Charlesview Residences Moves Forward
Boston—The Community Builders, one of the nation’s largest nonprofit urban developers, and Charlesview, Inc., the governing board of the Charlesview Apartments, has received approval from the Boston Redevelopment Authority Zoning Commission to develop the new Charlesview Residences in Allston.
The approval paves the way for the relocation of the existing 213-unit Charlesview Apartments plus the construction of 27 additional units of moderate and workforce rental housing and 100 moderate and workforce homeownership units, according to officials. In all, there will be 240 rental units and 100 homeownership units.
Construction is expected to begin in the spring.
NSP Funds Awarded in Tampa
Tampa, Fla.—Crosland, LLC, in partnership with DDA Development has been awarded more than $2.6 million from the city of Tampa to acquire, rehabilitate, and resell foreclosed homes in the area under the Neighborhood Stabilization Program.
The revitalized homes will be sold to Department of Housing and Urban Development-qualified buyers whose incomes do not exceed 120 percent of the area median income (AMI). Homebuyers will undergo a counseling program and be eligible for downpayment assistance and a zero-interest second mortgage.
The program has begun with three properties contracted for purchase in December. The first homes redeveloped by Crosland and DDA are expected to be on the market by the spring and will be in the North Tampa, University Square, Sulphur Springs, and Old West Tampa communities.
Alliant Triples Affordable Housing Loans
Seattle—Alliant Capital, LLC, announced closing more than $100 million in affordable loan originations in 2009, more than tripling its affordable business from the prior year.
The firm tripled closings for permanent Fannie Mae Delegated and Underwriting Servicing loans, which enabled owners to acquire or refinance affordable housing with financing from low-income housing tax credits, Sec. 8, or local government. The projects are located across the country, including New York, California, Illinois, Texas, Arizona, Oregon, Utah, Mississippi, Maryland, and Washington, D.C.
“Our growth this year can be attributed to our dedicated team of nationwide originators and the company’s commitment to provide the best financing options available, even in a difficult lending environment,” said Byron Steenerson, COO and president of Alliant Capital, in a statement. “As more affordable housing lenders exited the marketplace, we ramped up our lending capabilities with new underwriters focused solely on completing these more complicated loans types.”
BostonCapital Acquires New Projects
Boston Capital has invested in two projects, The Oaks at Weatherby in Woolwich, N.J., and Vintage Oaks Senior Apartments in Citrus Heights, Calif.
The Oaks at Weatherby is a to-be-built 86-unit development. The general partner is Community Investment Strategies, Inc. The development will be loaded with green features, including solar panels to power the clubhouse and common area lights. The project is partially funded through the Tax Credit Assistance Program.
Boston Capital has also invested in Vintage Oaks, a 241-unit development for seniors. The general partner is USA Properties Fund, Inc.
Renovations total more than $3.3 million, representing more than $22,000 per unit. In addition, a solar photovoltaic system will be installed to satisfy close to 90 percent of the propertywide electricity demand and reduce the electric costs to residents by more than 50 percent.
APAH Preserves Apartment Complex
Arlington, Va.—The Arlington Partnership for Affordable Housing (APAH) announced the purchase of Buchanan Gardens, a 111-unit development built in 1949.
APAH officials said the acquisition ensures that the apartments will remain affordable for residents earning no more than 60 percent of the AMI for the next 60 years.
A five-year renovation plan will provide for larger, family-friendly units, new windows, kitchens, baths, and roofs.
Buchanan Gardens is part of the county’s effort to preserve affordable housing around Columbia Pike in south Arlington. The Arlington County Board approved a $7.1 million loan to APAH last November to purchase the property.