Latest news with #LincolnAvenueCommunities
Yahoo
2 days ago
- Business
- Yahoo
Developer seeks flexibility for design of affordable housing project
Jun. 8—ROCHESTER — A Santa Monica, California, developer is seeking support for deviating from Rochester development code standards to construct a 149-unit apartment complex along Fourth Street Southeast, just east of the Bear Creek Bridge. Lincoln Avenue Communities is proposing a 360-foot-long building, with a decreased rear setback along the river trail south of the site. The proposal exceeds length standards by 60 feet. "The length of this new building should not have any adverse impact on any abutting lots," Scott England, a principal with Minneapolis-based DJR Architecture, stated in a letter with Lincoln Avenue. "The building's length is broken up by multiple vertical architectural components that visually provide for pleasing visual breaks in the façade." Staff from the Rochester Community Development department are supporting the request, pointing to the ability to add downtown-adjacent parking with infill development across five lots, as well as efforts to provide an active use for the site that sits on a transit corridor. "The applicant has worked closely with city teammates to ensure compliance with the unified development code and district design standards," Rochester planner Elliot Mohler stated in a report to the Planning and Zoning Commission. "This includes street activation strategies such as benches, raised planters, additional plantings and bike parking." Lincoln Avenue Communities, which specializes in constructing and managing housing with rents below market rate, plans to lease apartments at rates considered affordable for households earning 60% of the area median income. "For a single parent with a few kids, this equates to $60,000 to $70,000 per year for income to qualify for housing, so it really is true workforce housing," Sarah Robbins, an associate with Lincoln Avenue Communities, told neighbors in April during a required informational meeting. Current state guidelines would cap potential rents at nearly $1,700 for a two-bedroom apartment under the tax credit program Lincoln Avenue seeks to utilize. The project is slated to feature 41 one-bedroom apartments, 77 two-bedroom units and 31 three-bedroom apartments, as well as one level of underground parking. While a site consolidation and a development plan for the project remain under review, the Planning and Zoning Commission will be asked to determine whether the construction variance will be allowed. Before making a decision, a public hearing on the issue will be held during the commission's meeting at 5 p.m. Wednesday in council chambers of the city-county Government Center. If development plans are approved, the apartment complex could be added to more than 150 Lincoln Avenue Communities properties throughout the nation. Company Vice President James Riley said the goal for the company's first Rochester project is to start construction in early 2026, if required development and financing approvals are obtained. Meetings scheduled to be held during the week of June 9 include: Rochester —City Council study session, 3:30 p.m. Monday in council chambers of the city-county Government Center, 151 Fourth St. SE. The meeting will livestream at and be available on Spectrum cable channel 180 or 188. —Police Policy Oversight Commission, 3:30 p.m. Tuesday in room 164B of the Development Services and Infrastructure Center, 4001 West River Parkway NW. —Sustainability and Resiliency Commission, 4:30 p.m. Wednesday in room 104 of City Hall, 201 Fourth St. SE. —Planning and Zoning Commission, 5 p.m. Wednesday in council chambers of the Government Center. —Citizens Advisory on Transit, 4:30 p.m. Thursday in room 104 of City Hall. Olmsted County —Housing and Redevelopment Authority, 4 p.m. Thursday in board chambers of the Government Center. Rochester Public Schools —School Board study session, 5:30 p.m. Tuesday in the boardroom of the Edison Building, 615 Seventh St. SW.
