Latest news with #AreaMedianIncome
Yahoo
a day ago
- Business
- Yahoo
Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in Arvada, Colorado
Business and community leaders joined LAC to break ground on Marshall Pointe Apartments. ARVADA, Colo. , June 3, 2025 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a groundbreaking ceremony last week at the future site of Marshall Pointe Apartments, a four-story, 260-unit affordable housing community in Arvada, Colorado expected to begin leasing in September 2026. "We are proud to commence work today on LAC's second ground-up development in the Denver metro area," said Ben Taylor, LAC vice president and project partner. "Marshall Pointe will provide high-quality, affordable housing for families in one of Colorado's fastest-growing communities." Comprised of mostly one- and two-bedroom units, Marshall Pointe will lease its units to residents earning between 30% and 70% of the Area Median Income (AMI). Communal amenities will include two courtyards: one for adults featuring a covered dining area, hammock grove, flex lawn space, and lush landscaping; and one for children including a climbing wall, playground, movie wall, and garden. Additional indoor amenities include a fitness center, game room, package and mail rooms, and a lounge with a kitchenette. All units will be equipped with stainless steel Energy Star appliances, balconies, walk-in closets, linen closets, and hard-surface countertops. LAC is partnering with Family Tree, a non-profit human services agency in the Denver Metro Area, to offer full-time permanent supportive housing (PSH) at the site for all 13 units at the property, including eight that will have Project-Based Housing Choice Vouchers from the Arvada Housing Authority (AHA). As a result of the partnership with LAC, residents at Family Tree's nearby under development supportive housing property will have the opportunity to move to Marshall Pointe when ready, creating a Corridor of Housing Advancement between the sites and supporting long-term residency in the area. The project was financed in partnership with AHA and the Colorado Housing and Finance Authority (CHFA), which provided Federal and Colorado State Tax Credits, along with the permanent financing. Additionally, the Colorado Department of Local Affairs provided $5 million of bridge funding for the land acquisition through their Operation Turn Key program, which allowed LAC to acquire the land 18 months ahead of the construction finance closing. Additional partners include the National Equity Fund (NEF) and JP Morgan Chase. About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a presence in 28 states and a portfolio of 170+ properties comprising 30,500+ units housing 80,000+ residents. Media ContactNoah Sachartoffnoahs@ View original content to download multimedia: SOURCE Lincoln Avenue Communities Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Tacoma church opens 60 affordable-housing units to complete decades-long vision
A Tacoma church and community leaders recently celebrated a new affordable-housing project in the Hilltop neighborhood that has been decades in the making. The Shiloh New Life Apartments next to the Shiloh Baptist Church, 1211 S. I St., offers 60 affordable housing units for low-income individuals and families, with a priority on offering units to individuals experiencing homelessness. Pastor Chavis Young told The News Tribune the church purchased the land for the apartments nearly 25 years ago with a vision to create affordable housing. 'This was birthed from the heart of Pastor E.S. Brazill, who wanted to create low-income housing on that land,' Young said. Before becoming the New Life Apartments, Young said, the land was used for a variety of purposes, including transitional housing for those exiting incarceration. He said the New Life Apartments were part of a decades-old vision by the late Brazill, who 'dreamed of creating housing on a bigger scale.' Brazill's vision was carried on by Pastor Gregory Christopher, who retired from Shiloh Baptist Church in 2023 after serving the Hilltop community for more than 20 years. Young said Christopher 'had a heart for serving' the unhoused community as he experienced homelessness earlier in his life. While neither Christopher nor Brazill was not at the church to see their vision come to fruition, Young said it was a 'blessing' to see the land where five houses once sat transformed into housing for dozens of families and individuals. The complex is composed of two separate buildings, one named for Brazill's wife, Lily, and the other named for James and Marilyn Walton — two community leaders who were involved with the church. James Walton was the City of Tacoma's first Black city manager. Shane Vestnys, a property manager for the apartments, told The News Tribune as of May 7 all but one of the units had been leased. Vestnys said one-third of the units are reserved for veterans experiencing housing instability. Veterans can be referred to the units through Veterans Affairs, and the Tacoma Housing Authority is providing housing vouchers for those individuals. Units are also available for individuals with disabilities. Many of the units come furnished, and Vestnys said a representative from a service provider is on site to assist residents with the supportive services they might need. The units are intended for individuals and families earning 30–50% of the Area Median Income (AMI). According to recent U.S. Census Bureau data from 2023, Tacoma's household AMI is $83,857. The nearly $34 million project received $5,077,566 in funding from Pierce County, $6,020,000 from the Washington State Department of Commerce, $4,444,893 through the City of Tacoma's Community Redevelopment Authority Board, and $14,458,765 in equity from the Washington State Housing Finance Commission's Low Income Housing Tax Credit. The public investments mark a region-wide push to create affordable housing stock. 'To fully meet the housing needs of current and future residents, the county needs to produce, on average, over 2,300 units per year of housing affordable at or below 50% of area median income (AMI) through the year 2044,' the county's Housing Action Strategy of 2022 found. 'Over half of these units are needed for households at 30% of AMI or below.'
