Member News Category Archives

Hunt Capital Partners Finances New Construction Development in Florida

Hunt Capital Partners, in collaboration with Roundstone Development, LLC, announced the financial closing for The Pines, which is a new construction, low-income housing tax credit (LIHTC) development for families in DeLand, Fla. This is the second development on which Hunt Capital Partners and Roundstone have partnered. Once constructed, The Pines will offer 100 affordable housing units spread across six, two- and three- story residential buildings as well as one single story community building.

DeLand is a thriving town with over 27,000 residents. Home to Florida’s oldest private college, Stetson University, the community is steeped in history, culture and the arts. DeLand and the surrounding communities are plagued by a shortage of affordable housing. According to the 2016 U.S. Census, the poverty rate in DeLand was 21.3 percent, notably higher than the national average of 12.7 percent. With DeLand’s current affordable housing properties leasing at the maximum allowed rents and having no vacancies, The Pines will be an important development that provides 100 new, high-quality affordable apartment homes to the area.

“We are glad to work with the Roundstone Development team again on another affordable housing development,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “The Pines serves to address the housing crisis in Florida and provide more quality, affordable housing to low-income families.”

Construction for The Pines began on Dec. 20, 2017 and is scheduled for completion by Jan. 31, 2019. When finished, The Pines will offer 24 one-bedroom units, 32 two-bedroom units, 24 three-bedroom units, and 20 four-bedroom units. The homes will be set aside for households earning up to 40 and 60 percent of the area median income. Five units will have a preference for “Special Needs Households,” or households consisting of a family that is considered to be homeless, a survivor of domestic violence, a person with a disability, or youth aging out of foster care. All units will have the standard complement of appliances and amenities. Community spaces include onsite management, a clubhouse with a community kitchen, a business center, a library/meeting room, a fitness room, a laundry room, a swimming pool, and a playground.

The development cost for The Pines is $18.62 million. Hunt Capital Partners facilitated an investment of $13.43 million in federal LIHTC equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27.  Roundstone Development is the developer and the general partner.  The property manager is Sunchase American, Ltd.; the general contractor is Bradley Construction Company, Inc. of Clearwater, Fla.; and the architect is Brian Rumsey of McKinney, Texas.

Woda Group’s The Banks at Berkley in Norfolk earns EarthCraft Platinum

Westerville, OH, February 9, 2018…The Banks at Berkley, an affordable multifamily community in the Berkley neighborhood of Norfolk, VA, was recently awarded EarthCraft Platinum certification for its green design and energy efficiency characteristics. It was developed by The Woda Group, Inc.

Platinum certification is the highest rating level awarded by the EarthCraft Multifamily Program. To qualify, multifamily buildings must demonstrate green building design and construction methods, with proper site planning, resource-efficient building materials and systems to enhance indoor air quality and water conservation. Certified properties have energy-efficient appliances and lighting, and provide basic educational programming on green living for residents. Certified projects are typically more durable, energy efficient and less costly to operate.

“Research from the Virginia Center for Housing Research at Virginia Tech shows that residents living in EarthCraft certified multifamily units save 464 kWh of energy and $54 a month, on average,” said KC Bleile, Executive Director of Viridiant, the nonprofit delivering the EarthCraft program in Virginia, Maryland and the District of Columbia. “Viridiant congratulates The Woda Group and its commitment to its residents, and to a healthier environment for the surrounding Norfolk community, through EarthCraft’s certification for efficiency and sustainability.”

The Banks at Berkley has 50 units, including two and three-bedroom apartments for seniors, families, and singles who earn 60% of area median income or less. In addition to modern, energy- efficient units with balconies, the development offers many lifestyle amenities such as a community room, playground, laundry, and outdoor picnic space. Two onsite medical clinics are now in development.

“Earning the EarthCraft Platinum certification demonstrates our commitment to developing and operating energy-efficient buildings that contribute to our residents’ well-being,” says Gregory Mustric, Vice President, The Woda Group, Inc. “Our residents benefit through lower monthly utility bills and a healthier living environment.”

Funding for the $9.3 million development was made available through Low Income Housing Tax Credits allocated by the Virginia Housing Development Authority, with U.S. Bancorp Development Corporation as the primary investor and Bank of America contributing additional funding.

