The Bart Harvey Opens in Seattle
SEATTLE—The newest affordable housing development 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 six-story building in Seattle’s Cascade neighborhood. There are five stories of studio and one-bedroom apartments above a ground floor that features a library and a 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 area median income (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 low-income housing tax credits (LIHTCs).
Funding was provided by the Department of Housing and Urban Development, Enterprise, Washington State Housing Finance Commission, KeyBank, Wells Fargo Bank, Sortun Housing Fund, and Enterprise Green Communities.
Jamboree Opens No. 50
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 in every home.
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.
BostonCapital Invests in Harlem Development
HARLEM, N.Y.—Boston Capital has invested in Harriet Tubman Housing Apartments, a 53-unit multifamily development that will be built in Harlem.
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 studios, 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 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.
ChicagoSeniors Housing Re-opens After Fire
CHICAGO —The Chicago Housing Authority (CHA) celebrated the re-opening of the Flannery Senior Apartments, which underwent an 18-month, $16 million renovation.
The property was damaged in a 1998 fire caused by a severed gas main, according to CHA.
The new 125-unit building features façade and site improvements, including renovated common areas, dining, and laundry rooms. The apartments also have updated kitchens and bathrooms and new flooring and mechanical systems.
Development Undergoes an $11 Million Renovation
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.
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