Affordable Housing

Jacqueline-Waggoner
Affordable HousingCaliforniaCompany NewsPeople NewsWestern

Century Housing Hires Jacqueline Waggoner as President and CEO

by Lynn Peisner

CULVER CITY, CALIF. — Century Housing has hired Jacqueline Waggoner as president and chief executive officer. The nonprofit affordable housing development company has created or preserved approximately 63,000 homes in California over the past 30 years. Waggoner joins Century Housing from Enterprise Community Partners, where she held the title president of the solutions division. In that role, she oversaw a portfolio of housing, capital and policy initiatives across the country and led approximately $1 billion in impact investments and grants. Prior to that role, Waggoner led Enterprise’s Southern California market, …

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The-Meadows-Roseville
Affordable HousingInvestment SalesMichiganMidwest

Standard Communities Buys, Preserves Affordable Housing in Metro Detroit

by Lynn Peisner

ROSEVILLE, MICH. — Affordable housing investment and development firm Standard Communities has acquired The Meadows, a 124-unit property in Roseville, an unincorporated city 15 miles northeast of downtown Detroit. All units are income-restricted and supported by project-based Section 8 Housing Assistance Payment (HAP) contracts. Of the 124 units, 111 are restricted to households earning at or below 60 percent of area median income (AMI), and 13 are restricted at 40 percent AMI. Affordability was extended through a 20-year Section 8 renewal via a HAP assignment and assumption. Standard will complete …

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Bruce-Thompson-Scott-Manning
Affordable HousingDevelopmentFeaturesInvestment Sales

Opportunity Zone Program Presents Strategic Window for Multifamily and Affordable Housing Investment

by Lynn Peisner

By Scott Manning and Bruce Thompson Real estate developers, investors, and community leaders have a unique opportunity in the coming months to ensure that state officials appropriately designate low-income census tracts that will most benefit from investment dollars related to the federal Opportunity Zone program. Since the enactment of the program in 2017, Qualified Opportunity Zones across all 50 states, the District of Columbia, and U.S. territories have attracted significant private investment, fueling housing development, job creation and economic revitalization in underserved communities. With the current Opportunity Zone program set …

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ArborRanch-Denton
Affordable HousingDevelopmentNewsTexas

The NRP Group Breaks Ground on Affordable Housing Development in Denton, Texas

by Lynn Peisner

DENTON, TEXAS — The NRP Group has broken ground on Arbor Ranch, a 297-unit affordable housing community in the Dallas suburb of Denton. The $89.8 million project is slated for completion in 2027. Arbor Ranch is being developed in partnership with the Denton Housing Authority in order to provide rental homes affordable to families earning between 30 and 70 percent of area median income. According to guidelines set by the U.S. Department of Housing and Urban Development, the median income for a family of four in the Dallas metro area …

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Larkin-Place-Claremont
Affordable HousingCaliforniaDevelopmentNewsWestern

Jamboree Opens $23.9M Larkin Place, an Affordable Housing Community in L.A. County

by Lynn Peisner

CLAREMONT, CALIF. — Jamboree Housing Corp. has opened Larkin Place, a 33-unit affordable housing community in Claremont, a city in eastern Los Angeles County, about 33 miles east of downtown Los Angeles. Larkin Place is intended to serve low-income and formerly homeless individuals and is comprised of eight studios and 24 one-bedroom units reserved for households earning no more than 30 percent of area median income. A manager will occupy the remaining unit.   Several public and private financial partners participated in bringing the $23.9 million development to fruition. Los …

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Caster-Kuntz-2
Affordable HousingFeaturesOperations

Fair Housing Basics for Owners: Handling Accommodation and Modification Requests

by Lynn Peisner

By Tessa Castner and Grace Kuntz Most multifamily owners and managers are aware that discrimination against disabled tenants can result in litigation and increase a project’s operating expenses, which could make the difference between turning a profit and having to write a check to cover operating deficits. However, the Fair Housing Act (FHA) not only prohibits disability discrimination, but in some circumstances, it affirmatively requires housing providers to potentially take additional steps to make reasonable accommodations and reasonable modifications for individuals with disabilities. Though the terms reasonable accommodation and reasonable …

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Green-Tree-Place-Houston
Affordable HousingBerkadiaInvestment SalesNewsTexas

Berkadia Brokers Sale of Green Tree Place in Houston

by Lynn Peisner

HOUSTON — Berkadia has arranged the sale of Green Tree Place, a 200-unit garden-style property in West Houston. California-based Kairos Investment Management sold the asset, built in 1984, for an undisclosed price. The buyer was Aligned Ventures, a Texas-based investment firm focused on acquiring and operating workforce housing. Berkadia’s Houston-based team representing Kairos was led by Chris Young, Chris Curry, Jeffrey Skipworth, Joey Rippel, Kyle Whitney and Jed Dalton.

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Ascent-at-Hover-Longmont
Affordable HousingColoradoDevelopmentNewsWestern

Pennrose Opens Affordable Housing Community in Longmont, Colorado

by Lynn Peisner

LONGMONT, COLO. — Pennrose and Longmont Housing Authority (LHA) have completed the $39 million Ascent at Hover Crossing, a 75-unit affordable housing community with an early childhood education center in Longmont. Ascent at Hover Crossing was designed with families and children in mind, offering a mix of one-, two-, three- and four-bedroom units across two buildings. The apartments are available for a variety of incomes, with units ranging from 30 to 80 percent of area median income, which equates to an annual salary of approximately $31,650 to $84,400 for a …

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Parkway-Townhomes-Henderson
Affordable HousingInvestment SalesNewsNortheastSoutheastTexasWestern

TruAmerica Closes $708M Workforce Housing Fund

by Lynn Peisner

LOS ANGELES — TruAmerica Multifamily has raised $708 million from investors that is being used to acquire $2 billion worth of workforce housing. Approximately $320 million has already been invested via the acquisition of 14 properties in nine cities. TruAmerica Workforce Housing Fund II will be used to buy Class B communities near major central business districts in markets that demonstrate supply-demand imbalances and limited inventory of attainable rental housing, according to the company. Target markets are located in the Southeast, Northeast, West Coast, Mountain West and throughout the Sun …

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Northpoint-on-Jarvis-Creek-Hilton-Head
Affordable HousingDevelopmentNewsSouth CarolinaSoutheast

CF Evans Construction Breaks Ground on Hilton Head Workforce Project

by Lynn Peisner

HILTON HEAD, S.C. — CF Evans Construction has broken ground on Northpoint on Jarvis Creek, a 157-unit workforce housing project on Hilton Head Island. The Town of Hilton Head Island, OneStreet Residential and Royal Bank of Canada Community Investments (RBC-CI) are leading the public-private development team. Under the terms of the partnership, the Town provides: a 65-year ground lease; $1 million to support eligible site work with contributions secured from the American Rescue Plan Fund; affordability covenants to maintain a workforce neighborhood in perpetuity; zoning entitlements; and long-term programming support. …

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