The Woda Group, Inc. and its affiliates  are experienced developers, general contractors, and property managers specializing in the design, construction, and management of affordable multi- family apartments, senior communities, and single-family homes. Considered leading experts in the affordable housing industry, the Woda team is known for producing and maintaining high quality affordable housing.  Affordable Housing Finance Magazine has ranked The Woda Group, Inc. 9th overall among Affordable Housing Developers and 22nd overall among Affordable Housing Owners in their April/May 2017 issue. The Woda Group, Inc. has developed and currently manages over 300 communities and over 12,000 units.

The Woda Group, Inc. has offices in Westerville, Ohio; Annapolis, Maryland; Savannah, Georgia; Shelbyville, Kentucky; Norfolk, Virginia; Indianapolis, Indiana; and Mackinaw City, Michigan. For more information, call (614) 641-3200 or visit www.wodagroup.com.

About Viridiant

Viridiant is a non-profit organization committed to supporting sustainable building processes through education, consultation and certification. Through these efforts, Viridiant helps to set a path for builders, developers, and homeowners to create structures that are more affordable, more livable and more durable. Learn more at viridiant.org.

About EarthCraft

The EarthCraft program was created in 1999 by a partnership between Southface Energy Institute and the Greater Atlanta Home Builders Association and was brought to Virginia in 2006. Operated by Viridiant in Virginia, Washington DC and Maryland, EarthCraft is a family of green building certification programs designed to address climate, energy and water issues unique to the southeastern United States. The program serves as a blueprint for energy and resource-efficient single family homes, multifamily structures, renovation projects, community developments, light commercial buildings and sustainable preservation projects.

Woda Group’s Andrew B. Cohen elected to Board of Directors for the Pennsylvania Developers’ Council

Andrew B. Cohen, Senior Vice President of The Woda Group, Inc., was recently elected to the Board of Directors for the Pennsylvania Developers’ Council. He will serve a two year term.

Pennsylvania Developers’ Council, based in State College, PA, is an advocacy organization aimed at promoting adequate public and private resources for production, rehabilitation and operation of housing that is affordable to people with low and moderate incomes. The organization supports the Low Income Housing Tax Credit program and other related programs that help provide financing for housing development and economic growth.

Mr. Cohen is responsible for Woda’s acquisitions and development in Pennsylvania and Maryland. He joined Woda in 2011 with more than twenty five years of experience in real estate, and a concentration in affordable housing, tax credit finance, and development. Prior positions include administrator of the Low Income Housing Tax Credit Program in Maryland and development officer with Enterprise Community Investment. In the latter position Mr. Cohen was responsible for originating, underwriting, and closing low income housing tax credit investments in Iowa, Kansas, and Missouri. Mr. Cohen has a Bachelor of Arts in English from Kenyon College, a Master of Science

in finance from Loyola University, and Maryland and North Carolina real estate licenses.

National Church Residences Hosts Grand Reopening of Telfair Arms in Savannah, GA

National Church Residences is excited to announce the grand re-opening of Telfair Arms, a 53-unit affordable senior community. The event is scheduled for March 8th. Telfair was renovated with 9% LIHTC credits as well as Historic Tax Credits. NCR is proud to have been able to preserve this community for the 53 seniors that call Telfair home. Those wishing to attend the event may RSVP here.

B’Nai B’rith Housing Exec. Dir. Susan Gittelman Appointed to Advisory Committee

BBH’s Executive Director, Susan Gittelman has been appointed to the Determination of Need’s (DON) Community Health Initiative (CHI) Healthy Aging Fund Advisory Committee. The purpose of this committee is to assist the Massachusetts Department of Public Health (MDPH) and Executive Office of Elder Affairs (EOEA) with setting the funding priorities for the CHI Healthy Aging Fund.

The CHI Healthy Aging Fund is a statewide effort to support the development of age-friendly communities and enables older adults to remain active, independent, and involved in their community. The advisory committee will provide strategic recommendations to ensure that the fund supports efforts that make it easier for older adults to live in healthy, inclusive and equitable environments.

Fannie Mae Unveils 1st LIHTC Fund Of $100M

Fannie Mae has partnered with Raymond James Tax Credit Funds for a $100 million offering, the GSE’s first investment in LIHTCs since entering conservatorship. While initially hesitant regarding the development, industry players mostly welcome participation from GSEs, who bring stability to a marketplace that saw pricing volatility from tax reform.

