Member News

Love Funding announced the closing of three loans totaling $8.59 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett, Michigan.

The year 2015 marks 25 years since The Michaels Organization’s founder and CEO Michael J. Levitt first created a scholarship program for residents of the affordable housing communities that his companies own and manage. To celebrate this milestone, The Michaels Organization has kicked off its “I Am A Michaels Scholar” campaign, which tells the stories of some of these resident scholars, both in print and on video.

Boston Capital is investing in the construction of two communities that will provide affordable housing for residents making 60% of the area median income. The communities will be developed by Affirmed Housing, using tax credit equity from the low-income housing tax credit program.

Rockport Mortgage Corporation provided $17 million for the acquisition and substantial rehabilitation of a low- and moderate-income housing community in Knoxville, Tennessee. Through the HUD 221(d)(4) program, the complex debt structure includes the 4% Low Income Housing Tax Credits (LIHTCs), short-term tax-exempt bonds, and multiple tranche financing.

Michael J. Dirrane has been appointed by Governor Baker as Chairman of the MassHousing Board of Directors. It is the second time Mr. Dirrane has led the nine-member Board that governs the affordable housing agency.

City Real Estate Advisors, Inc. (CREA) announced that Richard Shea has joined the organization as senior vice president of acquisitions. Shea will be responsible for identifying, structuring and closing affordable housing equity opportunities throughout the California.

Love Funding announced the closing of a $14.3 million loan to rehabilitate Thorpe Village, a senior apartment community in Sparkill, New York. The property consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract.

Novogradac & Company LLP has been named to INSIDE Public Accounting’s (IPA’s) list of “Best of the Best Firms” for the 13th time. The national firm was also named one of the 50 largest accounting firms for 2015.

Boston Capital is investing in the construction of Alexander Station, a 262-unit apartment community for individuals and families located in Gilroy, CA. Alexander Station will be built with tax credit equity from the Low Income Housing Tax Credit program.

City Real Estate Advisors announced Executive Vice President of the Boston office, Tony Bertoldi, as a newly elected board of director’s member of Victory Programs. Victory Programs is a Boston-based non-profit organization dedicated to helping homeless individuals and families who may have substance use disorders.

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.5 million loan to be used for the acquisition and renovation of Wesley Highland Meadows Apartments, a 200-unit Section 8 apartment community in Memphis, Tennessee.

Beacon Communities and The Architectural Team continue to redevelop the Old Colony public housing community, a former symbol of poor housing conditions, into healthy, energy efficient apartments for low-income residents. They completed 40 new units in June 2015, bringing the total number of redeveloped units to 169.