Affordable Housing

Orchard at Hilltop, a three-building multifamily building atop a hill.
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Completes $54.9 Million Mixed-Use Development in San Diego

by Channing Hamilton

SAN DIEGO — Affirmed Housing has opened The Orchard at Hilltop, a mixed-use urban infill development in San Diego’s Chollas View neighborhood. The total cost for the development of the project was approximately $54.9 million. The development was financed in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development. Additional financing was provided by Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California …

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A 3D render of Sawyers Walk, a contemporary style apartment building.
Affordable HousingCompany NewsFloridaNewsSoutheast

Coastal Construction Group Launches South Florida Affordable Housing Division 

by Channing Hamilton

MIAMI — Coastal Construction Group, a Miami-based general contractor, has launched an affordable housing division that will focus on workforce, affordable and seniors affordable development projects in South Florida. Hernan Acurio was hired to lead the division. Coastal Construction’s past affordable-housing projects include Poinciana Village in Key West, Florida, and Oasis and Shepherd’s Court in Miami. The firm currently is building Sawyer’s Walk in Miami for The Swerdlow Group. Sawyer’s Walk is an 18-story mixed-use project with 578 rent-restricted studios and one- and two-bedroom apartments reserved for lower-income seniors.

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Affordable HousingFinanceNewsNortheastWashington, D.C.

EagleBank Provides $25 Million in Construction Financing for Affordable Housing Project in Washington, D.C.

by Kari Lloyd

WASHINGTON, D.C. — EagleBank, a Washington, D.C.-based community bank, has provided $25 million in construction financing to The Community Builders (TCB) and Dantes Partners for a new 100 percent affordable development in the Park View neighborhood of Washington, D.C. The development is part of the larger Park Morton and Bruce Monroe redevelopment plan to transform a 174-unit former public housing property into a mixed-income community of nearly 500 units. Upon completion, the five-story development will offer 142 units, including 40 public housing replacement units. Planned amenities include a rooftop lounge, …

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Rendering of Loci Capital and Maifly Development's affordable housing project in Tampa
Affordable HousingDevelopmentFloridaNewsSoutheast

Loci Capital, Maifly Break Ground on Mixed-Use Project in Tampa, Florida

by Lynn Peisner

TAMPA, FLA. — Loci Capital and Maifly Development have broken ground on an unnamed 6-story, 321-unit community in the Tampa Heights neighborhood. The project cost was not disclosed. Thirty-two of the units will be earmarked for residents earning no more than 80 percent of the area median income (AMI), per a negotiation with the city of Tampa. The agreement calls for these residences to remain affordable for 30 years. The development also includes approximately 13,000 square feet of retail. Construction will be complete by approximately 2025. MW Builders is the …

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A facade rendering of Diamond College Park, a new affordable community south of Atlanta
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Tapestry Development Group, Swinerton Break Ground on Affordable Project Near Atlanta

by Lynn Peisner

COLLEGE PARK, GA. — Tapestry Development Group, along with construction partner Swinerton, has broken ground on Diamond College Park, about 10 miles south of Atlanta. The 60-unit, 79,000-square-foot property will include 26 one-bedroom and 34 two-bedroom units. Ten apartments will rent at market rates, 22 of the units will be capped at 50 percent of area median income (AMI), and the remaining 28 units will rent to tenants earning 60 percent or less of AMI. Good Places, which is an Atlanta-based development firm that focuses on adaptive-reuse affordable housing, is …

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Affordable HousingFinanceMassachusettsNewsNortheast

MassHousing Provides $12.4 Million Affordable Housing Financing for St. Mary’s Plaza in Suburban Boston

by Kari Lloyd

LYNN, MASS. — MassHousing has provided $12.4 million in affordable housing financing to St. Mary’s Plaza Inc. for 99-unit St. Mary’s Plaza in Lynn, a northern suburb of Boston. The transaction will extend affordability protections for at least 25 years, as well as involve approximately $1.4 million in property improvements. As part of the transaction, St. Mary’s Plaza Inc. has executed a new 20-year HUD Section 8 Housing Assistance Payments contract for 98 of the 99 apartments at St. Mary’s Plaza. The new contract will include five years remaining on …

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Affordable HousingDevelopmentNewsTexas

NHP Foundation Breaks Ground on $45 Million Houston Project for Homeless 

by Channing Hamilton

HOUSTON — The NHP Foundation (NHPF), a nonprofit affordable housing developer headquartered in New York City, is constructing RoseMary’s Place in Houston. RoseMary’s Place will offer 149 units for people experiencing homelessness. Funding for the $45 million project includes $18.7 million from the city of Houston Housing and Community Development Department, $10.2 million from Harris County Community Services Department, $13.6 million from the sale of tax credits to Hudson Housing and $2.4 million from Magnificat Houses Inc. (MHI) as a sponsor loan. Building features and resident services will include in-house …

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Rendering of the upcoming affordable housing project HTG is developing in Bradenton, Florida
Affordable HousingDevelopmentFloridaNewsSoutheast

HTG Developing $34 Million Affordable Community in Bradenton, Florida

by Lynn Peisner

BRADENTON, FLA. — Housing Trust Group (HTG) is developing Riverview6, a $34 million affordable housing property in Bradenton, about 45 miles south of Tampa, Florida. The project, which is estimated to open by the middle of next year, will include 80 units reserved for residents earning at or below 70 percent of area median income (AMI). These rent restrictions equate to a range of $486 to $1,571 per month. Funding sources for Riverview6 include 9 percent Low-Income Housing Tax Credit equity syndicated through Raymond James; a construction loan through Fifth …

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A 3D render of Sync on Canoga, a light brown and white, five-story multifamily building.
Affordable HousingCaliforniaDevelopmentNewsWestern

Alliant Strategic Development Breaks Ground on Four Affordable Housing Projects in Los Angeles

by Channing Hamilton

CANOGA PARK, VAN NUYS, NORTH HOLLYWOOD, CALIF. — Alliant Strategic Development has broken ground on four affordable housing properties in the San Fernando Valley area of Los Angeles. The properties, which include 727 total units, are Sync on Canoga, comprising 220 one-bedroom units in Canoga Park; Pendant on Topanga, consisting of 149 studios, one- and two-bedroom units also in Canoga Park; Vose, which will include 332 studio, one- and two-bedroom units in Van Nuys; and Cadence at Noho, consisting of 26 one- and two-bedroom units in North Hollywood. Of the …

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Sahuarita Mission, a light brown hacienda style multifamily complex with red roofing.
Affordable HousingArizonaInvestment SalesWestern

Northmarq Brokers $8.8 Million Sale of Community in Green Valley, Arizona

by Channing Hamilton

GREEN VALLEY, ARIZ. — FSO Capital Partners has sold Sahuarita Mission in Green Valley to WNC Apartment Ventures for $8.8 million. Northmarq arranged the sale. The 52-unit property was developed as affordable housing in 2000. Today, five units are leasing at affordable rates, reserved for renters earning at or below 50 to 60 percent of area median income (AMI). These rent restrictions are in place until July 2030. WNC Apartment Ventures is an affordable housing real estate investment firm based in Cypress, California. Sahuarita Mission is located approximately 25 miles …

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