Member News

Woda Group, Inc. plans to build Grand View Place, a 68-unit affordable housing development, using Low-Income Housing Tax Credits from the Michigan State Housing Development Authority.

As the tax credit community continues to mature, asset management represents the single biggest opportunity for many firms to improve the performance of their properties and their companies. NH&RA’s one-day Asset Management Symposium was just the beginning of a larger conversation around many of these issues.

Robinson+Cole releases an updated version of its Green Tax Incentive Compendium, which compiles federal and state tax incentives for renewable energy and energy efficiency.

Affirmed Housing, Artspace, BRIDGE Housing, Eden Housing, and Related California are among the recipients of 2015 Gold Nugget Awards.

TCAM announced the addition and promotion of staff. Elaine Magil has joined TCAM, expanding its third-party Asset Management and Consulting and Advisory Services groups as the list of clients grows. In addition, TCAM announced the promotion of Brian Urban to Director.

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of three loans totaling $4.72 million to refinance affordable apartment communities in Kentucky managed by the same company.

Stratford Capital Group announced the hiring of Veronica D. Gominho as Vice President, Robert F. Sheehy as Assistant Vice President and John J. Sorel as Senior Vice President.

Vesta Corporation will conduct a complete rehabilitation and redevelopment of Villa Serena Apartments, a 242-unit apartment community in Mayfield Heights, Ohio. Vesta was awarded a federal Senior Preservation Rental Assistance Contract (SPRAC). This award, combined with an FHA First Mortgage, 9% LIHTCs, and the $2 million, 20 year subsidy, will finance most of the estimated $40,000 per-apartment cost of the renovation.

The Michaels Organization Educational Foundation has awarded over 200 college scholarships worth a record $575,000 for the 2015/2016 academic year to residents of The Michaels Organization properties. With these latest awards, the total amount of scholarships awarded by the Foundation during the past 25 years now stands at more than $4.6 million.

Homes for America was recognized as Nonprofit Developer of the Year and Telesis’ development, Bass Circle Apartments, was awarded Best Large Affordable Housing Project by the Housing Association of Non-Profit Developers.

Freddie Mac financed a $215 million loan for Harbor Point on the Bay, a large 1,284-unit mixed-income community that includes both affordable and market-rate housing on more than 43 acres in Boston. KeyBank Real Estate Capital arranged the senior debt financing for the borrower, Corcoran, Mullins, Jennison Inc. (CMJ), which is committed to providing quality affordable housing.

Freddie Mac recently priced an $812 million offering of Structured Pass-Through Certificates (K Certificates), which are multifamily mortgage-backed securities. The K Certificates (K-PLB Certificates) are backed by Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast, and are expected to settle on or about June 26, 2015.