Latest news with #LowIncomeHousingTaxCredits
Yahoo
3 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
Yahoo
30-05-2025
- Business
- Yahoo
Twin Cities housing nonprofit paid $5.41 million for Rochester town homes
May 30—ROCHESTER — A St. Paul-based nonprofit developer with a focus on affordable housing recently paid $5.41 million for a northwest Rochester townhomes complex as its first investment in the Med City. The Twin Cities Housing Development Corp., under the name of Innsbruck, LLLP, purchased the aging 40-unit Innsbruck complex at 1530 50th St. NW on May 27, Twin Cities Housing Development has built or renovated over 2,940 units of housing in the Twin Cities in the past 41 years. While the Twin Cities is its primary focus, it does consider any communities within two hours in its geographic range. It did acquire and upgrade a 48-townhome complex in Owatonna last year. This is the nonprofit's first foray into Rochester. "We love the Rochester market. There's just so much energy there," said Ken Isaacson, Twin Cities Housing's Development Manager. Isaacson explained that the plan is to make improvements to Innsbruck, while keeping it as low-income affordable housing with the help of Low Income Housing Tax Credits and other means. Innsbruck is fully occupied. "The site itself is in good shape, but it needs some TLC," he said. Nath & Associates of Bloomington, Minn. sold the 43-year-old property. Nath, which also owns The Quarters in Rochester, had owned Innsbruck since 2015, when it paid $2.85 million to buy it. Olmsted County estimated the total market value of the Innsbruck complex at $4.61 million for 2025-2026.
Yahoo
22-05-2025
- Business
- Yahoo
77 units of affordable housing for seniors now open in Tacoma. Details here
On May 21, elected officials, leaders from the Asia Pacific Cultural Center, and project partners gathered in Tacoma's Lincoln District to celebrate the opening of an affordable project aimed at providing a dignified way of living for the community's elders. Patsy Surh Place, in the heart of Tacoma's Lincoln District at 3740 S. G St., offers 77 units of housing for Asian Pacific Islander elders and other low-income seniors. The project, which will be co-owned and managed by the Low-Income Housing Institute (LIHI) and Asia Pacific Cultural Center, is named after community leader and artist Patsy Surh O'Connell. O'Connell immigrated to America as a student from Korea in 1963. She established the Asia Pacific Cultural Center in 1996 and was instrumental in creating the Korean American Artists Association of Washington State. The new six-story building features 47 studio apartments and 30 one-bedroom units, all designated for seniors earning up to 30% and 50% of the Area Median Income (AMI). According to recent U.S. Census Bureau data from 2023, Tacoma's household AMI is $83,857. As of the grand opening, all but 11 units had been leased. During the grand opening ceremony, Sharon Lee, the executive director of LIHI, said 20 of the units would be reserved for homeless veterans who could be eligible for vouchers through the Tacoma Housing Authority. Its amenities include a community lounge, multipurpose room, gallery space, outdoor courtyard, and on-site laundry facilities. The building includes commercial space for small businesses along South 38th Street. Executive director of the Asia Pacific Cultural Center, Faaluaina Pritchard, said there are plans to incorporate cross-generational programs that encourage senior residents to visit and engage with younger generations in the community to share stories and cultural knowledge. 'This project, you can mark my words, will be a model for senior housing,' Pritchard said. 'Because it is our culture to take care of our elders.' During the ceremony Tacoma Mayor Victoria Woodards said the project is part of a larger investment in Tacoma's Lincoln District and marks a 'remarkable transition' for the neighborhood. 'Seniors deserve to age with dignity in the community they love,' she said. 'This is what equity in housing looks like.' She noted the city has invested roughly $10 million into the infrastructure and modernization investments into Lincoln District as part of an effort to revitalize the historic international business community. 'We believe in this neighborhood,' Woodards told the crowd. Pritchard said the Asia Pacific Cultural Center hopes to secure funding to build a second affordable housing complex directly adjacent to Patsy Surh Place in the near future. The $36 million project was made possible by multiple public funding contributions, including $18.5 million from the National Equity Fund through Low Income Housing Tax Credits, $5.4 million from the Washington State Department of Commerce, and $7 million from Pierce County made available through the Maureen Howard Affordable Housing Act. The Maureen Howard Affordable Housing Sales Tax, named after a prominent advocate for the homeless in Tacoma who died in January 2023, has made available millions in funding for affordable housing projects across the region. Patsy Surh Place is the latest project to be funded by the county as part of 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.' Since its implementation in 2023, the affordable housing fund has contributed to the creation of more than 1,000 units that are either built or in the pipeline, according to Pierce County Executive Ryan Mello.
