Member News Category Archives

Chicago’s Woodlawn Neighborhoods Sees New Investment Through Grocery Store, Affordable Housing

Chicago’s Woodlawn neighborhood celebrated two major milestones in its revitalization – the opening of a new 48,000-square-foot Jewel-Osco grocery store, the first full-service grocery store residents in that neighborhood in over 40 years, and the opening of Woodlawn Station, a new transit-oriented development consisting of 75 mixed-income units and 15,000 square feet of retail space. The development of Woodlawn Station was led by NH&RA memberPreservation of Affordable Housing, Inc. (POAH) and financed, in part, through HUD’s Choice Neighborhoods Initiative.

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Real Estate Attorney Tamara Osborne Joins Ballard Spahr in Los Angeles

Tamara L. Osborne, an attorney with more than 20 years’ experience in affordable housing and community development law, has joined Ballard Spahr in the firm’s Los Angeles office. Ms. Osborne comes to Ballard Spahr from VLP Law Group, where she was a partner. Earlier in her career, she was a founding partner of Bocarsly Emden Cowan Esmail & Arndt, a real estate-focused boutique law firm.

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Nixon Peabody Blog: Securities Law Considerations for LIHTC Fund Managers Sponsoring Qualified Opportunity Zone Funds

While many tax credit fund managers are looking to expand into opportunity zone funds, there may be important differences in how they are treated for regulatory purposes. In this article, Daniel McAvoy, Forrest David Milder, John H. Cornell, III and David F. Schon with Nixon Peabody discuss certain additional considerations that O-zone fund managers may need to take into account. These rules often are not the same as those that apply to managers of other tax-advantaged funds such as low-income housing tax credits (LIHTC), new markets tax credits (NMTC) and historic rehabilitation tax credit (HTC) funds.

McCormack Baron Salazar’s Renaissance Square Welcomes Residents

McCormack Baron Salazar, Inc. and the Puerto Rico Department of Housing have officially opened Renaissance Square, a new mixed-income apartment community located in the Hato Rey Barrio of San Juan, Puerto Rico. Located in the heart of the San Juan’s Financial District’s “Golden Mile,” the community has walk-up and townhome-style apartment buildings with market-rate amenities, green energy-saving design, and resilient features.

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Red Mortgage Capital Adds New York Lending Office

RED Mortgage Capital, a division of ORIX Real Estate Capital, LLC, has hired Sean Cullen and Ronnie Gyani to lead its multifamily affordable lending activities in the greater New York City area. Cullen and Gyani have worked together since 2010 and both bring a strong level of affordable housing finance experience to RED’s New York and East Coast operations.

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Michaels Closes $61 Million Workforce Housing Deal in the Texas’s ‘Innovation Corridor’

The Michaels Organization successfully closed on $61 million in financing for Mission Trail at El Camino Real, a new mixed-income housing community in San Marcos, Texas, that will serve the city’s growing workforce. The majority of the 352 apartments will be reserved for households earning 60 percent or less of the area median income, while 10 percent of the units will be reserved for individuals and families earning less than 140 percent of the area median income. The community will also offer 35 apartments without any income restrictions

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Enterprise and LIIF Partner to Manage New Bay Area Preservation Pilot

The northern California’s Metropolitan Transportation Commission has committed $10 million to launch the Bay Area Preservation Pilot (BAPP). Administered through Enterprise Community Loan Fund and the Low Income Investment Fund, BAPP will address a specific financing gap in the affordable housing market by offering 10-year term loans for the acquisition of affordable, market-rate rental properties.

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Woda Partners with Veterans Organization to Develop Supportive Housing

A new partnership between Woda Cooper Companies, Inc. (Woda Cooper) and Hoosier Veterans Assistance Foundation of Indiana (HVAF) was selected as one of six teams to participate in the 2019 Indiana Supportive Housing Institute.

Woda Cooper and HVAF are in the early planning stages for a new affordable housing community in Indianapolis, with 25 percent of units set aside as supportive housing for veterans. HVAF’s partnership with Woda Cooper marks the first time HVAF will develop permanent supportive housing.

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