Affordable Housing

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Affordable HousingDevelopmentFinanceFloridaIndustry VoicesSoutheast

Opportunity Zones 2.0 Could Be a Better Fit for Housing — If We Use It Well

by Lynn Peisner

By Alfonso Costa Jr. As the federal Opportunity Zone (OZ) program evolves into a permanent “OZ 2.0” framework, with new OZ census tracts taking effect Jan. 1, 2027, states like Florida are moving quickly to shape where capital flows by launching online portals. For developers, investors, business owners and local officials, understanding how these rules are changing and how to engage in state-level nomination processes will be critical to harnessing tax-advantaged equity while deploying it into projects that deliver long-term community benefit. Opportunity Zones 2.0 Brings More Flexibility and a …

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Warner-Swasey-Cleveland
Affordable HousingDevelopmentMidwestNewsOhio

Pennrose Breaks Ground on $64M Adaptive Reuse Project in Cleveland

by Lynn Peisner

CLEVELAND — Pennrose and nonprofit partner MidTown Cleveland have broken ground on the $64 million redevelopment of the former Warner & Swasey factory in Cleveland. In October 2025, Pennrose acquired the building at 5701 Carnegie Ave. from the City of Cleveland. The development team, working on this project since 2017, drew on 24 capital sources to bring the plans to fruition, including contributions from the City of Cleveland, Cuyahoga County and the Cleveland Foundation, among other public and private partners. Constructed in the early 1900s, the 194,000 square-foot, five story …

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Affordable HousingInvestment SalesMarylandNewsNortheast

Donaldson Impact Investors Buys Yorkshire Apartments in Maryland for $79.4M, Converts to Affordable Housing

by Lynn Peisner

SILVER SPRING, MD. — Donaldson Impact Investors, in partnership with New York Life Investment Management and nonprofit developer Housing Initiative Partnership, has acquired Yorkshire Apartments in Silver Spring for $79.4 million. The buyers used a tax-abatement program to transition the community to affordable from market-rate. Half the apartments at the 326-unit community are reserved for tenants earning up to 60 percent of area median income with the remainder of units remaining priced at market rates. The transaction was made possible through Montgomery County’s Payment in Lieu of Taxes (PILOT) program, …

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Affordable HousingDevelopmentFinanceMidwestOhio

Lument Secures $28M HUD Loan for Ohio Affordable Housing Redevelopment

by Lynn Peisner

LORAIN, OHIO — Lument has secured a $28 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) loan to assist TFG Housing Resources and Raise Up with the rehabilitation of Western Horizon. Upon completion of the redevelopment, all 353 units of the affordable housing community in Lorain will be offered at rents capped at 60 percent of area median income. Lument’s Joey Hague led the transaction. TFG Housing Resources is a Columbus, Ohio-based real estate developer focused on the new construction and rehabilitation of affordable housing properties. …

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Affordable HousingNevadaNewsOperationsWestern

Stout Management Selected as Property Manager for Las Vegas Affordable Housing Development

by Lynn Peisner

NORTH LAS VEGAS, NEV. — Illinois-based Brinshore Development has selected locally based Stout Management Co. as property manager for Vegas View Flats, an affordable housing community at 620 W. Lake Mead Blvd. in North Las Vegas. The 76-unit property, currently in the lease-up phase, offers studios, one-, two- and three-bedroom apartments reserved for renters earning up to 50, 60 or 80 percent of area median income. Stout will oversee day-to-day operations, leasing, compliance and long-term management of the community.

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Affordable HousingDevelopmentNew YorkNewsNortheast

Mega Development Group, Ametrine Group Begin Construction of $147M Mixed-Income Redevelopment in Poughkeepsie, New York

by Lynn Peisner

POUGHKEEPSIE, N.Y. — Mega Development Group and Ametrine Group have broken ground on Wallace Campus, a $147 million redevelopment of a vacant former department store in Poughkeepsie. Developed in partnership with on-site social services provider Mental Health America of Dutchess County, the project will convert the former Wallace Department Store, constructed in the 1870s, into 69 apartments while creating an additional 118 units across two new buildings. Wallace Campus will be affordable to households earning up to 80 percent of area median income. The unit mix is comprised of studios, …

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Affordable HousingCaliforniaInvestment SalesNewsWestern

HVPG Buys Metro Sacramento Affordable Housing Property for $83.6M

by Lynn Peisner

ELK GROVE, CALIF. — Hudson Valley Property Group (HVPG) has acquired Mosa Apartment Homes, a 387-unit affordable housing community in Elk Grove, 14 miles south of Sacramento, for $83.6 million. Completed in 2025, Mosa is a 14-building, garden-style community offering a mix of unit types serving a broad range of household income levels. The property is structured across three Low-Income Housing Tax Credit (LIHTC) partnerships, each subject to its own regulatory agreement, that cover 100 percent of units, with HVPG acquiring the general partner interests in all three. Approximately 8 …

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Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Haussmann Secures $40.8M Loan, Breaks Ground on Manhattan Mixed-Income Development

by Lynn Peisner

NEW YORK CITY — Haussmann Development has obtained a construction loan for approximately $40.8 million and broken ground on an 84-unit building at 16-20 Convent Ave. in North Manhattan. Affinius Capital provided the construction loan in partnership with Axonic Capital. The building will include ground-floor community space that will serve as the third location of Little Legacy Village, the childcare practice that Haussmann co-founded. Completion of the ground-up Opportunity Zone project is slated for early 2028. The project will include an unspecified number of permanently affordable units. It is being …

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Affordable HousingDevelopmentFloridaNewsSoutheast

Hillpointe Obtains $67M in Financing, Breaks Ground on Tampa Affordable Housing Development

by Lynn Peisner

TAMPA, FLA. — Hillpointe has secured $67 million in construction financing and broken ground on Pointe Grand Interbay at Tampa, a 408-unit community in South Tampa. Built under the state’s Live Local Act, an affordable housing law that gives developers zoning, height and density incentives for projects that include workforce or affordable housing, the residences, all two-bedroom, two-bath floor plans, will be reserved for renters earning no more than 80 to 120 percent of area median income. Hillpointe Construction, the Winter Park, Florida-based firm’s in-house general contractor, is leading the …

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Affordable HousingDevelopmentFinanceIndianaMidwestNews

Merchants Capital Provides $99M for General Electric Adaptive Reuse Project in Fort Wayne, Indiana

by Lynn Peisner

FORT WAYNE, IND. — Merchants Capital has secured a Freddie Mac loan and provided equity totaling approximately $99 million for The Elex, a 296-unit mixed-use, mixed-income community now leasing in Fort Wayne. The Elex is part of Electric Works, the multiphase redevelopment of Fort Wayne’s former General Electric industrial campus. The 296-unit residential phase opened in April. The Elex was developed by Biggs Group in partnership with Ancora, the master developer of Electric Works; Weigand Construction; the project’s construction partner; and MSquared, a development partner focused on mixed-income and affordable …

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