Member News Category Archives

Enterprise Partners with Kaiser Permanente to Bridge Health and Housing

NH&RA member Enterprise Community Partners announced two ventures that elevate homes as essential to health and well-being with Kaiser Permanente. Kaiser Permanente invested $15 million in the Enterprise-managed Housing for Health Fund, which will preserve affordable homes in the Bay Area, and match up to $35 million in additional funds raised by Enterprise. This equity fund has already made an initial $5.2 million commitment to help a local nonprofit acquire and preserve the affordability of a 41-unit apartment complex in a gentrifying neighborhood in East Oakland.

A $100 million national loan fund, comprised of a $50 million loan from Kaiser Permanente to the Enterprise Community Loan Fund and $50 million in capital from Loan Fund, will create and preserve 3,250 affordable homes in Kaiser Permanente’s nationwide service areas over the next decade.

Bank of America, Barings and LISC Team Up on $70 Million Investment in Affordable Housing in Charlotte

NH&RA members Bank of America Merrill Lynch and Barings partnered with Ally Financial to invest $70 million towards increasing affordable housing stock in the Charlotte, NC. The $70.75 million investment will go towards:

  • $11 million for the newly proposed Housing Opportunity Investment Fund — a private sector fund that will oversee some of the affordable housing projects. The city is hoping to raise $50 million of private money for this fund to match the $50 million in housing bonds that were approved by voters last November.
  • $50 million in below-market loans to developers building affordable units, priced at as much as 2 percent below market rate.
  • $2.5 million donation for economic mobility programs.
  • $7.25 million donation of land in uptown Charlotte to build affordable housing.

NH&RA member Local Initiatives Support Corporation will manage the Housing Opportunity Investment Fund.

Cinnaire Appoints Vice President, Policy, Research & Advocacy

Cinnaire recently announced the appointment of Chris Neary as Vice President, Policy, Research and Advocacy in the company’s Wilmington, DE office. Chris will be responsible for the development, management and execution of Cinnaire’s public policy agenda, and the coordination of Cinnaire’s actions and work on policy matters at the state and national level.

Chris previously worked as an Economic Policy Advisor for U.S. Senator Jeanne Shaheen, crafting and advancing her legislative and policy agenda on economic issues. In this role, Chris was responsible for identifying policy opportunities and building support for policies that create economic opportunity and support small businesses. Chris has also served as Policy Director for the U.S. Senate Committee on Small Business and Entrepreneurship where he oversaw the policy agenda for the Committee, including legislation, hearings and stakeholder engagement. Chris earned his Bachelor of Arts, magna cum laude, in Policy Studies and Political Science from Dickinson College.

Since 1993, Cinnaire has invested $4.2 billion to revitalize communities, resulting in more than $7.3 billion in community impact. A non-profit Community Development Financial Institution (CDFI) certified by the U.S. Department of Treasury, Cinnaire has supported 717 housing developments, provided 47,000 affordable apartment homes and created or retained more than 65,000 jobs. Headquartered in Lansing, MI, with offices in five states, Cinnaire provides access to investment funding, lending options, and title services that support community and economic development, creating stable, sustainable and vibrant communities.

TCAM Expands Affordable Housing Loan Servicing Platform

TCAM announced the expansion of the services it provides to affordable housing lenders. In November 2018, TCAM became part of MRI Software, a global leader in real estate software and comprehensive solutions for the affordable housing industry. Together, TCAM and MRI can now offer cutting-edge services to state and local government agencies and financial institutions that provide single-family and multifamily loans including subordinate (“cash flow” contingent) loan portfolios to the affordable housing industry.

Read More

Matthew Greeson and Tracy Childress join Reno & Cavanaugh

Matthew Greeson and Tracy Childress joined Reno & Cavanaugh PLLC as firm members on Jan. 1, 2019. Greeson focuses on complex real estate transactions with an emphasis on mixed-use transactions that combine commercial space with affordable and/or market-rate residential units. He closes transactions employing public-private partnership initiatives for acquisition and development and utilizing low-income housing tax credits, tax-exempt and conventional debt and other private and public capital sources. Childress focuses on land use law, sustainable development and real estate law, including the representation of lenders, developers and non-profits.

2019 Green Tax Incentive Compendium

The Robinson+Cole law firm released the January 2019 update for its Green Tax Incentive Compendium of Federal and State Tax Incentives for Renewable Energy and Energy Efficiency. Each section outlines the basic features and regulatory requirements for a tax program which provides financial incentives for clean technology development through renewable energy and energy efficiency projects.

Read More