Affordable Housing

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The NRP Group Hires Nicholas O’Brien to Expand Affordable Housing Development in New York

by Lynn Peisner

NEW YORK CITY — The NRP Group has appointed Nicholas O’Brien as vice president of affordable housing development and finance in New York. O’Brien will help expand The NRP Group’s affordable housing pipeline across New York State outside the five boroughs, including Long Island, Westchester County, the Hudson Valley and Upstate New York. He will report to Jonathan Gertman, senior vice president of development, who oversees market-rate and affordable development efforts in New York. In his new role, O’Brien will identify and evaluate new affordable housing development opportunities, support transaction …

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Chris-Fields
Affordable HousingDevelopmentFinanceIndustry Voices

What Missouri’s Expanded Tax Credit Program Means for Rural Affordable Housing Development

by Lynn Peisner

By Chris Fields Historic tax credits have funded multifamily and affordable housing development in older buildings for decades. Missouri’s recent legislative changes have now expanded this funding source. Gov. Mike Kehoe signed House Bill 3080 on July 13, 2026, restoring and expanding the state’s Historic Preservation Tax Credit program under a new name: the Missouri Historic, Rural Revitalization and Development Act. For developers working on adaptive reuse and historic rehabilitation projects, the changes are significant. The credit rate for qualifying rural projects, those located outside St. Louis and Kansas City, …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

Wood Partners Breaks Ground on Alta Thoreau in Concord, Massachusetts

by Lynn Peisner

CONCORD, MASS. — Atlanta-based Wood Partners has broken ground on Alta Thoreau, a 237-unit community in Concord, approximately 20 miles northwest of Boston. Units will be offered as one-, two- or three-bedroom floor plans across two five-story residential buildings. Amenities include Pilates and yoga studios, a golf simulator, tavern-style lounge, coworking spaces, a pool, fire pits, a pet spa and a dog park. Alta Thoreau will be Wood Partners’ first Passive House-designed community in Massachusetts, a designation for buildings that use reduced energy. Features include porous pavement, a more sustainable …

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Affordable HousingCaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $8.6M Sale on Santa Catalina Island

by Lynn Peisner

AVALON, CALIF. — Marcus & Millichap has arranged the sale of Tremont Street Apartments, a 62-unit affordable housing property in Avalon, the only incorporated city on Santa Catalina Island. The asset sold for approximately $8.6 million. The seller was a limited partnership known as Black Rose Catalina, and the buyer was Newport Beach, California-based Tailwind Investment Group. Arteen Zahiri and Tony Azzi, both members of the Azzi Group in Marcus & Millichap’s Los Angeles office, represented the seller and procured the buyer. The apartment community, built in 1983, operates under …

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Affordable HousingDevelopmentFloridaNewsSoutheast

Ability Housing Breaks Ground on $35.7M Orlando Affordable Housing Development

by Lynn Peisner

ORLANDO, FLA. — Ability Housing has broken ground on the 96-unit Village of Pine Hills in the northwest Orlando neighborhood of Pine Hills. The development is located on approximately 9 acres at 5121 North Pine Hills Road. Plans call for three three-story residential buildings comprising a mix of one-, two- and three-bedroom apartments with rent restrictions ranging from 22 to 60 percent of area median income. Amenities will include a community center with a computer lab, a library and flexible spaces for workshops, training and events. Residents also will have …

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Affordable HousingBerkadiaDevelopmentFinanceNewsNortheastWashington, D.C.

Carr Properties Obtains $92M for Office Conversion in D.C.’s Foggy Bottom

by Lynn Peisner

WASHINGTON, D.C. — Locally based Carr Properties is redeveloping a vacant office building at 2121 Virginia Ave. in Washington, D.C.’s Foggy Bottom neighborhood. Berkadia has arranged a $92 million construction loan through PNC Bank. Carr paid $23.5 million for the property in November 2025. The project was awarded a 20-year property tax abatement through D.C.’s Housing in Downtown program, an incentive aimed at encouraging commercial-to-residential conversions. Carr plans 30 affordable units as part of the roughly 300-unit project. Rent restrictions have not officially been disclosed, but they are expected to …

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Affordable HousingFinanceNewsWashingtonWestern

Newmark Arranges $55M Refinancing for Swell Apartments in Seattle

by Lynn Peisner

SEATTLE — Newmark has arranged a $55 million loan on behalf of Mack Real Estate Group, Silverstein Properties and Cantor Fitzgerald to refinance Swell Apartments, a 200-unit community in Seattle. Jordan Roeschlaub, Chris Kramer, Sam Speciale and Lance Tillman arranged the financing with Tokyo-based ORIX, a commercial real estate finance and investment firm. Completed in 2024, Swell Apartments, in Seattle’s Yesler Terrace neighborhood, is comprised of market-rate and affordable units — restricted to tenants earning 60 to 80 percent of area median income — and amenities such as a rooftop …

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Affordable HousingDevelopmentInvestment SalesMassachusettsNewsNortheast

WinnCos. Acquires, Rehabs Western Massachusetts Affordable Housing Property

by Lynn Peisner

CHICOPEE, MASS. — WinnCos. has acquired a 290-unit affordable housing community in Chicopee and begun a $41.5 million rehabilitation of the property. The sales price was not disclosed. Affordability restrictions at Chicopee Village Townhomes were set to expire this year. Financing for the acquisition and rehabilitation closed on Aug. 13, guaranteeing the property will remain affordable housing for 50 years. Upon completion of the renovation — slated for summer 2028 — 30 apartments will be converted to unrestricted units, allowing existing over-income households to remain housed and avoid displacement. The …

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Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing and Partners Complete Jessie Street Terrace in Santa Cruz, California

by Lynn Peisner

SANTA CRUZ, CALIF. — MidPen Housing has completed and opened Jessie Street Terrace, an affordable housing redevelopment in Santa Cruz. Formerly a 14-room hotel, Jessie Street is now comprised of 50 studio and one-bedroom permanent supportive housing units reserved for tenants earning between 20 and 50 percent of area median income. About half the apartments are reserved for veterans, while others are set aside for people who have previously experienced homelessness. MidPen Property Management manages the property. Through partnerships with Palo Alto Veterans Affairs and the County of Santa Cruz …

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Affordable HousingColoradoDevelopmentFinanceNewsWestern

Developers Awarded Tax Credits for Colorado Affordable Housing Project

by Lynn Peisner

CLIFTON, COLO. — Housing Resources of Western Colorado (HRWC) and Evergreen Real Estate Group have been awarded 9 percent Low-Income Housing Tax Credits (LIHTC) for the development of Crawford Commons Apartments in Clifton, about 7 miles east of Grand Junction, Colorado. The 60-unit affordable housing community will provide townhome-style units to renters earning between 30 and 80 percent of area median income. LIHTC investors and syndicators were not announced. Holst Architecture is the architect, and Shaw Construction will serve as general contractor. The community will be built on land donated …

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