Market analysts and industry peers gathered for the NCHMA Spring Meeting to discuss ways to streamline and improve U.S Department of Housing and Urban Development (HUD) and LIHTC underwriting market analysis. Participants also considered ways market analysts could collaborate better with industry partners and clients.
Lisa Pekkala, Andrew Massmann, and Lance F. Johnson joined the Affordable Housing and Community Development practice at Applegate & Thorne-Thomsen.
Nixon Peabody announced Sonia A. Nayak has been promoted to counsel in its Real Estate & Community Development department.
Red Stone Equity Partners raised $510 million of tax credit equity in 2014. In addition, 2014 stands as the year that Red Stone surpassed $2.0 billion in total equity raised since its inception in 2007.
A new partnership between the Community Development Trust (CDT) and TIAA-CREF announced they will jointly invest $20 million to help preserve a total of 555 affordable housing units in six cities. This initial investment covers eight first mortgages on Low-Income Housing Tax Credit (LIHTC) properties in California.
Candeur Group, LLC and Steven Fayne, former Managing Director in Citigroup’s affordable housing division, have formed a joint venture, Candeur Fayne, LLC. The new partnership will focus on affordable housing lending and investing activities including a CDFI lending facility, Low-Income Housing Tax Credit investing partnerships, and other investment banking products.
Boston Capital announced that it is investing in the construction of Patriot Homes, a 24-unit apartment community for individuals and families with a preference for veterans in Boston, Massachusetts. The general partners for this project are Caritas Communities and South Boston Neighborhood Development Corporation, based respectively in Braintree and Boston, MA.
The Franklin Johnston Group welcomed Christen Faatz, as the new Director of Corporate Strategy, and Theresa Cummings, as the Director of Human Resources.
Great Lakes Capital Fund (GLCF) welcomed Christopher Laurent as Regional Vice President of its Wisconsin market and Chris Jillings to its Madison office as asset manager.
Novogradac & Company LLP updated the Novogradac Rent & Income Limit Calculator© to include the U.S. Department of Housing and Urban Development’s (HUD’s) fiscal year 2015 rent and income limit data.
Bank of America Merrill Lynch Community Development Banking provided more than $3.2 billion in loans, tax credit equity investments and other real estate development solutions to over 550 clients in 2014, creating more than 13,000 housing units for individuals, families, seniors, students, veterans and other at-risk groups across the country.
City Real Estate Advisors, Inc. announced that Mike Boyle has joined the organization as Vice President of Acquisitions. Boyle will be responsible for identifying, structuring, and closing affordable housing equity opportunities with a focus on the Southeastern region of the United States.