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Affordable Housing

The Enclave on Main in Whitehall, Ohio
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Woda Cooper Cos., IMPACT Community Action Begin Development of Affordable Community in Whitehall, Ohio

by Channing Hamilton

WHITEHALL, OHIO — Woda Cooper Cos. and IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall. The Enclave on Main will be affordable to tenants earning between 30 and 80 percent of the area median income. Units will come in one-, two- and three-bedroom layouts, with several units adapted for those with mobility challenges or sight and hearing disabilities. Amenities include a community room with kitchenette and management office for an onsite community manager. The Ohio Housing Finance Agency (OHFA) provided …

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NHH Berry in Houston
Affordable HousingDevelopmentFinanceNewsTexas

New Hope Housing to Build Two Affordable Communities in Houston with $50 Million in Financing

by Channing Hamilton

HOUSTON — New Hope Housing will break ground on two affordable housing developments in Houston — NHH Gray and NHH Berry — this October. Amegy Bank provided $50 million in financing for the project. NHH Berry will offer 180 one-, two- and three-bedroom apartments. NHH Gray will include 135 units in one- and two-bedroom floor plans. Both communities will host on-site Bezos Academy locations, which will provide free pre-school services to residents. NHH Gray and NHH Berry are scheduled to be completed in July 2025. Income restrictions for the two …

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Golden Triangle Station in Eden Prairie, Minnesota
Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

JLL Arranges $69 Million in Construction Financing for Golden Triangle Station Near Minneapolis

by Channing Hamilton

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $69 million in joint venture equity and construction financing for Golden Triangle Station, a 237-unit development in the Minneapolis suburb of Eden Prairie. A regional bank provided a $47 million construction loan, and Amstar Group provided $22 million in joint venture equity. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson of JLL represented the sponsor, Greco and Eagle Ridge Partners. The project is set to break ground this fall. Of the total unit count, 25 percent will …

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The Citadel at Elgin in Houston
Affordable HousingFinanceNewsTexas

The NHP Foundation Secures Funding for 11 Units at The Citadel at Elgin in Houston

by Channing Hamilton

HOUSTON — The NHP Foundation has received $1.5 million in capital grant subsidy funding from The Corp. for Supportive Housing to offset costs incurred for the construction of 11 units of affordable housing at The Citadel at Elgin in Houston. The community opened in the summer of 2023 and is The NHP Foundation’s fifth affordable community in the city. Income restrictions for The Citadel at Elgin were not disclosed. Financing for the project’s development included $15 million of Citibank construction and permanent debt financing with tax exempt bonds issued by …

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Vestra at UnCommons in Las Vegas
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNevadaWestern

Resilience of Las Vegas Market Is Tested 

by Channing Hamilton

Sometimes Las Vegas’ reputation precedes it — and that can be a good or bad attribute.  “Everyone remembers 2008,” says Taylor Sims, executive director of the Multifamily Advisory Group at Cushman & Wakefield.  Home prices in Las Vegas plunged by 60 percent during the Great Recession, nearly twice the national rate, according to news affiliate KTNV. The University of Nevada, Las Vegas (UNLV) notes the unemployment rate peaked at 14.5 percent in October 2010.  Like Sims, Michael Albanese, a multifamily specialist at NAI Vegas, knows the rest of the world …

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Maunakea in Honolulu
Affordable HousingHawaiiInvestment SalesNewsWestern

Public-Private Partnerships Acquires 379-Unit Affordable Housing Community in Honolulu

by Channing Hamilton

HONOLULU — A public-private partnership consisting of Standard Communities, Stanford Carr Development, the State of Hawaii, the U.S. Department of Housing and Urban Development, the City of Honolulu and the Hawaii Housing Finance & Development Corp. has acquired Maunakea, a 379-unit affordable community in Honolulu. According to Standard Communities, this is the largest FHA deal and largest Project-Based Section 8 transaction in Hawaii state history. The deal extends the affordability of all units at the property for 20 years. Maunakea was built in 1977 and renovated in 2000. Units come …

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Reserve at Spencer in St. Peters, Missouri
Affordable HousingDevelopmentFinanceMidwestMissouriNews

TWG Begins Construction of $42.9 Million Affordable Community in St. Peters, Missouri

by Channing Hamilton

ST. PETERS, MO. — TWG has broken ground on Reserve at Spencer, a $42.9 million affordable community in St. Peters. Reserve at Spencer will offer 192 units across four stories. Apartments will be affordable to tenants earning less than 60 percent of the area median income. Amenities include a community lounge and clubhouse, kitchenette, playground, dog park, fitness center, co-working spaces and package rooms. CREA, LLC, Merchants Bank, UMB Bank, and the Missouri Housing Development Commission are partners on the project. The Industrial Revenue Authority of St. Charles County provided bond financing. …

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The Helm in San Diego
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Completes 77-Unit Mixed-Income The Helm in San Diego

by Channing Hamilton

SAN DIEGO — Affirmed Housing has finished developing The Helm, a mixed-income community in San Diego’s Cortez Hill neighborhood. The Helm offers 77 studio units and one two-bedroom manager apartment across seven stories. Of the total unit count, 32 are affordable to tenants earning 30 percent of the area median income (AMI), four to those earning 60 percent AMI and the remaining 41 are for households earning 80 percent AMI. The 30 percent AMI studios receive project-based vouchers, which are issued by the San Diego Housing Commission. The property also includes …

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Alley Landing in Des Moines, Iowa.
Affordable HousingDevelopmentFinanceIllinoisIowaMichiganMidwestNewsNorth CarolinaSoutheastVirginia

Woda Cooper Cos. Secures $67 Million for Five Affordable Housing Communities Across U.S.

by Channing Hamilton

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …

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Affordable HousingCompany NewsDevelopmentFloridaNewsSoutheast

Atlantic Pacific Companies, CTIS Partners to Develop 616-Unit Atlantic Station in Miami

by Channing Hamilton

MIAMI — Atlantic Pacific Companies and GTIS Partners have formed a joint venture to invest in the ongoing development of Atlantic Station, a high-rise project in Miami. Atlantic station will rise 36 stories on a 2.1-acre site. The building will offer 616 apartments, 25,000 square feet of retail space and a 624-space parking garage. Of the total unit count, 360 will be affordable, although exact income restrictions were not disclosed. Amenities will include a recreation deck with two pools, a gym, picnic areas, a dog park and co-working spaces. Vertical …

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