Ohio awards $14.8 million to nine projects
Columbus, Ohio – The Ohio Housing Finance Agency approved more than $14.8 million to help acquire, rehabilitate, and/or construct 379 units of rental housing and 46 single-family homes for moderate- and low-income families.
Funding was provided through the multifamily bond program, the Housing Development Assistance Program (HDAP), and the housing development loan program. The HDAP is funded by HOME funds and the Ohio Housing Trust Fund. Direct loans, equity bridge loans, and seed money loans are offered under the housing development loan program.
Warehouse converted to lofts
Buffalo, N.Y. – Signature Development Buffalo, LLC, converted a vacant 1920s-era warehouse into 24 loft apartments.
The $4.3 million development, IS Lofts of Buffalo, features studio and one-bedroom units ranging from 630 square feet to 800 square feet in size. Rents range from $500 to $850.
The project received $2.2 million in low-income housing tax credits from the New York State Department of Housing and Community Renewal. The tax credits were sold to WNC & Associates, Inc., a tax credit syndicator. The Community Preservation Corp. also provided $1.2 million in permanent financing. The loan will be sold to the New York State Common Retirement Fund.
VofA renovates Deans Apartments
South Brunswick Township, N.J. – Volunteers of America acquired Deans Apartments, a 40-unit Sec. 515 property here, in May. It plans to renovate the development at a cost of $50,000 per unit.
Financing included the transfer and assumption of an existing U.S. Department of Agriculture Rural Development 1 percent mortgage, housing tax credits from the New Jersey Housing and Mortgage Finance Agency, a $1.3 million grant from the South Brunswick Township Affordable Housing Trust Fund, and a utility conversion grant from PSEG, an energy-services company.
The rehabilitation is expected to be completed in December.
Affordable seniors housing spurs redevelopment
West Baltimore, Md. – Unity Properties, Inc., and Enterprise Homes, Inc., broke ground on New Shiloh Village Senior Living in June. The $9.9 million affordable seniors housing development was designed with a focus on energy efficiency and conservation of raw materials.
The 80 one- and two-bedroom units will target very low, low-, and moderate-income seniors. Financing includes $8.1 million in housing tax credit equity through Enterprise Community Investment; $1.2 million from city HOME funds; a $500,000 state rental housing production loan; and a $50,000 Enterprise Community Partners Green Communities grant.
BCS builds housing for military
Junction City, Kan. – BCS Design, Inc., a subsidiary of Butler National Corp., is developing affordable single-family housing here to help military families returning to Fort Riley.
BCS will build 14 townhouses and 10 single-family homes at two locations here. Each single-family unit will feature three bedrooms, two baths, and a two-car garage. Pricing for the homes will range from $139,900 to $149,900.
In the coming months, there will be 25,000 to 30,000 additional people looking for housing in the area due to the large number of troops relocating here, according to BCS President Jeff Shinkle.
NCR acquires Vanderbilt Apartments
Asheville, N.C. – National Church Residences acquired Vanderbilt Apartments, a 155-unit housing tax credit seniors housing property here. It assumed $3 million in existing debt and began $5 million in renovations in June. The property was originally built between 1910 and 1912 as a hotel.
Rehabilitation plans include reconfiguring the number of units to 123 by transforming many of the chronically vacant efficiency units into one-bedroom units. Financing sources include the Department of Housing and Urban Development, North Carolina Housing Finance Agency, the National Affordable Housing Trust, Prudential Huntoon Paige Associates, Capmark Financial, and the city of Asheville.
Qatar donates $22 million to Habitat
Americus, Ga. – In May, the nation of Qatar donated $22 million, part of a $100 million gift, to Habitat for Humanity International to help in the long-term recovery of the Gulf Coast region. The grant to Habitat’s Operation Home Delivery hurricane response program will help to build simple, decent homes in partnership with low-income families affected by Hurricane Katrina.
The funds will help build 153 homes in Louisiana, 107 homes in Mississippi, and 33 homes in Alabama. The gift from Qatar brings Habitat’s fund-raising efforts up to $123 million for its Operation Home Delivery program.
In other news, Enterprise Community Partners formed a partnership with Providence Community Housing to invest more than $20 million to develop 6,500 single-family homes and apartments in metropolitan New Orleans.
AHA provides housing for former foster youth
Oakland, Calif. – Affordable Housing Associates and the First Place Fund for Youth broke ground on the Madison & 14th development in this city’s downtown area.
The property is mixed-use and transit-oriented, and has 79 studio and one- to three-bedroom units of affordable rental housing. Twenty apartments will be set aside for youth aging out of the foster-care system with supportive services provided by First Place.
CalHFA loans get flexible
Sacramento – The California Housing Finance Agency (CalHFA) is offering a new loan program that is the first of several initiatives aimed at making affordable rental housing easier to develop.
The 30/15 permanent financing program allows developers to pay off their CalHFA loans after 15 years. In the past, borrowers were locked into the loans for the full 30-year term. The new program will provide 30-year, fully amortized permanent loans for new multifamily construction, acquisition, and rehabilitation of existing multifamily projects.
FHLBank of San Francisco awards 60 projects
San Francisco – The Federal Home Loan Bank of San Francisco awarded $23.4 million in Affordable Housing Program grants in the first round of its 2006 competition. The grants will support 60 projects and generate 3,679 affordable housing units in Arizona, California, Florida, Illinois, Nevada, Oregon, Tennessee, and Texas.