Affordable Housing

Timberline-Madison
Affordable HousingDevelopmentMidwestNewsWisconsin

McShane Construction, Lincoln Avenue Communities Underway on Affordable Housing Development in Madison, Wisconsin

by Lynn Peisner

MADISON, WIS. — Lincoln Avenue Communities and McShane Construction Co. are building Timberline Terrace, a 93-unit affordable housing community in Madison. The development is located at 4504 Verona Road on a 1.1-acre site. Units will be offered in one-, two- or three-bedroom floor plans. According to Dane County, rents are capped at 30, 50 or 80 percent of county median income (CMI). Nineteen units will be reserved for households experiencing homelessness. Amenities include a 4,000-square-foot plaza that features a playground, grills, a lounge, community room and fitness area. Knothe & …

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Maren-McCabe-TRC
Affordable HousingCaliforniaIndustry VoicesOperationsSustainable/LEED

Five Benefits Of Energy Upgrades in Affordable Housing

by Lynn Peisner

For people who live in, own or manage affordable housing, energy efficiency can offer significant benefits beyond energy savings. Research from the U.S. Dept. of Energy (DOE) shows that owners of affordable housing properties struggle to sustain truly affordable rental housing for low-income families because they are often faced with high energy bills and maintenance costs. This disparity impacts residents, too. According to the DOE’s Low-Income Energy Affordability Data (LEAD) Tool, the average percentage of income spent on energy costs for low-income households is three times higher than for non-low-income …

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Floret-Hill-Lawrence
Affordable HousingDevelopmentFinanceKansasMidwestNews

Wheatland Investments Group Obtains $10.8M Loan for Affordable Housing Development in Lawrence, Kansas

by Lynn Peisner

LAWRENCE, KAN. — Merchants Capital has secured a $10.8 million Freddie Mac loan for Floret Hill, a 121-unit affordable housing development in Lawrence. The developer, Gardner, Kansas-based Wheatland Investments Group, also has obtained federal and state Low-Income Housing Tax Credit equity, while the City of Lawrence donated 12 acres of land and committed approximately $1 million to the project. Floret Hill will offer one-, two- and three-bedroom apartments across 11 residential buildings, with 37 units restricted to residents earning up to 40 percent of area median income (AMI) and 84 …

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Alafia-East-New-York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Apex, L+M Obtain $217M to Finance Phase II of Alafia in Brooklyn

by Lynn Peisner

NEW YORK CITY — Apex Building Group and L+M Development Partners have obtained approximately $217 million in financing for the third phase of the Alafia project, an affordable housing community in the East New York neighborhood of Brooklyn. The nonprofits RiseBoro Community Partnership and Services for the Underserved also are partners. The financing package is backed by federal and state affordable housing tax credits, tax-exempt bonds, state subsidies, construction loans from Redstone Bank, funding from Goldman Sachs Urban Investment Group and more. Phase III will consist of two residential buildings …

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Elora-Lawrence
Affordable HousingFinanceInvestment SalesMassachusettsNewsNortheast

Northmarq Arranges $22.9M for Affordable Housing Acquisition in Lawrence, Massachusetts

by Lynn Peisner

LAWRENCE, MASS. — Northmarq has arranged a Fannie Mae loan for approximately $22.9 million for Arrowpoint Properties’ acquisition of Elora Flats & Townhomes in Lawrence, 30 miles north of Boston. Northmarq’s Boston-based team was led by Jeff Munoz, Kevin Sykes, Ed Riekstins and Jeffrey Munoz. Built in 2009, Elora Flats & Townhomes features six four-story buildings with 104 residential units reserved for families earning up to 80 percent of area median income. The property has maintained an average occupancy of 97.6 percent over the past 12 months. Amenities include parking for …

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Village-of-Valor-Florida
Affordable HousingDevelopmentFinanceNews

ROAD to Housing Act Clears Path for Affordable Housing Development

by Lynn Peisner

The affordable housing industry has spent years asking Congress for a federal response to the nation’s housing shortage. With the 21st Century ROAD to Housing Act having officially become law on July 11, industry groups are treating the legislation as a rare bipartisan win — not because it solves the crisis unilaterally but because it tackles several of the bottlenecks that have slowed development and preservation. According to the National Low Income Housing Coalition, the nation is short 7.2 million affordable and available rental homes for extremely low-income households. The …

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El-Camino-Real-San-Carlos
Affordable HousingCaliforniaDevelopmentNewsWestern

SummerHill, KTGY Break Ground on 11 El Camino Real in San Carlos, California

by Lynn Peisner

SAN CARLOS, CALIF. — SummerHill Apartment Communities, with architect KTGY, has broken ground 11 El Camino Real, situated on 2.2 acres in San Carlos, 23 miles south of San Francisco. The project includes 251 units, in studio through three-bedroom floor plans, and 38 affordable units, reserved for a variety of income levels. Amenities feature a pool, hot tub, landscaped courtyards, clubroom, fitness center, leasing office, resident lounge, bike room and mail room. The community is within about 1 mile of two Caltrain stations with commuter service throughout the Bay Area. …

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GoodHomes-Arlington
Affordable HousingDevelopmentInvestment SalesNewsNortheastVirginiaWashington, D.C.

GoodHomes Acquires Metro D.C. Hotel, Plans Multifamily Conversion

by Lynn Peisner

ARLINGTON, VA. — GoodHomes Communities has acquired Arlington Court Suites in Alexandria for $35 million and plans to convert the 187-unit hotel into a 180-unit multifamily community. The KLNB multifamily capital markets team led by Rawles Wilcox, Justin Shay and Dutch Seitz and the HREC Investment Advisors team of Mark Morris and Scott Stephens represented the seller, Arlington Hotel Holdings Inc. GoodHomes is a New York City-based investor that acquires under-performing hospitality and seniors housing assets and redevelops them as workforce housing serving residents earning between 60 and 120 percent …

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Beach-Blvd-Jacksonville-Beach
Affordable HousingDevelopmentFloridaNewsSoutheast

Trevato Breaks Ground on $120M Mixed-Use Development in Jacksonville Beach

by Lynn Peisner

JACKSONVILLE BEACH, FLA. — Locally based Trevato Development Group has broken ground on a $120 million mixed-use development at the former Adventure Landing site in Jacksonville Beach. Adventure Landing was an amusement and water park that opened in the 1990s and operated for roughly 30 years. Trevato acquired the property in 2021. The project, which has not yet officially been named, will include 415 units of market-rate and workforce housing, 1,800 square feet of ground-level retail space and a viewing platform overlooking the Intracoastal Waterway. The site is on Beach …

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Robert-E-Cuttle-Wendover
Affordable HousingIndustry VoicesOperations

Preparing for Hurricane Season: A Guide for Owners and Operators

by Lynn Peisner

Hurricane season officially began on June 1, and for property owners and managers across the Gulf Coast and Southeast, preparation should already be underway. While the National Oceanic and Atmospheric Administration (NOAA) predicts less hurricane activity this summer, it only takes one storm to put residents, properties and entire communities at risk. Storm preparedness is about more than asset protection. It is about protecting the people who call these communities home; residents who, when a property is damaged or destroyed, can be left displaced, vulnerable and without access to the …

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