Tag Archives: real-estate

Houston Housing Authority, Mayor Parker Get in the Holiday Spirit with $100M to Help End Homelessness in Houston

Houston Housing Authority and Mayor Annise Parker announce details of plan to add 1,000 units of permanent housing for homeless Houstonians within the next two years through $100 million in Project-Based Vouchers, funded by HUD. This pledge includes plans to construct new apartments that will provide supportive services, as well as the intent to provide up to 200 vouchers to be used at new properties and/or up to 200 vouchers for existing properties that comply with program requirements and federal Housing Quality Standards. The goal of the new initiative is to create permanent supportive housing for homeless and vulnerable Houstonians. The targeted population includes income eligible (less than 30 percent of the area media income) homeless veterans and homeless individuals or families and individuals with disabilities.

- PR.com

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Red Stone Provides $71 Million for Texas Acquisitions

Red Stone Partners announced that it has provided $71.1 million in tax-exempt bond financing for six affordable housing properties in Texas.

The properties were acquired by affiliates of Dalcor Cos., a Dallas-based real estate acquisition, development, and management firm. The developments are located in Houston, Dallas, Beaumont, Wichita Falls, Bryan, and Huntsville, and have 1,444 units.

The bonds were issued by the Texas State Affordable Housing Corp. Indianapolis-based City Real Estate Advisors will also invest approximately $33 million in these properties through its sponsorship of low-income housing tax credit (LIHTC) limited partnerships. Merchant Capital of Montgomery, Ala., also acted as an adviser and a placement agent for Dalcor.

HousingFinance.com

August U.S. home prices see top gain in six years

U.S. home prices saw their biggest year-on-year jump in August in six years, more evidence that the market recovery has gained traction, a data provider said Tuesday. CoreLogic reported a 0.3% gain in prices in August, to take the year-on-year jump to 4.6%.The home price data released Tuesday is broadly confirmed by other, less current measures from S&P/Case-Shiller and the Federal Housing Finance Agency that show a slowly recovering picture after a housing bubble burst that left prices 27% below peaks, according to CoreLogic data.

- MarketWatch

N.Y. private equity firm buys 94 bank-owned homes in Chicago

A New York-based private equity firm has purchased 94 homes in the Chicago area from Fannie Mae as part of a pilot program to sell foreclosed properties in bulk in hard-hit housing markets. The Cogsville Group LLC, which focuses primarily on distressed real estate, paid approximately $2.1 million for its equity interest in the homes under a joint venture with the Federal Housing Finance Agency. The 94 properties include 111 rental units, 68 of which are occupied and the remainder are vacant. The total value of the joint-venture transaction with the FHFA is estimated at $11.8 million, or 86.2 percent of the appraised market value of the properties.

- Chicago Tribune

Affordable Housing Associates wrap up 70-unit senior housing project in Oakland

Affordable Housing Associates plans to welcome the first residents to its new senior housing community, the 70-unit Merritt Crossing building at 609 Oak St. in Oakland. The $28.4 million project is near the city’s Chinatown neighborhood on a parcel that was previously a vacant lot. The project will cater to people age 55 and up with incomes between 30 and 50 percent of the area median income. Half of the units are reserved for residents with specific needs or situations such as being formerly homes, living with HIV or AIDS, and suffering from mental illness.

- San Francisco Business Times

Bike & Build celebrates 10 years of affordable housing awareness efforts and projects

Bike & Build, a cross-country cycling organization based in Roxborough, PA celebrates its 10th anniversary this year. The unique organization combines the concepts of affordable housing awareness, getting young adults involved in the cause and cross-country cycling. Inspired by the now-discontinued Habitat Bicycle Challenge sponsored by Habitat for Humanity, Bike & Build gathers young adults between the ages of 18 and 25 to trek across the country in the hope of raising affordable housing awareness in America.

- Newsworks

US home sales jump to highest level in more than 2 years, builders start work on more homes

A jump in sales of previously occupied homes and further gains in home construction suggest the U.S. housing recovery is gaining momentum. The pair of reports Wednesday follows other signs of steady progress in the housing market after years of stagnation. New-home sales are up, builder confidence has reached its highest level in more than six years and increases in home prices appear to be sustainable. Sales and construction rates are still below healthy levels, economists caution. But the improvement has been steady. And the broader economy is likely to benefit. When home prices rise, Americans typically feel wealthier and spend more — a point Federal Reserve Chairman Ben Bernanke made last week after the Fed unveiled a plan to lower mortgage rates. Consumer spending drives 70 percent of the economic growth.

- Washington Post

Hudson, Related, CAMBA power up giant Brooklyn solar project

The Hudson Companies Inc., Related and CAMBA have started work on the biggest solar power project of its type in the state.  The development partners are building a 214,000 watt solar electric photovoltaic (PV) system at Gateway Elton Phase I, their 197-unit mixed-use affordable housing development in the Spring Creek section of Brooklyn.  The PV system surpasses Hudson’s Dumont Green Development as the largest solar electric system of its kind on a residential building in New York State.  According to solar PV system designer Bright Power, the installation will offset almost 300,000 lbs. of carbon dioxide per year, which is the equivalent of over 6,400 — or almost eight acres – of mature trees.  The PV system will offset the common area electrical demand by 68%.  Gateway Elton Phase I is also on track to be certified as a LEED Platinum development. Construction activity is expected to create 950 indirect and direct jobs.

- Real Estate Weekly

South Bend Apartments Get Multi-Million Dollar Overhaul

Major renovations to existing apartment homes near Ivy Tech Community College are complete thanks to over $6 million of investment through federal low-income housing tax credits, and additional investment by the City of South Bend, the Federal Home Loan Bank of Indianapolis and Lake City Bank.  The State of Indiana awarded $6 million in tax credits to South Bend Heritage Foundation in the spring of 2011 for the renovation of Heritage Homes Southeast, a 54 unit housing development just east of the Ivy Tech Community College campus. Renovations were recently completed on budget and ahead of schedule. The new office and community room are now open for business. Heritage Homes Southeast’s 54 affordable rental units were originally built in 1996 by South Bend Heritage Foundation. Mayor Pete Buttigieg will help cut the ribbon on Thursday, September 20th.

- InsideIndianaBusiness.com

Question: Set Aside Projects with Developmentally Disabled Tenants

From Barry Cummings, Director of Development, Chenango County ARC:

We are trying to create a LIHTC deal w/ state dollars to build a 34 unit complex and set aside 11 units for the developmentally disabled. The special needs tenants would not require 24 hour care and would be truly integrated into a community setting.  Are you aware of anyone doing a  set aside project with just the developmentally disabled as the special needs tenant population?

Got an answer for Barry?  Leave it in the comments.