Yahoo
10-05-2025
- Climate
- Yahoo
Home repair aid is available for low-income seniors in Greene County after severe storms
GREENE COUNTY, Mo. — The Springfield-Greene County Office of Emergency Management (SG-OEM) is informing residents of a resource designed to help low-income seniors following recent storm damage. According to a SG-OEM news release, the USDA Home Repair Program is a federal program that provides grants and low-interest loans to qualifying homeowners for essential repairs. Those repairs include emergency tree removal, roof and structural improvements, electrical repairs and accessibility upgrades. The Section 504 Home Repair Program offers financial assistance to help very low-income seniors (62 or older) address critical safety concerns following recent storm damage. This applies to rural areas with populations less than 20,000 people within Greene County or areas up to 35,000 population that were 'rural' before Oct. 1, 1990, which does not include homes in Springfield city limits. Homeowners can check address eligibility using USDA's online map. Grant Option Who qualifies? Homeowners aged 62 or older, living in their home, with household income at or below 50% of the Area Median Income (AMI) and unable to repay a loan. Grant amount: Up to $10,000 (no repayment required unless the home is sold within 3 years.) Covered repairs: Includes emergency tree removal, roof and structural repairs, electrical fixes, and safety improvements for accessibility. Loan option: For those who don't qualify for the grant, low-interest loans of up to $40,000 are available at 1% interest over 20 years. This provides a flexible alternative for home repairs for those ineligible for the grant. How to apply: Submit forms and proof of income. USDA will inspect the home, and if approved, issue a 'Notice to Proceed' before work begins. Payments are made directly to the contractor after a final inspection. For more information or questions, contact USDA Rural Development or visit their website to determine eligibility and begin the application process: Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Wire
08-05-2025
- Business
- Business Wire
Western Alliance Bank-Funded Danny's Home for Heroes Celebrates Grand Opening
PHOENIX--(BUSINESS WIRE)-- Western Alliance Bank today announced the grand opening of Danny's Home for Heroes in Quartz Hill, California, with construction-to-permanent financing provided by the Western Alliance Affordable Housing Investments Group in partnership with R4 Capital Funding. Western Alliance Bank-Funded Danny's Home for Heroes Celebrates Grand Opening Western Alliance invested $20.9 million in tax-exempt and taxable construction-to-permanent bonds to finance the new construction of the three-story residential building, located at 4856 West Avenue L-14 in Quartz Hill. Danny's Home for Heroes includes 35 furnished one-bedroom units for homeless and formerly homeless veterans and their families. The 735-square-foot units are restricted to residents earning 30%-50% of the Area Median Income (AMI). 'Western Alliance Bank has a significant presence in Los Angeles County, and we are a leading source of financing for affordable housing projects in Southern California,' said Philipp Smaczny, managing director of Affordable Housing Investments for Western Alliance Bank. 'We are proud to assist Danny's Home for Heroes in offering a safe and welcoming environment that supports veterans to maintain stable housing and build their futures.' In addition, more than $15.5 million of equity was raised from investments in 4% Federal and State Low-Income Housing Tax Credits and solar investment tax credits provided by R4 Capital. The 35 units at the property will be covered under a new 20-year HUD-Veterans Affairs Supportive Housing (HUD-VASH) Project-Based Assistance Payment Contract. Through this project-based voucher partnership program, the Los Angeles Community Development Authority (LACDA) partners with the Department of Veteran Affairs (VA) to provide rental assistance to units leased to eligible veterans. The property also includes one non-revenue-producing manager's unit, as well as supportive services to help veterans transition into civilian life with dignity and support. In addition to transitional housing, the property offers counseling services and job training programs to address the unique needs of veterans. About R4 Capital R4 Capital is a nationwide affordable housing investor, lender, loan servicer, and asset manager. Founded in 2011, the firm manages more than $10.9 billion of affordable housing equity and debt investments, including $6.7 billion of LIHTC equity and more than $4.2 billion of tax-exempt debt through R4 Capital Funding. R4 Capital's growing investment portfolio spans 49 U.S. states and territories, and consists of more than 70,000 units of affordable housing. R4 Capital has offices in New York, NY, Boston, MA, Newport Beach, CA, and Austin, TX. Learn more at About Western Alliance Bank With more than $80 billion in assets, Western Alliance Bancorporation is one of the country's top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by banking and mortgage experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director and receiving #1 rankings on Extel's (formerly Institutional Investor's) All-America Executive Team Midcap 2024 for Best CEO, Best CFO and Best Company Board of Directors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit Western Alliance Bank.
Yahoo
01-05-2025
- Business
- Yahoo
New affordable housing community coming to San Diego
NOTE: The video above provides information on whether to buy or rent a home. SAN DIEGO (FOX 5/KUSI) — San Diego city officials on Wednesday broke ground on a new affordable housing complex in the Cortez Hill neighborhood. Kindred, located at the Central District Core on Sixth Avenue, is an eight-story development that will consist of 125 affordable apartments and one manager's unit, nonprofit affordable housing owner and developer BRIDGE Housing said in a news release. 'Access to affordable housing helps children succeed in school, empowers adults to contribute to their neighborhoods, and allows seniors to age with dignity. But the cost of housing in San Diego is simply out of reach for too many individuals and families,' said BRIDGE Housing President and CEO Ken Lombard. La Jolla's proposed split from the city of San Diego moves forward The complex will feature outdoor courtyards, ground floor community areas and management offices, and approximately 4,400 square feet of commercial space. Of the 125 apartments, 62 will be one-, two- and three- bedroom apartments that are for households earning up to 60% of the Area Median Income (AMI). The other 63 one-bedroom units will be saved for formerly homeless seniors support by the Program of All-Inclusive Care for the Elderly (PACE). 'Every new home we create brings us closer to the San Diego we know is possible: one where everyone has a roof over their head at a price they can afford,' said San Diego Mayor Todd Gloria. Other amenities in the neighborhood include public transportation, Balboa Park, museums, theaters and the San Diego Zoo. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
