Member News

Red Stone Equity Partners LLC  has hired Catalina “Cat” Vielma as senior vice president of Acquisitions | Mountain Region and Michael Tayefeh as assistant vice president of Investor Relations, and announced several promotions in key leadership roles across its Acquisitions, Investor Relations and Portfolio Management divisions.

Cinnaire has been awarded a $7 million Capital Magnet Fund grant from the U.S. Department of Treasury’s CDFI Fund. The grant was announced as part of $130.9 million awarded to 38 nonprofit housing organizations and CDFIs for the development of affordable housing and community facilities in low-income communities. Cinnaire received the second largest award in the country. The capital will be used to provide predevelopment, acquisition and bridge financing for high impact affordable housing developments.

Beacon Communities LLC and Artspace, New Haven’s leading alternative space for contemporary art, have signed a ten-year lease for the 5,000 square foot space in the flagship corner of Ninth Square, steps from the New Haven Green and Union Station.

RED Mortgage Capital (RED) announced that they have provided a $950,000 U.S. Department of Agriculture (USDA)-backed loan for the recently completed New York State Homes and Community Renewal’s (HCR) Walnut Hills Apartments project in Penn Yan, NY.

PENN YAN, N.Y. – Jan. 31, 2020 – RED Mortgage Capital (RED), a division of ORIX Real Estate Capital, announced that they have provided a $950,000 United States Department of Agriculture (USDA)-backed loan for the recently completed New York State Homes and Community Renewal’s (HCR) Walnut Hills Apartments project in Penn Yan, New York.

Carr Hagan passed away quite unexpectedly on January 29 after a brief illness. He will be deeply missed by his children Liam and Lila and his extended family, as well as his many friends and colleagues at LHP and the broader affordable housing community.

Robinson Cole published its updated Green Tax Incentive Compendium. This volume presents federal and state tax incentives promoting the renewable energy and energy efficiency industries. The January 2020 release includes the tax extenders in the recently enacted Taxpayer Certainty and Disaster Tax Relief Act of 2019.

CohnReznick LLP has promoted 12 professionals to its partnership ranks, effective February 1, 2020. Additionally, CohnReznick has elevated four veteran partners to new leadership positions within the firm. Those named to new leadership roles include NH&RA board member Ira Weinstein and Scott Szeliga.

On January 7, 2020, Judge Deborah A. Chimes of the New York Supreme Court—Erie County ruled from the bench that a general partner’s election to redeem the limited partners’ interests in a LIHTC partnership did not trigger liquidation provisions under the partnership agreement because the partnership still owned all, or substantially all, of the assets of the partnership.

Tiber Hudson LLC has again been named the number one underwriter’s counsel in the nation by Thomson Reuters, based on the number of multifamily bond issues completed in 2019. Tiber Hudson also topped the field in 2018.

NHP Foundation CEO, Richard Burns, published an op-ed in The Hill on “troubling trends in housing for the new decade” in which he identifies three data trends that are cause for concern. “In 2020, and over the next decade, everyone in the affordable housing equation will need to produce bolder ideas, speak louder to their representatives, foster greater thought leadership, and be more proactive and bullish in their mission to preserve and create more affordable rental units. If the status quo remains, conditions will continue to worsen and we will be unprepared and ill-equipped for our future affordable housing needs.”

CREA announced its 2019 results, including a record $852.2 million in equity closed and an additional $354.6 million in equity raised. ontributing to the total equity raised, CREA closed its largest-ever national fund, Fund 74, with commitments of $351.3 million. The fund supported the development of 32 properties with capital from 20 investors. CREA also closed $230 million in 14 active proprietary funds.