ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.
Vesta Corporation will conduct a complete rehabilitation and redevelopment of Villa Serena Apartments, a 242-unit apartment community in Mayfield Heights, Ohio. Vesta was awarded a federal Senior Preservation Rental Assistance Contract (SPRAC). This award, combined with an FHA First Mortgage, 9% LIHTCs, and the $2 million, 20 year subsidy, will finance most of the estimated $40,000 per-apartment cost of the renovation.
The Michaels Organization Educational Foundation has awarded over 200 college scholarships worth a record $575,000 for the 2015/2016 academic year to residents of The Michaels Organization properties. With these latest awards, the total amount of scholarships awarded by the Foundation during the past 25 years now stands at more than $4.6 million.
Homes for America was recognized as Nonprofit Developer of the Year and Telesis’ development, Bass Circle Apartments, was awarded Best Large Affordable Housing Project by the Housing Association of Non-Profit Developers.
Freddie Mac financed a $215 million loan for Harbor Point on the Bay, a large 1,284-unit mixed-income community that includes both affordable and market-rate housing on more than 43 acres in Boston. KeyBank Real Estate Capital arranged the senior debt financing for the borrower, Corcoran, Mullins, Jennison Inc. (CMJ), which is committed to providing quality affordable housing.
Freddie Mac recently priced an $812 million offering of Structured Pass-Through Certificates (K Certificates), which are multifamily mortgage-backed securities. The K Certificates (K-PLB Certificates) are backed by Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast, and are expected to settle on or about June 26, 2015.
NH&RA’s Next Generation Leadership Initiative met in Washington, DC, on June 18. Ben Metcalf, DAS for HUD Multifamily Housing Programs, shared updates from his ongoing projects at HUD and talking about his experience as a rising leader in the industry.
WNC provided approximately $3.3 million in low-income housing tax credit equity to fund the renovation two affordable housing developments in Mississippi.
The U.S. Department of Treasury awarded Capfund New Markets $55 million in the most recent round of New Markets Tax Credit (NMTC) allocations, the largest award Capfund New Markets has received to date.
Boston Capital is investing in the construction of Post Oak Apartments, a 182-unit apartment community for individuals and families located in McKinney, Texas. Post Oak Apartments will be built with tax credit equity from the LIHTC program. One hundred thirty homes will be available to families and individuals earning 60 percent or less of the Area Median Income.
The Affordable Housing Tax Credit Coalition honored outstanding low income tax credit properties at its 21st Annual Charles L. Edson Tax Credit Excellence Awards. NH&RA members were involved in the development and financing of several of the award-winning projects.
Several members of NH&RA were recognized among the nation’s top developments of 2014-15, as chosen by the Affordable Housing Finance 11th Annual Readers’ Choice Awards.
Affordable Rental Housing ACTION (A Call To Invest in Our Neighborhoods) issued resources to assist housing credit supporters in reaching out to their representatives in support of current legislation. NH&RA encourages our members to voice your support bills in the House and Senate that will set a minimum credit rate.