Affordable Housing Finance

REGIONAL REPORT

Regional News

AFFORDABLE HOUSING FINANCE • September 2009

BY AHF STAFF

MIDWEST

Seniors Housing Re-opens

CHICAGO The Chicago Housing Authority recently celebrated the re-opening of the Flannery Senior Apartments, which underwent an 18-month, $16 million renovation after a devastating fire.

The 16-story, 125-unit building features façade and site improvements, including renovated common areas and dining and laundry rooms. The apartments also have updated kitchens and bathrooms as well as new flooring and mechanical systems.

The building was damaged in a 1998 fire that was caused by a severed gas main, according to the housing authority.

NORTHEAST

Boston Capital Invests in Harlem Development

HARLEM, N.Y. Boston Capital has invested in Harriet Tubman House Apartments, a 53-unit multifamily development that will be built here.

The development will include the rehabilitation of two existing buildings that formerly served as a homeless shelter and the construction of a new building, which will be joined with one of the existing structures.

The project will include two studio, 13 one-bedroom, 26 two-bedroom, and 12 three-bedroom units. There will also be 1,500 square feet of community space.

The apartments will target families earning no more than 60 percent of the area median income (AMI), with 16 units set aside for formerly homeless individuals or families. Boston Capital invested about $7.4 million in the development. The general partner is West Harlem Group Assistance, Inc.

SOUTH CENTRAL

TDHCA Reserves LIHTCs

AUSTIN, TEXAS The Texas Department of Housing and Community Affairs announced that it will provide $78.7 million in low-income housing tax credits (LIHTCs) to developers constructing or rehabilitating 74 properties across the state.

The awards are made through the 2009 housing tax credit program.

The credits will create approximately 7,000 affordable rental housing units statewide.

SOUTHEAST

Development Undergoes $11 Million Renovation

The creation of 18 new three-bedroom homes to accommodate larger families was part of the recent renovation of Addison Way Apartments in Selma, Ala.

SELMA, ALA. The newly renamed Addison Way Apartments has been unveiled after an $11 million renovation of its 23 buildings.

Originally built in 1974 as the Cloverdale Apartments, the new complex has 120 units of affordable housing, including 18 new three-bedroom homes to accommodate larger families. A new clubhouse has also been added.

The Bennett Group is behind the renovation, which was financed with more than $8.4 million in LIHTC equity from Enterprise Community Investment, Inc., and a $20,000 federal Sec. 4 grant from Enterprise Community Partners, Inc.

Regions Bank provided an affordable first mortgage at below-market rates using a subsidized advance from the Federal Home Loan Bank of Atlanta, which also provided a $240,000 Affordable Housing Program grant.

WEST

The Bart Harvey Opens in Seattle

SEATTLE The newest affordable housing development in the city has a familiar name.

The Bart Harvey, which provides 50 units of affordable housing for low-income seniors, is named after the longtime leader of Enterprise Community Partners, Inc., and Enterprise Community Investment, Inc. Harvey retired from the national nonprofit organization last year.

The Low Income Housing Institute developed the sixstory building. There are five stories of studio and one-bedroom apartments above a ground floor that features a library and computer lab, community meeting space, and offices for case management and support services.

The $12.9 million development serves seniors earning no more than 50 percent of the AMI. The residents pay no more than 30 percent of their income in rent. Ten units are set aside for previously homeless seniors, and another 10 are for disabled seniors.

The project was funded through Sec. 202 funds and LIHTCs.

Funding was provided by the Department of Housing and Urban Development (HUD), Enterprise, Washington State Housing Finance Commission, KeyBank, Wells Fargo Bank, Sortun Housing Fund, and Enterprise Green Communities.

Jamboree Celebrates No. 50

Granite Court in Irvine, Calif., is designed with green features.
(Photo by Juan Tallo)

IRVINE, CALIF. Jamboree Housing Corp. opened its 50th property, with the completion of Granite Court.

The affordable housing development serves working families earning between 30 percent and 60 percent of the AMI.

In 2006, Jamboree was awarded more than $6.3 million in Proposition 46 funding for Granite Court. Proposition 46 is the state’s $2.1 billion housing bond approved by voters in 2002.

The $32 million development is designed with a photovoltaic system that powers common areas, earth-friendly and renewable materials throughout the project, and Energy Star appliances.

Granite Court is in the heart of the Irvine Business Complex, which spans more than 2,670 acres and represents a center with more than 83,000 jobs.

One-third of Granite Creek’s residents were already living in Irvine, and about 22 percent are now able to live and work in the city.

Financing partners include MMA Financial, Inc., Union Bank, state Department of Housing and Community Development, city of Irvine, and Orange County.

Cabrillo Opens Two Developments

OXNARD, CALIF. The Cabrillo Economic Development Corp. (CEDC) has announced that residents have begun moving into two new developments here.

Paseo Santa Clara features 54 rental homes for extremely low-income residents, defined as 20 percent to 30 percent of the AMI, and very low-income residents, those earning no more than 50 percent of the AMI.

Paseo Del Rio features 86 rental homes for extremely low- and very low-income individuals and families. The developments are located next to each other and are designed as one community. There are 24 units for individuals who have special needs.

Last year, more than 1,300 people gathered at the Oxnard Performing Arts Center to learn about the 140 rental apartments. Leasing preference was given to individuals who already lived or worked in Oxnard.

CEDC is a private nonprofit community development corporation that provides comprehensive housing services, through a community building approach, in Ventura and Santa Barbara counties.

Cascade Acquires Five Properties

SEATTLE Cascade Affordable Housing recently closed on the acquisition of general partner interests in five properties from Fairfield Residential, through Cascade’s operating venture with the Public Employee Retirement System of Idaho.

The developments are in Washington and California, according to Seattle-based Cascade, an affiliate of Pinnacle, an American Management Services Co.

The Fairfield acquisition is the first of many that Cascade hopes to complete in the two states and other regions where Pinnacle has a presence, said Basil Rallis, director of Cascade, which has a portfolio of hard asset and financial interests in 138 properties with 21,517 units.