Member News

Pennrose announced the addition of Michelle Militello as Vice President of Asset Management. Michelle will focus on maximizing the financial performance and value of the Pennrose portfolio. She will be responsible for analyzing, measuring and reporting on property financial and operating metrics, and will work closely with the property operations team to improve outcomes.

Effective January 1, 2020, Ryan Sfreddo has been named president of Red Stone Equity Partners. Most recently, Sfreddo served as a principal and managing director of investor relations where he oversaw the marketing and distribution of the company’s tax credit investments. Founder and former President Eric McClelland will maintain his role as CEO, focusing on the company’s overall strategic planning, growth and business diversification initiatives.

Cinnaire was selected as one of the 184 Community Development Financial Institutions (CDFIs) to receive an award from the U.S. Department of Treasury’s CDFI Fund. The $1 million Financial Assistance award will be used to provide creative loans and flexible financing to support low-income, distressed communities throughout Cinnaire’s footprint

Novogradac announced the elevation of Elaine Chang and Miao Xue of the San Francisco office; Abby Cohen of the metro Washington, DC office; Thomas Fantin of the Dover, OH office; Erica Giessler of the Walnut Creek, CA office; and Tabitha Jones of the metro Atlanta office to partner.

The Indiana Housing & Community Development Authority (IHCDA) Board of Directors recently approved funding to Biggs Development, Justus Property Management & Greystone Affordable Development and Woda Cooper as part of the Moving Forward Rural Development (RD) program.

Pennrose and the Chattanooga Housing Authority (CHA) celebrated the redevelopment groundbreaking ceremony for Cromwell Hills and Emerald Villages in Chattanooga, TN. The comprehensive initiative will repair and upgrade 200 units at the Cromwell Hills apartment complex and redevelop 111 scattered-site units into the new Emerald Villages.

Conifer Realty recently announced a significant ongoing investment in its company by Belveron Partners. The capital infusion is the largest in a growing trend of affordable developers looking to diversify their ownership and ensure their companies endure.

The final episode of Leading Voices in Real Estate for 2019 features David Brickman, who was appointed CEO of Freddie Mac in July 2019. In this interview, Brickman dives deep about his leadership of Freddie Mac’s multifamily group and his rise within the organization based on his innovations, particularly in the area of securitization and housing affordability.

The comprehensive renovation of 303 affordable units on two nearby sites in Washington, DC by WinnCompanies was recently featured in a HUD User case study. The accumulation of wear and tear since the previous renovation more than 30 years ago, the perception of residents and neighbors that the developments were unsafe and a shortage of supportive services relative to need were all addressed by WinnCompanies as part of the rehabilitation.

Pennrose celebrated the grand opening of Pointe View at Aspen Hill in Silver Spring, Maryland. The new high-quality, mixed-income community delivers 120 units of affordable housing and on-site supportive services for seniors in Montgomery County.

The board of directors of Stewards of Affordable Housing for the Future (SAHF) announced the appointment of Andrea Ponsor as president and chief executive officer. Ms. Ponsor joined SAHF in 2016 and has been serving as the interim president and CEO since September.

A grand opening celebration was held Tuesday, December 3, at Freedman Point, 311 E. Cawson Street, Hopewell, VA, to mark the opening of the new 68-unit affordable apartments within a mixed-use community. The $14.4 million community was developed by Woda Cooper Companies, Inc., Columbus, OH. Co-developer is Bay Aging,  Urbanna, VA. In addition to two- and three-bedroom apartments, the new property also brings a large commercial space to be developed for retail businesses or professional offices. This will complement many other nearby retail businesses, restaurants, service outlets, and community amenities including the adjacent Appomattox Regional Library.