FHFA made the announcement back in November that Fannie Mae and Freddie Mac would reenter the LIHTC market in a limited role, a result of the Enterprise Duty to Serve Underserved Markets rule published in 2016. The rule requires Fannie and Freddie to serve three underserved markets: Manufactured Housing, Rural Housing, and Preservation of Affordable Housing. FHFA determined through the rule that the Enterprises would be allowed to resume LIHTC investment, but only in these underserved areas.

Enterprise’s Affordable Housing Design Leadership Institute Honored with 2018 AIA Collaborative Achievement Award

Enterprise Community Partners’ (Enterprise) Affordable Housing Design Leadership Institute (AHDLI) was awarded the 2018 Collaborative Achievement Award by the American Institute of Architects (AIA). This is the second year in a row Enterprise has been honored with the award, with the Enterprise Rose Architectural Fellowship winning last year.

Founded in 2010 on the belief that design excellence in affordable housing can transform the built environment to improve health and well-being and increase opportunity for residents, AHDLI has achieved dramatic results in towns and cities across the country. Attending AHDLI can significantly impact the design decisions made by participants. For example, after team members of the Low Income Housing Institute (LIHI) of Seattle attended, they significantly revised the design of the building they were creating for homeless youth. The result improved the lives of those young people and LIHI went on to win the 2017 Gold Nugget Design Award for “Best Affordable Housing.”

AHDLI brings together leading designers and developers of affordable homes for a two-and-a-half-day convening focused on innovation and best practices in community and sustainable design. Modeled after the Mayor’s Institute on City Design, AHDLI has served over 70 non-profit and community groups and municipalities. By allowing affordable housing developers to take a step back and reconsider what their buildings might achieve, developers learn to make well-designed homes affordable and create vibrant, more resilient communities.

AHDLI was born out of a collaborative effort among Lawrence Scarpa, FAIA, principal of Brooks + Scarpa; Maurice Cox, former Mayor of Charlottesville, Virginia (now Planning Director for the City of Detroit); and Katie Swenson, vice president of National Design Initiatives at Enterprise Community. Together, they aimed to accelerate the adoption of design excellence by affordable housing industry leaders.

“As we approach nearly a decade of leading AHDLI, we are honored that the AIA has recognized our efforts with the Collaborative Achievement Award,” said Swenson. “Our goal is to continually raise the bar for the design and development of homes that are not only affordable but also inspiring, livable, and sustainable, providing a rung in the ladder of opportunity for low-income families.”

The AIA Collaborative Achievement Award recognizes and encourages distinguished achievements of allied professionals, clients, organizations, architect teams, knowledge communities, and others who have had a beneficial influence on or advanced the architectural profession. Enterprise and its fellow honoree Klyde Warren Park will be honored at the AIA Conference on Architecture 2018 in New York City.

WNC Chief Operating Officer Michael Gaber Begins Term as 2018 – 2019 President of Affordable Housing Tax Credit Coalition

WNC, a national investor in real estate and community development initiatives, announced today that executive vice president and chief operating officer Michael Gaber will serve a two-year term as the 2018 – 2019 president of the Affordable Housing Tax Credit Coalition (AHTCC), the leading trade organization of housing professionals who advocate for affordable rental housing financed using the low-income housing tax credit.

Founded in 1988, the AHTCC represents housing credit stakeholders before organizations such as Congress and the White House with the goal to improve the program and preserve and expand the housing credit.

Michael Gaber previously served as first vice president and chair of the legislative committee of the Affordable Housing Tax Credit Coalition and is currently a member of its board of directors.

“The Affordable Housing Tax Credit Coalition plays a crucial role in the protection and expansion of the nation’s supply of affordable housing by advocating for one of the industry’s most important tools – the LIHTC program,” said Gaber. “The efforts of the coalition align perfectly with WNC’s commitment to preserving and expanding existing affordable housing, and I am looking forward to expanding the scope and influence of the coalition throughout 2018.”

In his role at WNC, Gaber oversees the firm’s underwriting, asset management and fund management groups. Prior to joining WNC in 1997, he was involved in the valuation of major assets and restructuring debt with a large financial institution. He is also on the board of directors for the California Housing Consortium and the National Housing and Rehabilitation Association.

