CHICAGO -- A joint venture between local developer Senior Lifestyle Corp. and Beloved Community, a nonprofit community development arm of St. Sabina Church here, has completed a complex for seniors with low incomes and is seeking to build more affordable units in the city for seniors. Senior Lifestyle Corp. owns 17 affordable buildings in the city and one in Joliet. The latest project, Auburn Gresham, consists of 85 units. Amenities include a library, a patio, and a community center.
Rents range from $396 to $750 a month and include utilities, housekeeping, parking, free laundry facilities, and scheduled transportation. Most units are for those with low or moderate incomes, with some for those who can afford more.
Faced with a growing shortage of affordable housing for seniors, Chicago— in conjunction with local developers and community groups—has been steadily building apartments for low-income seniors. The goal is to have affordable buildings in every ward, adding 4,000 units by 2010. About 2,100 units are online so far, with another 800 expected this year, according to the Chicago Department of Housing.
NORTHEAST
$25 Million Financing Approved for NYC
NEW YORK CITY -- Nearly $25 million in financing and grants was approved to build and preserve 333 units of affordable housing in the city. The actions were taken by the boards of the New York State Housing Finance Agency and its subsidiary, the New York State Affordable Housing Corp. (AHC). The approvals included $18 million in financing to renovate the 125-unit Caroline Apartments in the Inwood section of Manhattan and a $2 million grant to the Housing Partnership Development Corp. to buy and renovate at least 50 foreclosed housing units.
AHC approved a $1.59 million grant to the Housing Partnership for the construction of 53 condominium units in five buildings in the Melrose section of the Bronx. The corporation also approved a $2.6 million grant to the Housing Partnership to build 87 cooperative affordable units in the East Harlem section of Manhattan. The units will be located in a 13-story, 117-unit mixed-income building that features a green recreation space, a ground floor community space, and a 58- space parking garage.
CATCH Refurbishes Big Apple Apartments
NEW YORK CITY -- Community Assisted Tenant Controlled Housing, Inc. (CATCH), a local nonprofit, has acquired and renovated an affordable complex here. Logan Gardens, a 104-unit complex for seniors and individuals with disabilities, was originally a public housing complex, which was purchased in 2005 by an affiliate of CATCH.
At the time, more than 80 percent of the units in the building failed to meet federal housing quality standards, and the building was at risk of being sold to an owner who, it was feared, would raise rents, forcing low-income seniors out of their homes. A new roof, water-damage repairs, elevator upgrades, new windows, and new water and heating systems were among the renovations.
Enterprise Community Investment, Inc., provided $3.3 million in low-income housing tax credit (LIHTC) equity for the project; New York City Housing Development Corp. contributed $4.2 million to the restoration; the city’s Department of Housing Preservation and Development provided $600,000; and the New York State Weatherization Fund provided $292,000 of financing.
SOUTH CENTRAL
Projects for Seniors Coming to the Big Easy
NEW ORLEANS -- Providence Community Housing, a nonprofit developer, has broken ground on an apartment community for seniors with low incomes here.
Delille Inn consists of 51 units and will be built on the site of the former Delille Inn, an affordable complex that was damaged by Hurricane Katrina. The five-story complex will include 38 one-bedroom units and 13 studio apartments. Pull cords will be installed in every unit so residents can connect to the front desk and emergency services. Amenities include a lounge on each floor, a dining area, and a community room.
Financing includes $4.7 million in Gulf Opportunity Zone LIHTCs from Enterprise Community Investment, Inc., a $2.4 million construction loan from JPMorgan Chase Bank, and a $2 million federally insured permanent mortgage from Sims Mortgage Funding.
SOUTHEAST
Replacing Affordable Units in Sarasota
SARASOTA, FLA. -- The Michaels Development Co. has broken ground on a 128-unit affordable complex here. The complex known as Janie Poe will be constructed in three phases, with final completion slated for October 2009.
Janie Poe is the first of four public housing sites to be redeveloped as part of the Newtown Revitalization Program. The other sites are Bertha Mitchell, Orange Avenue, and The Courts.
Phase I is being developed using a combination of LIHTCs, city and county grant funds, and private financing, with JPMorgan Chase serving as the construction lender, National Equity Fund as the tax credit investor, and National Lending Partners of West Florida providing the first mortgage. Units will range from one to four bedrooms, and the site will include retail space.
Nonprofit Celebrates Anniversary in N.C.
HENDERSONVILLE, N.C. -- HENDERSONVILLE, N.C. Housing Assistance Corp., a local nonprofit, has completed an affordable community for seniors and individuals with disabilities. This year marks the nonprofit’s 20th anniversary.
The group’s newest development, Sugar Hill Apartments, consists of 40 units and cost $4 million to complete.
WEST
Green Apartments Planned in Portand
PORTLAND, ORE. -- Armstrong Stafford has broken ground on an affordable development in the northeast section of this city.
The property on which the project will be built was once home to a used appliance store. Shaver Green, a $16.2 million project, will consist of 85 units. The development will target households maxing out at 60 percent of the area median income (AMI).
Shaver Green will aim for 60 percent or better performance beyond the Oregon Energy Code and will have a solar roofing system. It will also use recycled and prefabricated materials. Crews will recycle 95 percent of the construction and demolition waste, and the 89,000-square-foot building will have a system that uses storm water for irrigation.
Rents at the development will be $710 for the 59 one-bedroom units, $848 for the 25 two-bedroom units, and $981 for the single three-bedroom apartment. Ten of the apartments will be permanent supportive housing, or housing for households earning no more than 30 percent of the AMI.
Affordable Complex Opens in San Diego
SAN DIEGO -- Las Palmas Foundation, a nonprofit based in Encinitas, Calif., has completed Gateway Apartments, a 42-unit complex here. Units are set aside for households earning no more than 60 percent of the AMI.
The community features four stories built over a two-level underground garage as well as a community center, a computer center with free Internet access, barbecue areas, a tot lot, and gated access. Residents will also have access to a variety of free on-site services, including after-school programs and computer education.
Gateway includes 17 two-bedroom and 25 three-bedroom units, ranging from 860 to 1,100 square feet.
