Member News

NCSHA sent the Internal Revenue Service and U.S. Department of the Treasury a letter urging them to extend certain temporary Housing Credit relief provisions in light of the COVID-19 pandemic’s continuing disruption of development and construction activities and the ongoing operation of Housing Credit properties.

New York becomes the latest state to pass legislation that seeks to convert distressed hotels or other commercial properties into affordable housing, creating opportunities for property owners and nonprofit organizations.

Merchants Capital announced it secured $31.9 million in acquisition bridge loans and $57.8 million in seven separate 221(d)(4) loans for the Thetford Portfolio, a seven property Low Income Housing Tax Credit (LIHTC) 221(d)(4) pilot transaction in North Carolina. The deal was closed in partnership with Vitus, the company said.

CREA, LLC and CREA Foundation, Inc. named Arvetta Jideonwo as executive director and head of social impact.

The CAHEC Foundation announced that it partnered with Drew Charter School, one of CAHEC New Markets’ investments in Atlanta, GA, to sponsor four $5,000 scholarships for their graduating class of 2021.

MacRostie Historic Advisors announced the naming of four new partners: Kim Smith Barnett, John Cramer; Anna Mod and Richard Sidebottom. All have worked closely with founding partner Bill MacRostie and partner Allen Johnson, both of whom are retiring, the firm said. Johnson announced his retirement Aug. 20.

Greystone and Project Destined, a leading social impact platform that provides training in financial literacy, entrepreneurship and real estate, have teamed up to provide custom commercial real estate (CRE) career path mentoring to a select group of college students during the Fall 2021 academic semester, Greystone announced. 

Standard Communities announced it formed a joint venture with Faring to create more than $2 billion of “missing-middle” housing throughout California over the next 18 to 24 months. The strategic partnership, Standard-Faring Essential Housing, will engage in both ground-up development of middle-income housing and the acquisition and conversion of existing market-rate properties, the companies said.

Align Finance Partners announced the closing of the $15 million refinance of Parkwood Apartments, a 55-unit, affordable multifamily property located in Santa Rosa, CA. The transaction, sponsored by Burbank Housing Development Corporation, utilized 501(c)(3) bonds, the company said.

Merchants Affordable Housing Corp. (MAHC) announced Bruce R. Baird will serve as president and CEO. Baird has been involved with MAHC for more than seven years, having served on the organization’s Board of Directors since 2014 and as Board Chair since April 2019.

Tidwell Group announced that Andrew Hooper, Clint Hamilton, Michael Fournier, Patrick Burk and Sean Hutton have been promoted to partner.

Hunt Capital Partners announced it has closed $6.4 million in Low Income Housing Tax Credit equity and $2.4 million in state and federal Historic Tax Credit equity for the construction of 48 multifamily housing units in a new building plus 18 additional units in the adaptive reuse of a historic building in Monroe, LA, which dates back to 1929.