The 234 Apartment

Pilot Will Create 1,000 Affordable Units Over Three Years on the Near North and West Sides CHICAGO–(ENEWSPF)–August 25, 2017. Mayor Rahm Emanuel today joined Alderman Walter Burnett and Alderman Joe Moreno to announce a pilot initiative to enhance affordability requirements for large residential development projects in gentrifying areas on the Near North and Near West sides, and along Milwaukee Avenue . Over three years, the initiative is expected to create up to 1,000 affordable units in areas that need them. “Access to affordable housing is critical to Chicago’s legacy as one of the world’s most livable big cities , especially as the real estate market undergoes unprecedented neighborhood development ,” Mayor Emanuel said. “This initiative will create more affordable units in targeted areas while helping the city to assess the most effective ways of meeting neighborhood affordable housing goals .” To be introduced to City Council on Sept. 6, the proposed improvements would be...

Woodcrest Country Club will be preserved in perpetuity under a deal reached between owners and town officials . (Photo: JOHN ZIOMEK/Courier-Post) Story Highlights The Short Hills complex, to be made up entirely of affordable units , would be developed by Fair Share Housing Center , a Cherry Hill- based advocacy center for affordable housing . CHERRY HILL – A deal to preserve Woodcrest Country Club could put more than 800 apartments on commercial sites on the township's west side, including the current headquarters of Subaru of America. The plan, which needs a judge's approval, would include from 90 to 124 units for people with low and moderate incomes — part of an agreement to settle a 30- year court fight over Cherry Hill's affordable-housing obligation. Township officials have said the agreement would bar future development at the 180- acre country club . The club's owner, Cherry Hill Land Associates , had sued the township in an effort to build an 844- unit apa...

When Bill de Blasio became mayor of New York City in 2014, he made no secret of his intent to place affordable housing at the center of his term. Not long after his election, he rolled out his Housing New York plan–a 10-year strategy to build or preserve around 200,000 affordable units across the city’s five boroughs. advertisement Affordable, when it comes to housing in New York, is a slippery term. Critics of de Blasio’s plan have pointed out that the majority of the units built or converted under Housing New York remain out of reach of low-income New Yorkers–those earning less than $43,000 per year. And while the plan has succeeded making a nearly 100,000 unit dent in the city’s 550,000 affordable-unit shortfall, the terms of the new unit’s affordability are ephemeral: The majority of the units created and preserved under the mayor’s plan are only regulated temporarily, often for as little as two decades. There is no guarantee that a unit designated as affordable today will remain...

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...

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...

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...

A Kentucky development group is planning a 180- unit affordable apartment complex in north Baton Rouge on the corner of Airline Highway and Plank Road. LDG Development , which specializes in affordable housing , is still in the planning stages for the project, which is named Commodore Pointe . The Baton Rouge North Economic Development District announced the project at its meeting last night. A spokeswoman for the firm declined to comment, but LDG is not new to Baton Rouge. The firm previously developed the $ 24 million Mallard Crossing apartment complex on Greenwell Springs Road in 2012, as well as the Woodcrest Apartments, an $ 8 million development completed in 2013 on North Lobdell Boulevard . The developer is also set to cut the ribbon on the Port Royal Apartments , another affordable housing complex on Airline Highway, on May 10. In March, LDG announced a 204-unit project on Nicholson Drive and Gardere Lane. Commodore Pointe will feature two four- story residential build...

| Share | Share | Share | Share Aug. 15--A proposed $57 million development would convert part of the MBTA's Mattapan Station parking lot into a mixed- income apartment building with 135 units and 10,000 square feet of commercial/retail space. Preservation of Affordable Housing Inc. and Nuestra Comunidad Development Corp . filed a letter of intent with the Boston Planning & Development Agency to build on the 2.57- acre River Street site in Mattapan Square , which borders Milton and Hyde Park, and is bound by Blue Hill Avenue and the newly restored Neponset River Greenway . "What makes this site so unique is the new Neponset River Greenway , which is something our development plans are highlighting and really seeing as a major amenity," said Julie Creamer, POAH's vice president of real estate development . "We're creating some really meaningful pathways to the greenway, as well as creating about a 2,000-square- foot community space which will abu...

$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...

When Matt Metzger and Carly Wingert showed up to view apartments early Friday afternoon at a complex on the south end of town, the property management office was closed. Another tenant pointed them to the mailbox with applications they could take and fill out. But it was empty. So they were off to make more calls. They'd already looked at a couple of places, including one that still was under renovation. "The struggle is real," Wingert said, still cheerful nonetheless. "It's not easy at all," Metzger said. After looking at just a handful of units, they were already talking about how to adjust their budget and possibly work overtime to afford a suitable home.  Wingert and Metzger plan to finish their degrees at the University of Montana — he's studying wildlife biology and she's interested in literature and the environment. They're among a slew of students looking for housing around the same time. Despite all the construction that's been ...