Yahoo
5 days ago
- Business
- Yahoo
Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in New Mexico
Governor Michelle Lujan Grisham and other local officials joined LAC to celebrate Santa Fe County's first multi-family and affordable development. SANTA FE, N.M., June 5, 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 Cresta Ranch Apartments, a new development that will provide 240 units of affordable housing to lower-income residents in Santa Fe. "LAC is proud to bring high-quality, affordable housing to communities like Santa Fe where the need is especially urgent," said Ben Taylor, LAC vice president and project partner. "Cresta Ranch will deliver on our mission by supporting generations of New Mexico families who may otherwise be priced out of the area." Taylor and LAC were joined at the event by a host of community leaders and local officials including New Mexico Governor Michelle Lujan Grisham, and Santa Fe County Commissioners Hank Hughes and Justin Greene. Cresta Ranch will be the first multi-family and affordable development in Santa Fe County and is comprised of 10 buildings of 24 two- and three-bedroom homes, with each unit featuring a balcony and walk-in closet. The community will offer amenities including a fitness center, yoga studio, community room, playgrounds, on-site leasing offices, mail and package room, and common area for laundry. Units will be leased to individuals and families earning up to 60% of the Santa Fe County Area Median Income. The development is financed with a $4 million New Mexico Housing Trust Fund loan and federal Low Income Housing Tax Credits from Housing New Mexico, along with a $35 million conduit tax-exempt bond issuance through Santa Fe County and a $1.32 million of gap funding through their newly created Developer's Assistance Program (DAP). Other financing partners included JP Morgan Chase, National Equity Fund, and Barings. Construction on the development began in January and the first units are expected to begin leasing in Summer 2026. 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. 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
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
Lincoln Avenue Communities Hosts Grand Opening Ceremony for Affordable Housing Developments in Ypsilanti, Michigan
YPSILANTI, Mich., June 4, 2025 /PRNewswire/ — Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a grand opening ceremony last week for Huron Vista and the Residences at Huron, LAC's first ground-up construction developments in the state of Michigan. LAC was joined at the event by community leaders and local officials including Ypsilanti Mayor Nicole Brown. 'We are excited to celebrate the opening of Huron Vista and Residences at Huron in Ypsilanti, which will provide hundreds of Michigan families and seniors with safe, high-quality, affordable housing,' said Kyle Brasser, LAC Vice President and Regional Project Partner. 'LAC is proud to work with our local partners to address the pressing need for affordable units here in Washtenaw County.' Huron Vista and the Residences at Huron provide 156 units of affordable family housing and 152 units of affordable senior housing, respectively. Units are being leased to those earning between 40-60% of the area-media-income (AMI). Both properties include amenities such as outdoor gathering spaces, pools, and fitness centers. Additionally, Huron Vista features a clubhouse building with a community room and children's play area, while the Residences at Huron adds a pickleball court, club room, and underground parking. The developments were financed through tax-exempt bonds and 4% tax credits from the Michigan State Housing Development Authority (MSHDA); a PILOT from the City of Ypsilanti; an equity investment from KeyBank Community Development Corporation; a construction loan from KeyBank; and a permanent loan from Freddie Mac, serviced by KeyBank. 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.
Yahoo
6 days ago
- Business
- Yahoo
Lincoln Avenue Communities Hosts Grand Opening Ceremony for Affordable Housing Developments in Ypsilanti, Michigan
YPSILANTI, Mich., June 4, 2025 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a grand opening ceremony last week for Huron Vista and the Residences at Huron, LAC's first ground-up construction developments in the state of Michigan. LAC was joined at the event by community leaders and local officials including Ypsilanti Mayor Nicole Brown. "We are excited to celebrate the opening of Huron Vista and Residences at Huron in Ypsilanti, which will provide hundreds of Michigan families and seniors with safe, high-quality, affordable housing," said Kyle Brasser, LAC Vice President and Regional Project Partner. "LAC is proud to work with our local partners to address the pressing need for affordable units here in Washtenaw County." Huron Vista and the Residences at Huron provide 156 units of affordable family housing and 152 units of affordable senior housing, respectively. Units are being leased to those earning between 40-60% of the area-media-income (AMI). Both properties include amenities such as outdoor gathering spaces, pools, and fitness centers. Additionally, Huron Vista features a clubhouse building with a community room and children's play area, while the Residences at Huron adds a pickleball court, club room, and underground parking. The developments were financed through tax-exempt bonds and 4% tax credits from the Michigan State Housing Development Authority (MSHDA); a PILOT from the City of Ypsilanti; an equity investment from KeyBank Community Development Corporation; a construction loan from KeyBank; and a permanent loan from Freddie Mac, serviced by KeyBank. 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. 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
7 days 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
