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Affordable Housing

Frenchtown Road Apartments in East Greenwich, Rhode Island
Affordable HousingDevelopmentNewsNortheastRhode Island

Pennrose Breaks Ground on Affordable Frenchtown Road Apartments in East Greenwich, Rhode Island

by Channing Hamilton

EAST GREENWICH, R.I. — Pennrose has begun constructing Frenchtown Road Apartments, a 63-unit affordable housing community in East Greenwich. The building will rise four stories and offer one- and two-bedroom floor plans. Units will be affordable to residents earning at or below 30 percent and up to 120 percent of the area median income. Construction is scheduled the complete in fall of 2024. Cove Homes Inc. will oversee management and support services at the property. Support services at the community will include resources such as case management, free and low-cost …

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Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building for Affordable Housing Development

by Channing Hamilton

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building to construct Snelling Yards, a 90-unit affordable community. The project is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe Development Partners and Wall Cos. were granted development rights to the property in 2017. Snelling Yards will offer three- and four-bedroom units. Of the total unit count, 26 will be reserved for residents who earn up to 30 percent of the area median …

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Affordable HousingDevelopmentFinanceMidwestNebraskaNews

The Annex Group to Develop $52.7 Million Affordable Housing Community in Lincoln, Nebraska

by Channing Hamilton

LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor. Situated on 1.7 acres within the eastern portion of downtown Lincoln, Union at …

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Affordable HousingFinanceMississippiNewsSoutheast

BWE Arranges $10.6 Million to Rehabilitate Affordable Community in Starkville, Mississippi

by Channing Hamilton

STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units at the community are reserved for tenants earning up to 60 percent of the area median income and are covered by Section 8 project-based vouchers. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. The recapitalization also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

Pennrose, WRA Break Ground on Affordable Housing Development in Wareham, Massachusetts

by Channing Hamilton

WAREHAM, MASS. — Pennrose and Wareham Redevelopment Authority (WRA) have broken ground on Littleton Drive, a 93-unit mixed-income community located off Swifts Beach Road in Wareham. The 16-acre project will include a 49-unit property with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. The communities will be affordable to households earning between 30 and 100 percent of the area median income. Units will come in one-, two- and three-bedroom floor plans.  Once the community is complete, Pennrose Management Co. will …

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Affordable HousingDevelopmentFinanceInvestment SalesNewsWashingtonWestern

KeyBank Provides $14.6 Million to Construct Affordable Project in Tacoma, Washington

by Channing Hamilton

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided a $14.6 million construction loan for New Life Homes, a 60-unit low-income housing project in Tacoma’s Hilltop neighborhood. National Equity Fund (NEF) provided LIHTC equity. Caleb Stephens of KeyBank CDLI structured the loan. Shiloh Baptist Church, with Beacon Development Group as consultant, is developing New Life Homes. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. New Life Homes will be …

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Affordable HousingFloridaInvestment SalesNewsSoutheast

ZOM Living Sells Sorrento Affordable Community in Miramar, Florida

by Channing Hamilton

MIRAMAR, FLA. — ZOM Living has brokered the sale of Sorrento, an affordable housing complex in Miramar, to Related Cos. for an undisclosed price. Sorrento offers 320 garden-style units to households earning at or below 50 to 60 percent of the area median income. Units come in one-, two- and three-bedroom layouts. Rents range from $826 for a one-bedroom unit to $1,382 for a three-bedroom apartment. The property was originally financed through the federal Low Income Housing Tax Credit program, along with various state and county debt financing programs.

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Palladium Crestway in San Antonio, Texas
Affordable HousingDevelopmentNewsTexas

Palladium USA Begins Constructing $65 Million Affordable Community in San Antonio, Texas

by Channing Hamilton

SAN ANTONIO, TEXAS — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable community in San Antonio. Income restrictions for the community have not been disclosed. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust. PNC Bank provided $27 million of equity. Palladium Crestway will include 271 units across three stories on a 10-acre site. Apartments come in one-, two- and three-bedroom floor plans. Amenities …

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Falkland Chase in Silver Spring, Maryland
Affordable HousingDevelopmentMarylandNewsNortheast

APAH Plans $39.6 Million Redevelopment of Affordable Community in Silver Spring, Maryland

by Channing Hamilton

SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has purchased Falkland Chase, a garden-style community in Silver Spring, from JBG Smith. The property currently offers 170 units that are affordable to households earning between 60 and 65 percent of the area median income (AMI). APAH plans to redevelop the Falkland Chase in phases, with the first phase slated to break ground in 2026. At full build-out, the redevelopment will add 1,250 new units to the property. Units will come in one-, two- and three-bedroom layouts. Montgomery County provided …

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Affordable HousingDevelopmentInvestment SalesNew MexicoNewsWestern

CPP Acquires Two Affordable Communities in Albuquerque, New Mexico for $22.8 Million

by Channing Hamilton

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has acquired Mountain View II and III, two affordable properties that share a contiguous block in Albuquerque, for $22.8 million. CPP will renovate the two garden-style communities and operate the assets as one development called Mountain View Apartments. The seller was not disclosed. Mountain View II was built in 1967 and Mountain View III was built in 1968. In total, Mountain View Apartments offers 241 units across multiple two-story buildings and townhouses. Units come in studio, one-, two- and three-bedroom floor plans. Amenities …

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