The 234 Apartment

This letter to the editor was received from Clark Senior Housing President Bill Caruso .  We, the Clark Senior Housing Corp ., would like to let all the residents, especially the new residents in town, know that the Clark Senior Housing Corp is a private, non-profit company, not associated with any township's governmental agency. The Senior Housing Corp . was organized to encourage the town to plan and build affordable housing . In December 2000, we came before the Mayor and council to ask them for help for this noble project. We were told that the town had no money to spend on senior housing or any land left to build it on. We were also told to find the money and land ourselves and then they will see what they can do to help us out. The plan was always to help our seniors on fixed incomes that could no longer afford the high taxes on their homes, to find affordable housing in town so they can stay dose to their loved ones. We never would support building luxury adult apartments...

KeyBank Arranges Loans for Affordable Seniors Housing Projects Cleveland- based KeyBank Real Estate Capital (NYSE: KEY) has arranged a $23. 8 million Fannie Mae loan for Harmony Housing , a 501(c)(3) non- profit organization based Douglassville , Georgia. KeyBank’s John Gilmore, IV, and Jeff Rodham arranged the financing. The funds will be used to acquire three affordable and senior housing properties in Texas and Wisconsin, including the acquisition of Prairie Park Senior Apartments , a 96-unit, low- income housing tax credits (LIHTC) property in Madison, Wisconsin. The company has also arranged a $6. 9 million FHA loan for Millennia Housing Development Ltd., for the renovation of Sherman Thompson Towers Apartments , a 151- unit affordable seniors housing community in Ironton, Ohio. The project was awarded tax credits by the Ohio Housing Finance Agency (OHFA), and has a housing assistance payments (HAP) contract that provides rental assistance to 150 of the 151 units. KeyBa...

NEW YORK, Aug. 23, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending , investment and advisory company , today announced its closing of a $550,000, 000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp . for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings . The Greystone Bassuk debt advisory team , led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team . The transaction marks the largest-ever single-asset tax- exempt financing completed by Freddie Mac and a first-of-its- kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg , CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan proc...

Chesterfield County again led the region for single- family home sales last year, but faces challenges when it comes to housing affordability.  That's according to Laura Lafayette, chief executive officer of the Richmond Association of Realtors, during her presentation to the Chesterfield Board of Supervisors this week. In the county, 5,460 single- family homes sold in 2016, a 13.5 percent increase from 2015 when Chesterfield again led the region. Sales in Chesterfield outpaced Henrico County , the second hottest housing market in the region last year, by 1,805 homes. The average sales price in Chesterfield was $266,484. Lafayette said she expected the number to be the same, if not slightly higher, by the end of 2017. "This is obviously a sellers market. If you want to purchase a house, you’ve got to bring a full-price offer," Lafayette said. While Chesterfield led the region for single- family home sales , Henrico came in first for condo and town home sales ...

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NEW YORK, NY -   Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $12. 2 MM Fannie Mae facility to refinance the Copper Creek Apartments in Evansville, Indiana. Copper Creek Apartments is a Class A garden style multifamily facility that comprises 16, two- and three-story buildings with a combined total of 291 units.  The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan proceeds will be used to pay off the combined existing debt and yield maintenance that will mature in 2012.  Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector . The borrower is a single asset, Indiana limited partnership that is led by a well- established property owner in this tertiary market, and a l...

In the spring of 2015, residents of the Forest Hills Apartment complex complained about their air conditioners not working, mold in their apartments, outdated fire extinguishers , broken electrical outlets and slow response times from the management company . Now after about 18 months of renovations, things are starting to improve, residents say. “They’ve got a new manager, Ms. Eunice, and she is really, really trying to get some stuff done here,” Joyce Mosley, a long time resident of Forest Hills, said. “She has repaired several apartments, taken care of mold issues. They’ve sent in painters and plumbers.” Resident Keith Miller agreed . He said on a scale of 1 to 10, he’d give the new management an eight, primarily for their effort. He said things are not perfect, but he sees some improvement. Forest Hills has had a history of troubles in recent years. The 136- unit apartment complex is on Seventh Avenue and has 96 apartments reserved for residents who receive federal housing su...

$4 Million Project Includes 40 Senior Living Apartments The Heritage Place senior living apartment complex took another step closer to becoming a reality as the building permit was issued on Monday, Aug. 15. The complex will be constructed next to Orscheln’s, beside and behind the Dos Primos restaurant location . It will feature affordable housing for senior citizens who are 55 and older. The project was proposed more than a year ago to the Board of Aldermen by Woodco, Inc., out of Billings, Mo. The company secured federal and state tax incentives to take on the project which has made the process take longer. The project will be developed by DowCon, LLC, out of Kansas City. Doff Woodman, of Woodco, addressed the board about the development and noted it will be a top-notch facility. In addition to the apartment units there will also be a community building constructed with space for an exercise room, common areas, kitchen and porches for residents to gather. Those interested in b...

CHEYENNE ­– A proposed apartment complex that would offer low- and middle- income housing in north Cheyenne won a key stamp of approval Monday night when the City Council voted to rezone land for high-density development. Councilman Dicky Shanor was absent for the 9-0 decision. Developer Summit Housing Group plans to build a three-building, 72-unit complex for low- and middle- income residents east of Converse Avenue between Storey and Dell Range boulevards . Sam Lang, a Summit senior project manager , said his firm is aiming to break ground on the project by early next year pending city approval of building plans . Despite indications that the council would support the move, nearby homeowners who oppose the project again came out to protest the developer’s plans and city processes . Krystal Lewis, who lives on Plainview Road just east of where the apartments would sit, said the complex was stretching the city’s zoning rules and development code. The complex didn’t call for e...

Another program, run by the Urban Homesteading Assistance Board , works with the city on co-op conversions of buildings taken over from delinquent landlords. Tenants help with renovations and can eventually buy the units for low prices. About 30,000 apartments are in the program, which is administered by the city’s Department of Housing Preservation and Development. Since 2003 the city’s Housing Development Corporation has also been partnering with both for-profit and nonprofit developers to create new affordable apartments — 1,767 units in 21 buildings. The benefits of promoting homeownership in this way extend far beyond the individual owners, said Andrew Reicher, the executive director of the Urban Homesteading Assistance Board . “In the Lower East Side , in Harlem, in Bed-Stuy,” he said, “these owners stuck it out and struggled to improve their block, and improvements spread from their work. And they are not displaced when the neighborhood turns around.” Of course, the question fo...

As rents climb across the U.S., more people are being driven into homelessness. In some of the country’s hottest housing markets , rent increases have a strong connection with upticks in the homeless population , according to a study released this week from real- estate website Zillow . In New York City, a 5% rent hike would lead to nearly 3,000 more people becoming homeless. In Los Angeles, the same increase in rent would leave around 2,000 people without a place to live. To produce the report, Zillow created a model that analyzed different variables, including how population growth and changes in rent affect the homelessness rate. The model also considered the accuracy of homeless counts. Zillow then passed Census population figures , homelessness counts and its own rental data through the model to determine the relationship between rental prices and homelessness in different cities. The Census population numbers also take into account people who move in or out of a city, inclu...