3TREE FLATS
Developers: JAIR LYNCH Development Partners, AHD, Inc., and Stratford Capital Group Architects: EDG Architects and Schlesinger Associates Architects
Major Funders: Stratford Capital Group; M&T Bank; Sherwin-Williams; Deutsche Bank; District of Columbia Housing Finance Agency; District of Columbia Department of Housing and Community Development; Office of the Deputy Mayor for Planning and Economic Development; Department of Housing and Urban Development; City First Bank; District of Columbia Primary Care Association
DISTRICT OF COLUMBIA—3Tree Flats provides five stories of mixedincome housing above a neighborhood primary health center.
“We are very excited to deliver a community that is completely aligned with what the new market is,” says Jair Lynch, president and CEO of JAIR LYNCH Development Partners, one of the developers behind the project.
At 3Tree Flats, 119 out of 130 apartments are affordable to residents earning no more than 60 percent of the area median income. The remaining 11 apartments are market-rate.
With a mix of studio, one-, two-, and threebedroom units, the development serves the affordable housing needs of young urban workers just starting out, says Lynch.
Located a block north of the Georgia Avenue-Petworth Metro station, the transitoriented project has earned a gold rating for Leadership in Energy and Environmental Design for Neighborhood Development.
The deal was put together at the low point in the financial crisis. 3Tree Flats was the only tax-exempt housing bond transaction financed by the District of Columbia Housing Finance Agency in 2009.
The development was also financed with low-income housing tax credits. To close on the financing, tax credit syndicator Stratford Capital Group became a general partner to provide investors with added assurance. AHD, Inc., is also a developer partner.
A significant component of the community is a 28,000-square-foot neighborhood health center operated by Mary's Center for Maternal and Child Care, which provides health care to patrons regardless of their ability to pay. The facility has 22 exam rooms and five dental chairs.
The center was financed by the D.C. Primary Care Association and New Markets Tax Credits from City First Bank. —Donna Kimura
BISHOP'S CREEK FAMILY HOUSING
Developer: CommonBond Communities Architect: Continuum Architects and Planners
Major Funders: Enterprise Community Investment; Wells Fargo; City of Milwaukee; Milwaukee Affordable Housing Trust Fund; Housing Partnership Network; Wisconsin Housing and Economic Development Authority; Wisconsin Department of Commerce
MILWAUKEE—An abandoned tannery site has been transformed into a 55-unit development that's providing new housing options for residents and leading the revitalization of the neighborhood.
Other developers had stayed away from the site because of the soil contamination left by the tannery, but CommonBond Communities was undeterred, realizing that turning around the troubled property was key to rejuvenating the community.
Working with the Bishop's Creek Community Development Corp., the nonprofit obtained unprecedented state and local government support to clean and redevelop the site.
“It's an example of what can be done in older urban core neighborhoods to provide quality, dignified affordable housing that is sustainable,” says Paul Fate, president and CEO of CommonBond.
Featuring one-, two-, and three-bedroom units, Bishop's Creek Family Housing provides affordable homes to those earning between 30 percent and 60 percent of the area median income. Nine units are market-rate.
Residents have access to a number of onsite services, including career development and after-school programs for youths.
As a catalyst for development in North Milwaukee, the project needed a design that fit into the part-industrial, part-residential neighborhood.
This was accomplished by a townhousestyle building with walk-up units and porches. Metal touches were added as a nod to the industrial neighbors.
Investing more than four years of work, CommonBond secured low-income housing tax credits (LIHTCs), brownfield grants, tax increment financing, and other sources for the $11 million project.
To maximize LIHTC pricing at a time when the market was struggling, developers worked with Enterprise Community Investment, the syndicator, and Wells Fargo, the construction lender, to structure a longer timeline for equity installments. CommonBond also provided its own bridge for the city's tax increment financing and affordable housing trust funds. —Donna Kimura
OAK HILL JACKSON BRICKSTONES
Developer: Hatch Development Group Architect: Novak Design
Major Funders: National Equity Fund, Inc.; Berkshire Hathaway; Iowa Finance Authority; City of Cedar Rapids; Cedar Rapids Bank and Trust
CEDAR RAPIDS, IOWA—Oak Hill Jackson Brickstones provides valuable affordable housing for 96 individuals and families and hope for an entire city.
It is one of the first and only new developments to rise in Cedar Rapids since a 2008 flood devastated the heart of the city. The worst disaster in Iowa history, the waters flowed through nearly every downtown building.
“Everybody needed Cedar Rapids to bounce back,” says Jack Hatch, principal of Hatch Development Group and a state senator. “It's an economic engine of the state."
Iowa's second-largest city needed to rebuild. Hatch's firm decided to lead the city's comeback with a new housing development. The developers worked closely with city officials to acquire land that had been inundated by 4 to 6 feet of floodwater and then come up with a thoughtful design.
The result is Oak Hill Jackson Brickstones, a $19.7 million low-income housing tax credit (LIHTC) development serving residents earning no more than 60 percent of the area median income.
“We were able to stop the deterioration from getting worse and hopefully be a catalyst for the development of new housing and new commercial enterprises," Hatch says.
The Brickstones is made up of two four-story buildings. To alleviate concerns about future flooding, the residential units and mechanical systems were elevated with parking below.
The development was financed with about $10 million in LIHTC equity from the National Equity Fund, Inc., and Berkshire Hathaway, and $9 million in Tax Credit Exchange Program funds from the Iowa Finance Authority.
“The Brickstones have played a significant role in the revitalization of the neighborhood and our city,” says Mayor Ron Corbett. “With its signature architecture and design, it is protected against future flooding. The project makes a bold statement to the citizens of this community." —Donna Kimura
TEN FIFTY B
Developer: Affirmed Housing Group Architect: Martinez + Cutri Corp.
Major Funders: Centre City Development Corp.; Boston Capital Corp.; AEGON USA Realty Advisors; U.S. Bank; California Department of Housing and Community Development; California Tax Credit Allocation Committee
SAN DIEGO—When a market-rate condo project came to a standstill in 2007, Affirmed Housing Group turned it into an opportunity to build needed affordable housing.
The result is Ten Fifty B, a 23-story, 229-unit development in downtown San Diego.
“The vision for the project was to bring quality housing in a high-rise setting for residents with lower incomes,” says James Silverwood, president and CEO of Affirmed Housing.
A public home builder was set to build luxury condos on the site when the real estate market collapsed and killed the project. Affirmed Housing stepped in, reinventing the project as an affordable housing development serving families earning between 25 percent and 60 percent of the area median income.
To make it work, the firm turned some of the proposed private areas into outdoor recreation space on the seventh and ninth floors. It also reduced the height of each level by several inches, allowing for another story to be added, which let developers increase density without exceeding the building's 240-foot height limit.
The development, which includes 32 twobedroom and 72 three-bedroom apartments, meets key smart-growth concepts. Families live a block from public transportation and within walking distance of Balboa Park and the San Diego Zoo.
Ten Fifty B features solar panels that power the common areas. Developers also installed elevators that collect energy as they descend and reuse that energy to power the elevators up.
To finance the $91.5 million project, Affirmed Housing leveraged multiple financing sources by creating a vertical parcel map, thereby creating two entities that each have ownership in the development.
The Centre City Development Corp., the city redevelopment agency, provided a $34 million loan. Boston Capital and AEGON USA Realty Advisors provided $33 million in 4 percent lowincome housing tax credit equity. U.S. Bank purchased tax-exempt bonds to fund a loan. —Donna Kimura
