Affordable Housing

Durst Organization Opens New Public Housing in Queens

by Channing Hamilton May 4, 2023

QUEENS, N.Y. — The Durst Organization has opened 3-24 27th Avenue in Astoria, part of Durst’s Halletts Point development, an ongoing project expected to deliver 2,100 housing units near a public waterfront esplanade. The new building is adjacent to the New York Housing Authority’s (NYCHA) Astoria Houses and is also reserved for NYCHA tenants. The 14-story property has 163 units. Specific rent restrictions were not released for the 100 percent affordable project, but rents range from $665 per month for studios to $1,601 per month for a two-bedroom unit. Fifteen …

May 4, 2023

Affordable Housing News Northeast People News Washington, D.C.

National Housing Conference President States Federal Reserve’s Rate Increases Risk Stagflation

by Channing Hamilton May 4, 2023

WASHINGTON, D.C. — David Dworkin, president and CEO of the Washington, D.C.-based National Housing Conference, warns that the series of ongoing interest hikes by the Federal Reserve to fight inflation raises the risk of stagflation. Stagflation is characterized by a high rate of inflation, slow economic growth and elevated level of unemployment. “As I stated previously, raising interest rates further to control inflation is no longer the answer and is instead contributing to an increase in the cost of shelter,” explains Dworkin. “The Federal Open Market Committee needs to let …

May 4, 2023

A 3D render of Michigan Street Commons in Milwaukee.

Affordable Housing Development Finance Midwest News Wisconsin

Bear Real Estate Group Secures $20.6 Million in Construction Financing for Michigan Street Commons in Milwaukee

by Channing Hamilton May 3, 2023

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

May 3, 2023

A rendering of Estrella, a 96-unit complex in San Marcos.

Affordable Housing California Development News Western

Affirmed Housing Breaks Ground on Estrella Affordable Housing Development Near San Diego

by Channing Hamilton May 1, 2023

SAN MARCOS, CALIF. — Affirmed Housing has begun construction on Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will offer 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The …

May 1, 2023

Affordable Housing Development News Southeast Virginia

BLVD Begins $35.8 Million Affordable Housing Renovation in Newport News

by Lynn Peisner April 24, 2023

NEWPORT NEWS, VA. — The BLVD Group has acquired and plans to renovate Aqua Vista Apartments in Newport News. The 150-unit community was originally constructed in 1970. The $35.8 million redevelopment will include a gas-to-electric conversion, new roofs, insulation, energy efficient windows and entry doors. Each unit will receive new kitchens, bathrooms, appliances, flooring, paint and LED light fixtures. The owner will expand amenities at the site, adding new barbecues, a playground, a dog park, a business center, a community room and a new leasing office. The redevelopment will preserve …

April 24, 2023

Affordable Housing Colorado Development News Western

BWE Arranges $43 Million Loan for Affordable Project in Aurora, Colorado

by Lynn Peisner April 21, 2023

AURORA, COLO. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $43 million loan for the construction of 15 Sable Apartments, an affordable housing development in Aurora. The total project cost is $56 million. Anthea Martin, senior vice president in BWE’s Denver office, originated the loan through a private placement on behalf of the borrowers, DBG Properties and Featherstone Development. Completion is slated for March 2025. The 154-unit property will contain a mix of one-, two- and three-bedroom floor plans. Units will be reserved for families earning at or …

April 21, 2023

Affordable Housing California Development News Western

Ensemble Investments, USA Properties, Pinyon Group Break Ground on $81.2 Million Affordable Housing Project in Santa Clara

by Lynn Peisner April 19, 2023

SANTA CLARA, CALIF. — Ensemble Investments, USA Properties and The Pinyon Group have broken ground on an $81.2 million affordable housing development in the Tasman East neighborhood of Santa Clara. The eight-story Mainline North will include 151 units in studios to three-bedroom floor plans. Rent restrictions on the units were not released. The property will include 5,000 square feet of retail and restaurant space as well as a fitness center, flex rooms and outdoor space. USA Properties and The Pinyon Group structured a public-private partnership that includes financing by Bank …

April 19, 2023

The Pines of Perinton in Fairport, New York

Affordable Housing Development Finance New York News Northeast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner April 13, 2023

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

April 13, 2023

The development site for Pinnacle at Tropical Pointe.

Affordable Housing Development Florida News Southeast

Pinnacle Secures $72.3 Million in Financing for Pinnacle at Tropical Pointe Near Miami

by Channing Hamilton April 7, 2023

PRINCETON, FLA. — Pinnacle has secured $72.3 million in financing for the construction of Pinnacle at Tropical Pointe in the southern Miami suburb of Princeton. The Florida Housing Finance Corp., Miami-Dade County Surtax and HOME provided a blend of low-income housing tax credits to the development. Bank of America provided a $37 million construction loan and $30.6 million in tax credit equity. Citibank provided a permanent loan of $20 million. According to Pinnacle, Miami-Dade County also allocated $1 million to the project to mitigate rising construction costs. Pinnacle at Tropical …

April 7, 2023

Affordable Housing Development Massachusetts News Northeast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner April 6, 2023

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

April 6, 2023

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