Affordable Housing

900 Morrissey Blvd. in Boston
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

The Community Builders Secures Financing for Affordable Housing Redevelopment in Boston

by Channing Hamilton

BOSTON — The Community Builders has received an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit complex that is designed to support individuals previously experiencing homelessness. Units will be reserved for households earning 30 percent or less of the area median income. The property will include office and community spaces on the ground floor. The development is slated for completion in mid-summer 2025. MassHousing provided the financing. …

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The winning team from the University of Florida
Affordable HousingFeaturesNew YorkNortheast

University of Florida Wins Multifamily Investment Case Competition by NYU | Stern, Berkadia

by Channing Hamilton

NEW YORK CITY — The University of Florida has won the inaugural Multifamily Investment Case Competition, a contest organized by Berkadia and the New York University Stern School of Business (NYU | Stern) for the team’s presentation, which proposed a hybrid debt and equity fund that leveraged the benefits of Florida’s Live Local Act (102). The Florida team recommended a $300 million hybrid debt and equity fund, dubbed The Gator Capital Workforce Housing Hybrid Fund. Roughly 70 to 80 percent of the fund would go towards the debt strategy, while …

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Affordable HousingInvestment SalesNew YorkNewsNortheast

Genesis Cos., Lemor Development Receive $71 Million Acquisition Financing for 664-Unit Affordable Housing Community in Harlem

by Channing Hamilton

NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …

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Brendan Kelly
Affordable HousingFinanceIndustry VoicesOperations

How to Minimize Affordable Housing Property Taxes

by Channing Hamilton

Most people who have studied real estate investing will recall that property expenses are divided into controllable and noncontrollable buckets. In the noncontrollable bin are items like insurance, utilities and property taxes. And while it is true that these expenses usually are unavoidable, an owner should try to exert some level of control, at least in the case of taxes.  Taxing entities calculate property taxes by multiplying a property’s assessment by its jurisdiction’s tax rate. The rate is indeed noncontrollable, but savvy owners will review their assessments and challenge them …

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Affordable HousingCaliforniaFinanceNewsWestern

Nuveen Real Estate Receives $400 Million from CalPERS for Affordable Housing Fund

by Channing Hamilton

SACRAMENTO, CALIF. — Nuveen Real Estate has received an allocation of $400 million from the California Public Employees Retirement System (CalPERS) for the company’s Nuveen Real Estate U.S. Affordable Housing Fund. Nuveen states that the fund, which launched in 2023, aims to preserve housing for renters earning less than 80 percent of the area median income (AMI), with a concentration of households earning less than 60 percent of AMI. This allocation follows CalPERS’ previous $100 million investment to the fund in June 2024, bringing CalPERS’ total commitment to the fund …

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Affordable HousingCompany NewsDevelopmentGeorgiaNewsSoutheast

Lockwood Cos. Opens New Office in Brunswick, Georgia

by Channing Hamilton

BRUNSWICK, GA. — Lockwood Cos., an affordable housing developer based in Southfield, Michigan, has opened a new office in Brunswick, about 80 miles south of Savannah, Georgia. According to Lockwood, the office will support the company’s development initiatives to create more affordable housing for families and seniors in the region. Lockwood’s first local project will be a 40-unit affordable housing community for seniors in Albany, a city in southwest Georgia. The company plans to break ground on the project in early 2025.

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Centro35 in San Marcos, Texas
Affordable HousingDevelopmentNewsTexas

NRP Group Completes 330-Unit Affordable Housing Development in San Marcos, Texas

by Channing Hamilton

SAN MARCOS, TEXAS — Cleveland-based developer The NRP Group has opened Centro35, a 330-unit affordable housing asset in San Marcos, approximately 50 miles northeast of San Antonio. The NRP Group developed the community in partnership with Capital Area Housing Finance Corp. Centro35 offers one-, two-, three- and four-bedroom apartments for households earning 60 percent or less of the area median income. Amenities include a pool, conference center with individual work pods, fitness center, children’s activity room and a game room. The project was financed with tax credit equity from Huntington …

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Affordable HousingFinanceNewsNortheastOperationsWashington, D.C.

FHFA Increases Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by Channing Hamilton

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …

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Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

Advantage Capital Provides $53 Million in Financing for Three Affordable Housing Projects in Metro Atlanta

by Channing Hamilton

ATLANTA AND LAWRENCEVILLE, GA. — Advantage Capital has leveraged roughly $53 million in state Low-Income Housing Tax Credits to finance the development of three communities in the Atlanta metropolitan area. The properties total 623 apartments, which will be available to families and seniors earning at or below the area median income. Zimmerman Properties will use the financing to develop The Flats at Stone Hogan, a $99.9 million, 256-unit project, and The Villas at Stone Hogan, a $68.9 million, 192-unit complex for seniors over the age of 55. Both properties are …

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Affordable HousingInvestment SalesNewsNortheast

Ariel Property Advisors Brokers $31.5 Million Sale of Affordable Housing Asset in Harlem

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $31.5 million sale of an affordable housing building located at 34 W. 139th St. in the Harlem neighborhood of Upper Manhattan. Built in 2007, the property consists of 127 apartments. Victor Sozio, Shimon Shkury, Remi Mandell and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the deal. Income restrictions for the property, as well as the identity of the buyer, were also not disclosed.

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