REGIONAL REPORT: ACROSS THE NATION

Regional News

AFFORDABLE HOUSING FINANCE • FEBRUARY 2008

MIDWEST

Project for Women, Children Opens in Windy City

CHICAGO. A 28-unit building providing housing for lowincome and homeless women and their children has opened in the city’s Washington Park neighborhood.

Harriet Tubman Apartments was formerly a vacant building in foreclosure. Brand New Beginnings, Inc., renovated the property and is managing it.

The property consists of 11 two-, 12 three-, and five four-bedroom units. Monthly rents range from $610 to $810. Half of the units will be reserved for public housing residents.

The total cost of the project was $4.8 million. The city provided $2.4 million in loans and more than $491,000 in bonds. Additional funding was provided by the Illinois Housing Development Authority and the Department of Housing and Urban Development.

Former Bakery Gets Lofty Makeover

GRAND RAPIDS, MICH. Lighthouse Communities is building a $5 million project that will transform a 100-year-old factory into 21 affordable loft apartments here. The renovations will include redesigning an attached garage into 2,500 square feet of commercial space.

The building used to be the Hekman Biscuit Co., which became a factory for the Keebler Co.

The two- and three-bedroom units are fairly large; the largest of them is about 1,700 square feet. Renovations are expected to be completed this summer.

Monthly rents range from $570 to $700.

Dave Allen, executive director for Lighthouse, said he hopes the project will be a catalyst for market-rate development along the Grandville Avenue corridor.

The affordable lofts received $4 million in low-income housing tax credits (LIHTCs) and $375,000 in HOME funds.

NORTHEAST

City Council to Allocate $850,000 For Housing

CHARLOTTESVILLE, VA. The city council here has agreed to allocate $850,000 to a series of plans that will preserve dozens of affordable units, help some low-income individuals to buy new homes, and provide supportive housing for people with mental disabilities.

Earlier in 2007, the city council set aside $1.75 million for new affordable housing.

The $850,000 is divided into two pools. The first pool of money would be used to create more housing for people with disabilities, seniors, and others whose incomes top out at 30 percent of the area median income (AMI). The second pool would be used to help households earning no more than 60 percent of the AMI to afford new homes.

At press time, a task force recommended that Piedmont Housing Alliance receive $200,000 to help preserve 50 affordable units at the Monticello Vista apartment community.

SOUTH CENTRAL

Seniors Housing Complex Under Way in New Orleans

NEW ORLEANS Wisdom Manor, a 30-unit affordable complex for seniors, is under construction in the city’s Hollygrove neighborhood. The developer of the $5 million project is nonprofit Humanitas, Inc.

The 600-square-foot units are being built above flood elevation levels and will be able to withstand winds of up to 130 miles per hour. Common amenities will include wireless Internet access, an elevated courtyard, and a community garden.

According to news reports, the city is investing more than $1 million in the construction of Wisdom Manor. The project is also receiving Gulf Opportunity Zone tax credits.

The city also is assisting Humanitas with the development of a 10-unit seniors complex in New Orleans’ Lower Garden District.

SOUTHEAST

Raymond James Provides Equity in Mississippi

KOSCIUSKO, MISS. Raymond James Tax Credit Funds, Inc., supplied $5.17 million in LIHTC equity for the construction of Hickory Hills Apartments located here. The developer is Greer Investments, LLC.

Hickory Hills Apartments will consist of 48 one-, two-, and three-bedroom units that will be targeted to households with incomes maxing out at 60 percent of the AMI. Twenty percent of the units will target households that top out at 50 percent of the AMI.

Summit America Properties, Boston Capital Plan Rehab MONTGOMERY, ALA. Locally based Summit America Properties, Inc., and Boston-based Boston Capital have acquired Sherwood Apartments, an 80-unit, garden-style multifamily development here for an undisclosed amount.

The affordable complex is located on 7.3 acres and includes 14 one- and two-story buildings. The two-, three-, and four-bedroom units are available to households earning no more than 60 percent of the AMI.

Renovations will include the remodeling of the existing leasing office, a new playground, and overall modernization of the interiors of each unit.

County Housing Trust Funds Two Developments

CLEARWATER, FLA. Pinellas County’s Housing Trust Fund recently funded two affordable apartment projects here.

A $680,000 loan from the trust enabled Community Service Foundation, Inc., a nonprofit housing provider, to acquire Leo Lane Apartments.

The other development is being constructed by Homeless Emergency Project, Inc. The $1.4 million project received a $308,000 boost from the fund. Grants from the city of Clearwater, the Florida Department of Children and Families, and private contributions also financed the project.

The Housing Trust Fund was established by the Board of County Commissioners to address housing issues in Pinellas County. A first-year allocation of $10 million was made to the fund in 2007.

WEST

Project Honored for Second Consecutive Year

WOODS CROSS, UTAH Springwood Apartments, located in this Salt Lake City suburb, recently was honored by the Utah Apartment Association (UAA) as the Best Overall Senior or Government-Assisted Property for 2007.

In 2006, the UAA selected the development as the Best Overall Renovation Project in Utah. The apartment was acquired and rehabilitated by Wasatch Advantage Group, a Mission Viejo, Calif.-based developer. Renovations were completed in December 2006.

“Judges in this category looked at property design, customer service, and skill in dealing with new prospects,” said Susan Thornton, assistant director of the UAA. “Each nominee is secretly ‘shopped,’ and the community with the highest accumulated score is awarded the category.”

The honor was presented at the UAA’s annual Tribute Awards. Springwood includes 144 one- and two-bedroom units, ranging in size from 686 square feet to 970 square feet. All units are set aside for households earning a maximum of 60 percent of the AMI. Monthly rents range from $598 to $711.

The garden-style community includes a computer/business center and barbecue areas. Apartments feature built-in kitchen appliances and walk-in closets. The acquisition and rehabilitation of Springwood Apartments were financed largely through a combination of LIHTC equity and tax-exempt bonds. Total cost of the project was approximately $13.7 million.