaNews

Merchants Capital Provides $17.4M in Financing for Affordable Community in Fort Wayne, Indiana

by Jeff Shaw

FORT WAYNE, Ind. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne.  Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income.  The units are designed to support senior and …

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Affordable HousingDevelopmentIllinoisNews

NHP Foundation Completes Renovation of 57-Unit Affordable Property in Chicago

by Jeff Shaw

CHICAGO — The NHP Foundation (NHPF) has completed a major renovation of the Edwin C. Berry Manor Apartments in Chicago. The Section 8 seniors housing property is located at 737 E. 69th St. The rehabilitation project was made possible by a financial partnership between HUD, Merchants Capital, Illinois Housing Development Authority, National Affordable Housing Trust and UnitedHealth Group.  The 57-unit community, built in 1991, marks the fourth property that NHPF has acquired or built in Chicago in the last five years and the first specifically for seniors. The units are …

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AcquisitionsAffordable HousingCCRCNewsOhio

Blueprint Arranges Sale of Mixed-Income Vineyard on Catawba Campus in Ohio

by Jeff Shaw

CATAWBA ISLAND, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Vineyard on Catawba in the lakeside town of Catawba Island. The campus features independent living units, assisted living apartments, developable land and affordable senior apartments. The seller was one of the country’s largest nonprofits. The buyer was United Church Homes, another large nonprofit seniors housing provider. The price was not disclosed. United Church Homes has rebranded the campus as The Parkvue Community on Catawba Island. Connor Doherty and Ryan Kelly led the Blueprint team.

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Affordable HousingDevelopmentIllinoisNews

Lincoln Avenue Communities Breaks Ground on Willis Senior Lofts Affordable Development in Rochelle, Illinois

by Jeff Shaw

ROCHELLE, Ill. — Lincoln Avenue Communities (LAC) has broken ground on Willis Senior Lofts, an affordable housing development for lower-income seniors. The property will be constructed in Rochelle, a small city of fewer than 10,000 residents approximately 75 miles west of Chicago. The 60-unit property represents LAC’s second new construction deal in Illinois. Willis Senior Lofts will serve residents age 55 and older, with 45 units restricted to households earning less than 60 percent of the area median income (AMI) and 15 units restricted to 30 percent AMI. LAC plans …

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Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts $55.3M Adaptive Reuse of Historic Mill Complex in Western Massachusetts

by Jeff Shaw

HOLYOKE, Mass. — WinnDevelopment has broken ground on a $55.3 million adaptive reuse transformation of a long-vacant, historic mill complex that will be transformed into 88 affordable apartment homes for seniors age 55 and older. The project is located in Holyoke, a suburb of Springfield. The redevelopment at the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building …

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Affordable HousingCaliforniaDevelopmentNews

Community HousingWorks Opens Portola Senior Apartments in Lake Forest, California

by Jeff Shaw

LAKE FOREST, Calif. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest.  CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The building features 58 one-bedroom apartments (including one designated for an on-site property manager) for singles or couples age 62 years and older who earn 50 percent of the area median income (AMI) or less, which is approximately $50,000 per year. Over 750 people applied to live in Portola within three …

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Affordable HousingArizonaDevelopmentNews

Pennrose Breaks Ground on $28M Affordable Seniors Housing Project in Phoenix

by Jeff Shaw

PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community …

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Affordable HousingAlabamaDevelopmentFinanceGeorgiaNewsTexas

BWE Arranges $15.3M in Financing for Affordable Communities in the South

by Jeff Shaw

AUSTIN, Texas; DOUGLASVILLE, Ga.; and MOBILE, Ala. — BWE has arranged $15.3 million in permanent loans to finance three affordable housing communities in Austin, Douglasville and Mobile. Jon Killough and Tony Love originated the loans using HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to …

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