Affordable Housing
East St. Louis Housing Authority Closes New Markets Tax Credit Deal
East St. Louis, Ill.–The East St. Louis Housing Authority has closed a complex and novel NMTC transaction that will fund the mixed-use Jazz @ Walter Circle project.
NAHMA Recognizes Multifamily ‘Communities of Quality’
Denver–NAHMA recognizes multifamily management companies that have at least 50 percent of their affordable housing portfolios accepted into the organization’s Communities of Quality recognition program.
TODAY’S DEALS: Security Properties Acquires 78-Unit Mixed-Use Apartment
Security Properties acquires a 78-unit apartment building for $15 million; Essex Property Trust issues $150 million of senior unsecured notes; and ARA brokers sale of Texas asset.
Bay Area Transportation Commission Creates Affordable Housing Fund
Oakland, Calif.–The Oakland-based Metropolitan Transportation Commission has established a new $50 million revolving loan fund for affordable housing developers.
Improved Assets Mean Improved Community: Harlem Multifamily Owner
New York–In light of planning grants through the new Choice Neighborhoods Initiative, private multifamily owners are eager to point out how their own investments in multifamily properties can improve neighborhoods and quality of life.
$98,000 Affordable Housing Grant Paves Way for New Subdivision in Rural Alabama
Calera, Ala.–With a $98,000 grant through BancorpSouth and the Federal Home Loan Bank of Dallas, plans for a 30-residence affordable-housing development are back on track.
Transforming Poverty-Stricken Neighborhoods
Having recently journeyed to Washington, D.C. to meet with members of Congress and the Obama administration, IMS’ Cheryl Lang reports back on the state of federal housing programs.
Historic Property in Maine to Become Affordable Seniors Housing
Lewiston, Maine–After having been vacant for about six years, the historic 81 Ash St. in Lewiston will be converted into an affordable 32-unit multifamily residence for seniors.
New Affordable Seniors Apartments Underway in Suburban L.A.
West Covina, Calif.–Work has begun on 65 new residences at West Covina Senior Villas II, an affordable senior housing project east of Los Angeles.
Federal Home Loan Bank Awards $5.1 Million for Affordable Housing in Virginia
Atlanta–Federal Home Loan Bank of Atlanta will award $5.1 million to assist in the funding of 12 affordable housing developments in Virginia.