Lifelink refinances seniors housing properties
Bensenville, Ill. — Lifelink, a nonprofit organization related to the United Church of Christ, completed a $70 million Sec. 202 refinancing of 12 of its Department of Housing and Urban Development affordable seniors housing properties in Cook and DuPage counties.
The $50 million first mortgage was funded with Illinois Housing Development Authority tax-exempt bonds at 5.07%. The bonds were credit-enhanced by Sec. 223(f) mortgage insurance through GMAC Commercial Mortgage Corp. National Equity Fund, Inc., provided $20.2 million in low-income housing tax credit equity.
The money will be used to renovate the properties.
Other partners include Hamilton Consulting, Ltd.; Alan Ives Construction, LLC; Scott Canel and Associates; and Banc of America Securities, LLC.
Iowa awards $60 million in LIHTCs
Des Moines, Iowa— The Iowa Finance Authority reserved more than $60 million in housing tax credits to affordable housing.
Some of the biggest tax credit awards went to the 55-unit Irving Point development in Cedar Rapids; the 80-unit Prime Square Apartments project in Council Bluffs; the 101-unit Heritage Apartments rehabilitation project in Waterloo; and the 64-unit The ROSE seniors housing development in Waterloo.
OHFA funds 13 affordable housing projects
Columbus, Ohio— The Ohio Housing Finance Agency approved more than $24 million in financing to acquire, rehabilitate and construct 13 affordable housing projects. They include 544 units of affordable rental housing, 49 single-family homes, and seven lease-purchase homes that will provide housing for low- to moderate-income residents.
Funding was made available through the Multifamily Bond Program, the Housing Development Assistance Program and the Housing Development Loan Program.
Lauseng named SDHDA director
Pierre, S.D. — Mark Lauseng was appointed executive director of the South Dakota Housing Development Authority. He replaces Dar Baum, who had retired. Lauseng had been director of finance for the past 20 years.
DHCD grants $8.3 million for homeownership
Boston— The Massachusetts Department of Housing and Community Development awarded more than $8.3 million in state and federal funds to build 162 new homes, 104 of which will be affordable to low- and moderate-income first-time homebuyers.
The funds will be used to create 11 housing developments across the state. Financing comes from the federal HOME program, the state’s Housing Stabilization Fund and the state’s Affordable Housing Trust Fund.
RKF builds Bethel Estates
Gardner, Kan. — RKF Investments, LLC, received $3.7 million in housing tax credit equity from Raymond James Tax Credit Funds, Inc., for Bethel Estates of Gardner – Phase II.
The property will have 48 garden-style one- and two-bedroom units. All of the units are reserved for families earning no more than 60% of the area median income. Construction started in 2005 and is expected to be completed in December.
TDHCA provides $9.9 million for hurricane relief
Austin — The Texas Department of Housing and Community Affairs awarded $9.9 million to the east and southeast regions to help homeowners rebuild or repair homes damaged by Hurricane Rita. The funds are expected to assist 266 households in 13 counties.
About $8.6 million is coming from federal HOME funds, with the remaining $1.3 million drawn from the state’s Texas Bootstrap Loan Program.
Crystal Lake gets makeover
Hollywood, Fla. — Pinnacle Housing Group has broken ground on the $28 million Crystal Lake apartments. It replaces the old Crystal Lake, Broward County’s largest public housing complex.
The 22 buildings, with 190 units, that made up the original project have been demolished to make way for eight new buildings with the same total number of units, as well as a clubhouse, gym and computer lab. The new development will also include six single-family homes to be developed by the Broward County Housing Authority, and a new community center.
Financing included $17.4 million in tax credit equity from MMA Financial, as well as $9 million in private debt from Citibank and zero-interest loans totaling $1.1 million from Broward County and the city of Hollywood.
Pinnacle also started construction on a $20 million, 126-unit development known as The Corinthian Apartments in Liberty City, Fla. It is meant to complement the HOPE VI Scott/Carver redevelopment, and is expected to open in February 2007. It received $10.4 million in tax credit equity from Alliant Capital, $4 million from Miami-Dade County’s Surtax program and a $4.2 million loan from Citibank.
Florida Housing funds $77 million for homeownership
Tallahassee, Fla.— The Florida Housing Finance Corp. reserved $77 million for affordable homeownership, including waivers of certain requirements in 13 counties impacted by Hurricane Wilma. The money is available through the single-family mortgage revenue bond program.
The waivers will remove the first-time homebuyer requirement and increase the income and purchase price limits in these counties through Dec. 31, 2010.
KHC funds $6 million
Frankfort, Ky. — Kentucky Housing Corp. is funding 19 projects totaling 239 units of affordable housing. The $6 million the agency will distribute comes from the latest rounds of funding from the Affordable Housing Trust Fund and the HOME programs.
Hotel converted to Henry House
Anchorage, Alaska— The Alaska Housing Finance Agency loaned $1.4 million to Robert and Julia Henry to acquire and convert the Alaska Budget Hotel into congregate housing.
Named the Henry House, the development will provide secure, safe and drug-free housing for 66 mentally challenged individuals. An existing 18-bed congregate living facility owned by the Henrys is being sold and its tenants will be relocated to the new facility.
Casa de la Villa breaks ground
Corona, Calif. — KDF Communities and the city redevelopment agency started construction on Casa de la Villa, a 75-unit affordable housing community across from Corona City Hall. The $19 million project is scheduled for completion in spring 2007.
Casa de la Villa’s plan includes 51 two-bedroom and 24 three-bedroom units.