Affordable Housing

Palladium Old FM 471 in San Antonio
Affordable HousingDevelopmentNewsTexas

Palladium USA Breaks Ground on $79 Million Mixed-Income Development in San Antonio

by Channing Hamilton

SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on Palladium Old FM 471, a $79 million mixed-income project located on an 11-acre site in San Antonio. The community will offer 321 apartments in one-, two- and three-bedroom layouts. Units will be reserved for households earning between 30 and 80 percent of the area median income.  Community amenities will include a pool, fitness center, conference room, business center, dog park and a children’s playroom. Preleasing is scheduled to begin next fall. Palladium USA is developing the project in partnership …

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Ophelia in Pittsburgh
Affordable HousingDevelopmentNewsNortheastPennsylvania

Greystar, ECHO Realty Break Ground on Mixed-Use Development in Pittsburgh

by Channing Hamilton

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on a mixed-use project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit apartment community by Greystar, as well as The Meridian, a 44,000-square-foot retail project spearheaded by ECHO Realty, and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom floor plans. Thirty-five apartments will be subject to income restrictions under the city’s affordable housing program. Planned amenities include a fitness center …

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Francis Greenburger
Affordable HousingIndustry VoicesNew YorkNortheastOperations

A Developer’s Thoughts on Recent Changes to New York Laws Regarding Rent-Stabilized Apartments

by Channing Hamilton

The recent changes to New York laws regarding rent-stabilized apartments, included in the 2024 budget legislation and signed into law by Gov. Kathy Hochul, are a step in the right direction. Unfortunately, the step is so small that the effect will be the same as standing still. Much of the initial commentary on 2024 housing law updates was about the so-called “good cause eviction” provisions, which have little to do with eviction but are instead a rebranding of rent control. In 2019, the legislature made significant changes to the rules …

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Affordable HousingCaliforniaCompany NewsDevelopmentLeasing & MarketingNewsPeople NewsWestern

EAH Housing Appoints Jennifer Wu as Chief Financial Officer

by Channing Hamilton

SAN RAFAEL, CALIF. — EAH Housing, a development and management organization based in San Rafael, has appointed Jennifer Wu to its executive leadership team as chief financial officer. In this position, Wu will drive EAH Housing’s financial sustainability and oversee the company’s efforts to create more affordable housing. Prior to joining EAH Housing, Wu served as vice president and controller for MidPen Housing. Previously, she led corporate finance and international-based accounting teams at Meta (NASDAQ: META) and Digital Realty Trust (NYSE: DLR). She received a degree in economics and business …

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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassDevelopment Provides $7.5 Million Bond Financing for Affordable Housing Conversion Project Near Boston

by Channing Hamilton

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for an affordable housing development located in the northeastern Boston suburb of Lynn. The project will convert the upper portion of a commercial building into a 24-unit community. Units will be reserved for formerly homeless adults between the ages of 18 and 24 who earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal low-income housing tax credits to finance …

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Affordable HousingFinanceInvestment SalesNewsTexas

Lument Provides $42.7 Million Acquisition Loan for Mixed-Income Community in Suburban San Antonio

by Channing Hamilton

BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac agency acquisition loan for Estraya Boerne, a 288-unit mixed-income property in the northwestern San Antonio suburb of Boerne. Built in 2022, the community offers one-, two- and three-bedroom units. Half the units are subject to income restrictions, but details regarding these requirements were not disclosed. Amenities include a pool and a fitness center. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.

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Affordable HousingFinanceIllinoisMidwestNews

FHLBank Chicago Launches $300 Million LIHTC Collateral Pilot Program

by Channing Hamilton

CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. The LIHTC Collateral Pilot Program provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. While all FHLBank Chicago members are …

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Palladium Carver Living in Mesquite, Texas
Affordable HousingDevelopmentNewsTexas

Palladium USA Breaks Ground on $79 Million Palladium Carver Living in Mesquite, Texas

by Channing Hamilton

MESQUITE, TEXAS — Palladium USA has broken ground on Palladium Carver Living, a $79 million project in the Dallas suburb of Mesquite. Located on a 10-acre site at 2200 Bruton Rd., Palladium Carver Living will consist of 288 apartments in one-, two- and three-bedroom layouts. Pre-leasing will begin by the fourth quarter of 2025. A portion of units at the community will be set aside for individuals earning 60 percent of the area median income. Planned amenities include a pool, fitness center, conference center, clubroom, dog park, computer lounge and …

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Affordable HousingDevelopmentNewsTexas

Partnership Begins Construction on 192-Unit Affordable Housing Development in Houston

by Channing Hamilton

HOUSTON — A partnership between the Harris County Housing Authority, Harris County Housing & Community Development, OCI Development and Atlantic Pacific Cos. has broken ground on The Residences at Arbor Oaks, a 192-unit affordable housing project in Houston.  The Residences at Arbor Oaks will be reserved for households earning between 30 and 60 percent of the area median income. The property will feature 84 two-bedroom and 108 three-bedroom units. Planned amenities include a pool, fitness center, business center, outdoor grilling and dining stations and a children’s play area. Residents will …

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Affordable HousingNew YorkNewsNortheastPeople News

M&T Bank Appoints Lopa Kolluri as Head of Affordable Housing Lending

by Channing Hamilton

NEW YORK CITY — M&T Bank has appointed Lopa Kolluri to the role of Head of Affordable Housing Lending. In this new position, Kolluri will be responsible for the development, oversight and management of the Affordable Housing vertical within M&T’s Commercial Bank. Kolluri will also work closely with divisions of M&T’s Community Bank and M&T Realty Capital Corp.’s Affordable Housing Platform. She will be based in New York City. Kolluri previously served as Senior Vice President within M&T’s Commercial Real Estate Innovation Office. Prior to joining M&T, Kolluri served as the …

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