Business Wire
12-05-2025
- Business
- Business Wire
Walker & Dunlop Arranges $22 Million Equity for Chicago Community
BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. is celebrating the ground breaking of Parkside 5, the fifth and final phase of the Parkside at Old Town development, a 99-unit community located on the former Cabrini-Green public housing site in Chicago's Near North Side. The Walker & Dunlop affordable housing team, led by Jennifer Erixon, syndicated Low Income Housing Tax Credits (LIHTC) and Illinois Donation Tax Credits on behalf of the client, Holsten Real Estate Development Corporation. Walker & Dunlop Affordable Equity syndicated the equity to JP Morgan, resulting in $22.6 million of equity to support the development. In addition to syndicating the credits, JP Morgan is also providing a construction loan for the project. The funding will support the construction of a mix of market-rate and affordable units, with 37 of the units benefiting from a 20-year Section 8 Housing Assistance Payment (HAP) contract. These affordable units will be reserved for households earning 50% and 60% of the area median income (AMI) or less. 'We are proud to support the continued revitalization of the Near North Side, helping to bring much-needed affordable housing options to the community while contributing to the broader transformation of the former Cabrini-Green site,' said Jennifer Erixon, senior managing director of Affordable Equity Originations at Walker & Dunlop. 'Our partners at Holsten have allowed us to provide a valuable solution that meets our shared goals.' Parkside 5 will feature three 3-story walk-up buildings and an 8-story mid-rise structure with townhome units at its base. Planned amenities include a community room, fitness center, and onsite social services for residents. Additionally, a playground, and dog park, will be open to the community to position Parkside 5 as a vibrant, inclusive space for its residents and neighbors. The development will complement the existing phases of the Parkside at Old Town project, a key piece in the ongoing revitalization of the historic neighborhood. Walker & Dunlop, the #2 multifamily finance lender in the US, has a long-standing commitment to affordable housing and continues to invest in its affordable platform to provide clients with unparalleled solutions for all of their needs. The team originated over $6.3 billion in affordable and workforce financing from 2021-2024 through HUD, Fannie Mae, Freddie Mac, and capital markets sources. To date, the platform has raised over $10 billion in LIHTC equity and sold more than 275 affordable properties across 40 states. To learn more about the team's capabilities and financing options, visit our website. About Walker & Dunlop Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
Yahoo
16-04-2025
- Business
- Yahoo
Catalyze Secures $85 Million Tax Equity Investment from RBC to Advance Distributed Energy Portfolio
The financing will support the construction and completion of approximately 75MW of commercial and industrial (C&I) and community solar projects HOUSTON, April 16, 2025--(BUSINESS WIRE)--Catalyze, a fully integrated developer and Independent Power Producer (IPP) of distributed renewable energy assets, today announced it has secured an $85 million tax equity investment from RBC Community Investments (RBC). The financing will support the construction and completion of approximately 75MW of commercial and industrial (C&I) and community solar projects across the United States in 2025. This latest investment reinforces Catalyze's ability to secure tax equity financing as it continues expanding its distributed generation portfolio, which now totals 300MW of projects in operations and construction. The transaction also builds upon Catalyze's existing relationship with RBC, demonstrating a shared commitment to advancing renewable energy solutions at scale. "RBC is a valued financing partner, and we are pleased to further expand our relationship with this latest investment," said Jared Haines, CEO of Catalyze. "This financing enables us to further our mission to bring scalable distributed generation projects to businesses and communities nationwide." RBC's investment supports Catalyze's growing pipeline of distributed renewable energy projects, helping to drive the deployment of clean energy solutions that benefit property owners, businesses, and communities alike. "RBC's investment in this portfolio demonstrates our commitment to advancing clean energy solutions within local communities," said Jonathan Cheng, Managing Director at RBC. "We are excited to partner with Catalyze on the strategic deployment of these and future projects." Catalyze's private equity sponsors, EnCap Investments and Actis, continue to support the company's growth strategy as it scales its renewable energy offerings. About Catalyze Catalyze is a fully integrated developer and Independent Power Producer (IPP) of distributed renewable energy assets. Catalyze is accelerating the clean energy transition through deployment of solar and storage assets across community solar, C&I, and public sector verticals. With proprietary technology, financial strength, and in-house expertise, Catalyze originates, acquires, builds, owns, and operates distributed renewable energy assets that help property owners, businesses, and communities unlock long-term value. Catalyze delivers clean energy solutions that enable partners to optimize the performance of their real estate assets, enhance energy resilience, decarbonize operations, and achieve enterprise goals. Its proprietary technology, REenergyze®, streamlines the origination-to-operations process, driving the rapid deployment of renewable energy infrastructure. To learn more, visit About RBC Community Investments RBC Community Investments is a leading syndicator of Renewable Energy Tax Credits, Low Income Housing Tax Credits, Workforce Housing Investments, Historic Tax Credits, and State Tax Credits. By creating well-structured investments, our team of experienced professionals craft equity solutions that help drive the successful development of affordable multifamily communities and renewable energy projects nationwide. As of December 2024, our team of over 137 professionals has raised over $19.8 billion in equity with 98 institutional investors. To learn more, visit About EnCap Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional investment funds totaling approximately $47 billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by three Managing Partners, each with 30-35 years of experience in the development and operations of renewables and power generation. For more information, please visit About Actis Actis is a leading global investor in sustainable infrastructure, seeking to deliver competitive returns for institutional investors and measurable positive impact for the countries, cities and communities in which it operates. Actis invests in structural themes that aim to support long-term, equitable growth in defensive, critical infrastructure across energy transition, digitalisation transition, and supply chain transformation. Actis believes that the firm's decades of global experience, operational know-how and strong culture allows it to create global sustainability leaders at scale. Actis is a signatory to the Principles for Responsible Investment (PRI), an investor initiative supported by the United Nations. You can learn more about Actis at View source version on Contacts Media Contact Carlos VillacisAntenna Group for CatalyzeCatalyze@