Pembrook Provides Capital for Affordable Rental Housing in Greenpoint, NY

Pembrook Capital Management LLC (“Pembrook”) announced the closing of a $2.256 million second mortgage loan to finalize construction of a 21,341 square-foot mixed-use property located at 144-146 West Street in Greenpoint, Brooklyn.

Pembrook previously closed a $6.2 million first mortgage loan for the project in March of 2017. The sponsor, a repeat Pembrook borrower comprised of multiple developers with a strong track record of developing similar property types in the area, began construction on a six-story apartment building on an infill site.  However, when the City of New York later announced its new Affordable New York tax abatement program, the borrower temporarily halted construction and applied for an abatement in exchange for the construction of four additional inclusionary housing units. This additional $2.256 million loan Pembrook is providing will fund the construction of these additional apartments. The new loan will fund the construction of four additional workforce housing apartments at the property targeting individuals or household up to 80% AMI, while agreeing to restrict three additional units to 130% AMI.

“We are pleased to provide the additional funding the sponsor needed to complete this exciting project and we expect great interest in this property given its location and amenities, upon completion,” said Stuart J. Boesky, CEO of Pembrook.  “Supporting market-rate housing remains an important issue for Pembrook, so it’s gratifying to know that this project will provide local Greenpoint residents with access to new, high-quality affordable apartment units in addition to new retail options when it’s introduced to the market.”

The sponsor plans to now resume construction on the project and a completion date has been scheduled for 2018. The project will be built to LEED green building standards, and the developers have included plans for a public art installation on the exterior of the building, to be designed by a local artist. There will be 9 parking spaces and bike storage. The construction site is located at the corner of West Street and India Streets, strategically near the G subway line.

The property is well-located with a water taxi to Manhattan just a block away, along with a new greenway that will stretch along the waterfront to the Brooklyn Bridge Park.  Retail and entertainment options have blossomed in this neighborhood, and there is a strong local artisan community.

The Greenpoint neighborhood has also undergone a rezoning which has boosted the development landscape, adding new projects ranging from small-lot construction to gleaming skyscrapers. Its robust residential development has also created opportunities for tenants priced of out nearby Williamsburg, and positions the population in this busy submarket to surge.

Pembrook is a real estate investment manager that provides financing throughout the capital structure.  The firm has originated or participated in investments totaling over $1 billion since it began investing in 2007.

Cinnaire Appoints Dionna Sargent Community Development Market Leader

Cinnaire, a full-service Community Development Financial Institution (CDFI) based in Lansing, MI, with offices in five states, recently announced Dionna Sargent has been appointed Community Development Market Leader in the company’s Wilmington, DE, office.

As the Community Development Market Leader, Dionna will lead Cinnaire’s Priority City Initiative in Wilmington, focusing on identifying resources and opportunities to further comprehensive community development objectives in the city. In this new position, Dionna will be responsible for developing, establishing and maintaining relationships with local stakeholders that share Cinnaire’s vision to create healthy, vibrant communities while providing all people with opportunities for empowerment. Dionna will work closely with non-profit leaders, public officials, developers, network associations, and investors to identify areas where Cinnaire can help develop and advance local community development initiatives. She will be responsible for coordinating Cinnaire’s targeted Wilmington investment strategy.

Dionna earned a Bachelor of Business Administration with a concentration in Real Estate and Finance from Temple University and holds a Master of Public Administration (MPA) from the University of Delaware. She has focused her career development goals and objectives on issues surrounding affordable housing, community development, and homelessness. Dionna joined Cinnaire in 2014 as Manager, Business Development. Since that time, she has helped to advance affordable housing and community investment opportunities in the Mid-Atlantic region, led the CDFI Advisory Committee to identify community development needs and priorities, coordinated conferences and roundtable discussions on sustainable neighborhood revitalization practices, and raised grant funding to support grassroots development projects in Wilmington.

Dionna is passionate about improving communities and serves on the board of the Central Baptist Community Development Corporation, Conscious Connections, Inc., and Theatrical Delights. She currently serves as Vice President of Community Programs with the Junior League of Wilmington (JWL) where she oversees visioning and strategic planning for Community Impact initiatives and the JLW’s annual Women’s Leadership Summit. Dionna is a proud member of the National Coalition of 100 Black Women – Delaware Chapter, Metropolitan Wilmington Urban League Young Professionals, and fund for Women founder.