Governor publishes $690 million housing plan
Springfield, Ill. -- Gov. Rod Blagojevich released a $690 million affordable housing plan.
On the Road to Success: Illinois’ Comprehensive Housing Plan 2006 identifies current spending earmarked for affordable housing at six different state agencies. It also outlines several strategies for coordination among these agencies to yield affordable housing opportunities.
Copies can be downloaded from the Illinois Housing Development Authority Web site, www.ihda.org.
Foundation donates $5 million for housing
Minneapolis -- A locally based private foundation has committed $5 million to spur the further development of housing and services.
In the next five years, the Frey Foundation will grant $250,000 each to the Family Housing Fund and the Corporation for Supportive Housing, along with a $1 million gift to the Partners Fund to End Long-Term Homelessness. In addition, the foundation will provide $3.5 million in direct funding to the Twin Cities’ nonprofit supportive housing organizations.
The $5 million gift is the largest private gift to date toward the goal of raising $50 million for the state’s Business Plan to End Long-Term Homelessness.
Massachusetts commits $71.2 million for housing
Boston -- The state has pledged $71.2 million of its resources to build 709 new apartments in 15 cities and towns statewide. Rents in 650 of these homes will be affordable for low- and moderate-income families.
“It is terrific that a lot of new homes will be built for families with these funds, but it’s even better that they will be developed in ‘smart growth’ locations throughout the state,” said Gov. Mitt Romney.
Approximately $46.5 million of the funds announced will be generated through private investment in federal and state housing tax credits.
New Hampshire Housing funds two projects
Concord, N.H. -- Concord Area Trust for Community Housing received $1 million in federal HOME funds from the New Hampshire Housing Finance Authority to build Friedman Court here.
The development will have 54 one- to three-bedroom units, and will be the nonprofit’s largest construction project to date.
New Hampshire Housing also committed $250,000 in HOME funds for the Somersworth Downtown Initiative project sponsored by the Somersworth Housing Authority. The project involves the rehabilitation of the former Eagles Building to create five family rental units and two commercial units.
The Overlook begins second phase
Ithaca, N.Y. -- A joint venture among The Arker Cos., The Domain Cos., LLC, and Ithaca Neighborhood Housing Services has started the second phase of The Overlook at West Hill.
The 128-unit apartment complex is expected to serve tenants who work at the nearby Ithaca College, Cornell University, Cayuga Medical Center and Lakeside Nursing Center.
CharterMac, through its subsidiaries, provided more than $8 million in low-income housing tax credit equity, as well as a $2.3 million Freddie Mac loan. Its total debt and equity contributions for the two phases total $18.7 million.
The Overlook is the first complex to benefit from the New York State Energy Research and Development Authority’s new Energy Star Multifamily Pilot program.
The second phase will consist of eight two-story buildings containing one- to three-bedroom units ranging in size from 800 square feet to 1,210 square feet. Ten of the units will be targeted to formerly homeless families.
$6.4 million awarded to self-help housing
Austin, Texas -- The Texas Department of Housing and Community Affairs (TDHCA) awarded $6.4 million to 17 nonprofits through its Office of Colonia Initiatives.
The awards will help the nonprofits provide loans to very low income households who agree to provide at least 60% of the labor required to build or improve their homes.
TDHCA estimates that these funds will help build or repair 234 homes. This funding represents program awards for fiscal years 2006 and 2007. TDHCA funds the program at an annual amount of $3 million.
Mercy Housing awarded $5.3 million
Decatur, Ga. -- Mercy Housing received a $5.3 million grant from the Department of Housing and Urban Development (HUD) to build 67 affordable seniors apartments here.
“This new development in DeKalb will help meet the great need for affordable seniors housing in metropolitan Atlanta,” said Kathleen Brownlee, regional vice president of Mercy Housing.
In addition to the grant, Mercy Housing was awarded both federal and state tax credits totaling more than $5.1 million in 2005 to build 65 affordable seniors apartments in Chamblee, Ga.
VHDA funds 11 homeownership groups
Richmond, Va. -- The Virginia Housing Development Authority (VHDA) allocated $33.5 million in low-interest financing to 11 housing organizations in the central region of the state. The funds will help finance first-time homeownership.
The allocations are funded through VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) program. In addition to providing customized home financing programs, SPARC funds also support VHDA’s strategic initiatives, including community revitalization and addressing the housing needs of seniors, minorities and those with disabilities.
Alaska awards $27.4 million
Anchorage, Alaska -- The Alaska Housing Finance Corp. is awarding $27.4 million in grants and housing tax credits to 13 projects. The funds will help build 282 units of affordable housing.
This year’s distribution of grants and tax credits target the state’s top three housing priorities: low-income seniors, disabled Alaskans and rural families, according to Dan Fauske, CEO and executive director.
HUD aids Arizona homeless
Phoenix -- HUD granted $8.6 million under its Continuum of Care programs to the Arizona Department of Housing to serve homeless persons with transitional and permanent supportive housing. The funding will be distributed to 19 existing homeless assistance programs, as well as three newly authorized programs.
Continuum of Care programs provide permanent and transitional housing to the homeless, as well as fund services such as job training, health care, mental health counseling and substance abuse treatment.
Prop. 46 funds $182 million in housing
Sacramento, Calif. -- The state Department of Housing and Community Development and the state Business, Transportation and Housing Agency has provided nearly $182 million in Proposition 46 funds. Prop. 46 was a $2.1 billion housing bond measure passed by voters in 2002.
The awards were distributed among 28 counties to house more than 3,100 families and individuals.
Funds were provided to the following:
- $145.3 million to the Multifamily Housing Program for permanent low-interest loans for new construction and rehabilitation
- $25 million to the CalHome Program to promote first-time homeownership
- $10.4 million to the CalHome Building Equity and Growth in Neighborhoods Program to reduce regulatory barriers to new affordable homeownership
- $1 million to the CalHome Self-Help Technical Assistance Allocation, which helps train families to build their own homes
FHLBank of Seattle awards $2.9 million
Seattle -- The Federal Home Loan Bank of Seattle is reserving $2.9 million in Affordable Housing Program grants.
The grants will help create 363 housing units for people such as first-time homebuyers, low-income farm workers, the homeless and those with disabilities. Nine of the 16 projects will support homeownership. The funds will be disbursed to projects in Montana, Oregon, Idaho, Washington and Wyoming.