REGIONAL NEWS
AFFORDABLE HOUSING FINANCE • MARCH 2008
MIDWEST
OHFA Approves $24.2 Million
in Multifamily Bonds
COLUMBUS, OHIO - The Ohio Housing
Finance Agency (OHFA) has approved
$24.2 million in multifamily bonds for
affordable housing developments. The
bonds were approved for four projects.
Covenant Apartments, L.P., will use the
proceeds from the sale of $5 million in
multifamily bonds to acquire and renovate
the Covenant House Apartments in
Toledo. Upgrades will include new windows
and air conditioners, sidewalk
repair, and a variety of features for residents
with disabilities.
Creston Station, L.P., will use the proceeds
from a $1.9 million bond sale to renovate
48 units of Sec. 8 housing at Creston
Station in Creston. A maintenance building
will be built, and a variety of features for
individuals with disabilities will be added.
Glenwood and Glenwood II limited
partnerships plan to rehabilitate 68 units
in nine buildings at Glenwood Apartments
I and II in Millersburg. The $3.3 million
proceeds from the sale of bonds will be
used to build a community building, maintenance
garage, and replace all kitchen
cabinetry, in addition to other upgrades.
Sunbury I, L.P., will use the proceeds
from the sale of $2 million in multifamily
bonds to perform extensive rehabilitation
work at Sunbury Heights in Sunbury.
Some of the work to the 40 units includes
adding components for people with disabilities,
kitchen and bathroom remodeling,
window and door replacements, and
the addition of air-conditioning units.
Affordable Seniors Housing
Opens in Springfield
SPRINGFIELD, ILL. - Timberlake Estates, a
67-unit affordable housing development
for seniors, has opened here.
Of the $7.9 million in state funds used
to construct the $8.4 million development,
$1.6 million came from the Illinois
Affordable Housing Trust Fund as a low-interest
loan. The development also
received a reservation of approximately
$678,000 in low-income housing tax credits
(LIHTCs), which were sold to Enterprise
Community Investment for $6.6 million.
Timberlake Estates was developed by
the nonprofit Abundant Faith Christian
Center and Enterprise Community
Investment, Inc. Units consist of one- and
two-bedroom apartments.
A total of 60 units are reserved for
seniors with low incomes. Monthly rents
range from $439 to $700, depending on
income and unit size. Some Sec. 8 rent subsidies
have also been set aside for very low
income residents.
NORTHEAST
N.Y. Governor Proposes
$400 Million Initiative
ALBANY, N.Y. - New York Gov. Eliot Spitzer’s proposed Housing Opportunity Fund
would more than triple the amount that
New York normally allocates to affordable
housing.
Some lawmakers applauded the proposal.
Others wondered how the $400
million plan would be funded, given the
state’s $4 billion deficit for the fiscal year
that begins in April.
The new fund would also be used to
develop housing for those with addictions
and physical and mental disabilities.
The majority of the funds for the program
would come from New York’s
Mortgage Insurance Fund and proceeds
from the state’s mortgage tax, according to
Assemblyman Vito J. Lopez, a Brooklyn
Democrat and chairman of the Assembly
Housing Committee.
More information on the initiative
was to be made known after the governor
presented his budget. Those details were
not available at press time.
SOUTH CENTRAL
New Units Slated for Camdenton
CAMDENTON, MO. - Camdenton Apartments
II, a 32-unit affordable apartment
community here, will be built by Joplin,
Mo.-based Red-Wood Development.
Construction on the project is expected
to get under way this spring. The development
has been allocated $245,000 in
LIHTCs. It will also receive $385,000 in
HOME funds.
Red-Wood Development plans on
building one- to three-bedroom apartments
at the corner of Fourth and Short
streets in Camdenton next door to
Lauren’s Place Apartments, a complex
built by the developer in 2001.
As property values have soared in this
lake area, few moderately priced housing
options exist. Many in the retail and service
industries need affordable housing in
Camdenton, according to a story in the
Lake Sun Leader.
SOUTHEAST
Miami Developer Files for Chapter 11
MIAMI - The bankruptcy filing of a longtime
nonprofit affordable housing developer in
Miami is causing ripple effects throughout
the low-income housing world in the
Sunshine State. Greater Miami
Neighborhoods, which filed for Chapter 11
bankruptcy reorganization in January,
reported assets of less than $10 million
and debts of up to $50 million in the filing.
