Member News Category Archives

Partnership for the Bay’s Future to Invest Over $500 Million in Affordable Housing

The Partnership for the Bay’s Future aims to advance the region’s future by solving its interconnected challenges of housing, transportation and economic opportunity.

It will begin with two funds—the Investment Fund and Policy Fund—to expand and protect the homes of up to 175,000 households over the next five years and preserve and produce more than 8,000 homes over the next five to 10 years in San Francisco, San Mateo, Santa Clara, Alameda, and Contra Costa counties.

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Boston Public Housing Community Will Undergo Extensive Renovation

MassHousing has closed on $14 million in financing to Beacon Communities LLC for the rehabilitation and preservation of affordability at the 72-unit Camden Apartments in Boston, MA.

MassHousing provided Beacon Communities with a $5.9 million tax-exempt construction and permanent loan and an $8.1 million tax-exempt bridge loan. The MassHousing financing also generated $6.8 million in Low-Income Housing Tax Credit equity for the project.

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Churchill Stateside Group Closes $36.4 Million in USDA 538 Guaranteed Loans along with $33.4M in LIHTC Syndication/Brokerage Equity Investment for Three Existing USDA Financed Portfolio Transactions comprised of 1,477 units

Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, announced the closing of $36.4 million in long-term, fixed-rate financing and $33.4 million in Federal and State LIHTC for Rural Multifamily Properties located in central Pennsylvania, Georgia and Washington.

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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.