Affordable Housing Finance

REGIONAL REPORT

Regional News

AFFORDABLE HOUSING FINANCE • October 2009

BY AFFORDABLE HOUSING FINANCE Staff

MIDWEST

New Supportive Housing Opens

SPRINGFIELD, ILL. The Cook Street Renaissance has opened to provide homes for 19 people who were homeless or at risk of being homeless and persons with disabilities.

Springfield-based nonprofit Fifth Street Renaissance and the Windsor Development Group spent about $1.25 million to acquire and reconstruct the development.

The Illinois Housing Development Authority provided more than $1.2 million in interest-free loans from the state’s Affordable Housing Trust Fund and federal HOME funds to create the development’s three residential buildings.The state Department of Commerce and Economic Opportunity contributed a $25,000 energy-efficiency grant.

The 19 furnished studio apartments are fully accessible for persons with physical disabilities.

NORTHEAST

Historic Mill Gets New Life

NORTH BERWICK, MAINE A historic factory that made blankets for the Union Army during the Civil War has been converted into 40 affordable apartments.

The Olde Woolen Mill closed in 1955 and has been mostly vacant until The Caleb Foundation recently bought the property to redevelop into seniors housing. The project is the first preservation deal funded under Maine’s State Historic Rehabilitation Tax Credit Program signed into law last year.

In addition to state historic credits, the $8.9 million project used federal historic and housing tax credits.

Officials note that the old building, which was once powered by steam engines, is now powered, in part, by green technology, including solar panels. In 1995, the building was used in the filming of “Jumanji.”

Maine State Housing Authority, TD Banknorth, Key Bank, and Northern New England Housing Investment Fund helped fund the project.

SOUTH CENTRAL

Brownsville Property Undergoes $8.8 Million Rehab

BROWNSVILLE, TEXAS Housing and Community Services, Inc. (HCS), has completed a major renovation of Cunningham Manor Apartments here.

The total development cost, including acquisition, construction, and resident relocation, was $8.8 million. The project was funded through low-income housing tax credits (LIHTCs) provided by the Texas Department of Housing and Community Affairs and syndicated by Enterprise Community Investment, Inc. A Federal Housing Administration loan, seller financing, and deferred developer fees were also used. Enterprise also provided $300,000 in federal Sec. 4 grants to the nonprofit HCS for capacity building.

Work included demolition and replacement of most structural components and the addition of central heating and air-conditioning systems. New flooring, appliances, cabinets, and ceiling fans were also installed. A community learning center offers after-school activities and adult learning services.

SOUTHEAST

Boston Capital Invests in Virginia Projects

CULPEPER, VA. Boston Capital has invested in two affordable housing developments in Virginia.

Located in Culpeper, the 42-unit Meadowbrook Heights Apartments will undergo a substantial renovation of four two-story buildings. Renovations will total more than $1.5 million, representing more than $36,000 per apartment.

Located in Stephens City, the 46-unit Stephens Village Apartments will also be substantially rehabilitated, with renovations totaling more than $1.5 million, or more than $33,000 per unit.

Both communities will receive new roofs, siding, windows, doors, and mechanical systems. The apartments will also receive Energy Star appliances, water heaters, and many new fixtures.

Apartments will be reserved for residents earning no more than 50 percent and 40 percent of the area median income. The developer is Maryland-based T.M. Associates, Inc.

WEST

Construction Under Way in Vegas

LAS VEGAS McKnight Senior Village II is under construction by real estate development firm George Gekakis, Inc., and nonprofit sponsor Silver State Housing.

The $14.4 million LIHTC project will create 77 new two-bedroom units when completed along with a 7,400-square-foot clubhouse. The development is scheduled to be completed around June 2010.

“The magnitude and scope of this building is new to the neighborhood and will add a state-of-the-art affordable senior housing community to the revitalization plan for the area,” says George Gekakis, who has developed more than 600 affordable seniors units in Las Vegas.

The project is receiving tax credit equity from Bank of America through The Richman Group Affordable Housing Corp. and HOME funds from Clark County and the city of Las Vegas.