Nine affiliates of the organization also
sought Chapter 11 status from the courts.
The move affects multiple creditors
of the group, including the Florida
Housing Finance Corp., which is owed
$7.5 million, and Housing Partners
Ventures, which is owed $2.65 million.
Boston-based Preservation of Affordable
Housing (POAH), a national nonprofit group that preserves and restores at-risk rental housing, said it has
agreed to purchase eight properties from Greater Miami
Neighborhoods, a step that would affect 1,244 rental units.
“There has been a very significant public investment in creating
this housing, and POAH’s purchase will also preserve the value
of those public funds,” said Amy Anthony, president of POAH.
Earlier in January, the Miami-Dade County Commission approved
transferring Greater Miami’s interests in another 840 units to other
organizations, including Enterprise Community Investment of
Columbia, Md., and the Urban League of Greater Miami.
Enterprise Finances Community in S.C.
HARDEEVILLE, S.C. - Deerfield Village, a community of 26
detached rental homes here, has opened. The project was codeveloped
by nonprofits Jasper County Neighbors United and
Community Development & Improvement Corp. The property is
financed with $3.3 million in LIHTC equity investment from
Enterprise, $213,000 from Regions Bank, $500,000 from the
South Carolina Housing Finance and Development Authority
through the HOME Investment Partnership Program, and
$250,000 from the Federal Home Loan Bank of Atlanta.
The 9.8-acre community targets residents earning no more
than 50 percent of the area median income (AMI). Two of the 26
homes will be available for those with mental health challenges.
The South Carolina Department of Mental Health will provide
these residents with additional supportive services including
rental and utility assistance and financial management.
ACORN Lashes Out at Subprime Lender
ORLANDO, FLA. - Affordable housing activists from ACORN
(Association of Community Organizations for Reform Now) have
been staging protests here and elsewhere, accusing Ocwen
Financial, a subprime lender based in West Palm Beach, Fla., of
abusing distressed homeowners.
ACORN alleges that Ocwen is refusing to work with homeowners
in danger of losing their homes. The group also claims that
the subprime lender has neglected foreclosed homes, creating
“blight of communities.” Protests are scheduled at Ocwen offices in
Orlando, as well as Atlanta; Dallas; Meridian, Idaho; and West
Palm Beach, reports the Orlando Sentinel.
ACORN cites a report by the U.S. Government
Accountability Office that concluded 45 percent of the foreclosed
homes that Ocwen manages for Veterans Affairs are in decline and
do not meet code. The lender has denied the allegations.
Ocwen originates or services a portfolio of more than $56 billion
in loans, nearly 80 percent of which are subprime mortgages.
The lender said that it is working with community groups in
Colorado and Ohio to help borrowers that are in trouble there.
WEST
Cabrillo Opens Complex
OXNARD, CALIF. - Villa Victoria, a 54-unit affordable apartment community
here, has opened. The development was built by Ventura,
Calif.-based nonprofit Cabrillo Economic Development Corp.
Half of the apartments are designated for farmworkers. The
other half is designated for other low-income residents. The unit
mix includes one one-bedroom unit, 34 two-bedroom units, and
19 four-bedroom units. The development was built on the site of
Oxnard’s Northwest Community Golf Course Specific Plan.
Amenities include garages, a picnic area, and a community room.
Senior Development Planned in SoCal
PANORAMA CITY, CALIF. - A new affordable housing development
for seniors has broken ground here. The developer of the 81-unit
complex is Meta Housing Corp., based in West Los Angeles.
Cantabria Senior Apartments will target people 55 and older
earning no more than 60 percent of the AMI. The units will range
in size from 600 to 800 square feet, once the $31 million complex
is completed in the spring of 2009.
Funding for Cantabria was provided by the city’s Community
Redevelopment Agency, the Los Angeles Housing Department, Red
Stone Equity Partners, and Citibank Community Development.
The project will feature a community center, a computer lab,
a fitness center, controlled access, elevators, laundry rooms, barbecue
grills, and a courtyard. Individual units will include built-in
kitchen appliances, heating and air conditioning, walk-in closets,
and patios or balconies.
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