Member News

The Michaels Organization successfully closed on $61 million in financing for Mission Trail at El Camino Real, a new mixed-income housing community in San Marcos, Texas, that will serve the city’s growing workforce. The majority of the 352 apartments will be reserved for households earning 60 percent or less of the area median income, while 10 percent of the units will be reserved for individuals and families earning less than 140 percent of the area median income. The community will also offer 35 apartments without any income restrictions

The northern California’s Metropolitan Transportation Commission has committed $10 million to launch the Bay Area Preservation Pilot (BAPP). Administered through Enterprise Community Loan Fund and the Low Income Investment Fund, BAPP will address a specific financing gap in the affordable housing market by offering 10-year term loans for the acquisition of affordable, market-rate rental properties.

A new partnership between Woda Cooper Companies, Inc. (Woda Cooper) and Hoosier Veterans Assistance Foundation of Indiana (HVAF) was selected as one of six teams to participate in the 2019 Indiana Supportive Housing Institute.

Woda Cooper and HVAF are in the early planning stages for a new affordable housing community in Indianapolis, with 25 percent of units set aside as supportive housing for veterans. HVAF’s partnership with Woda Cooper marks the first time HVAF will develop permanent supportive housing.

Dean Adler and Ken Bacon have joined the newly formed Dominium Corporate Advisory Board alongside Paul Sween, Armand Brachman and Mark Moorhouse.

The Community Development Financial Institutions (CDFI) Fund awarded 38 organizations $142.9 million through the FY 2018 round of the Capital Magnet Fund. The 38 awardees were selected after a merit-based competitive review of applications submitted from 116 organizations, which requested more than $570 million in awards this round of the Capital Magnet Fund.

Law firm Tiber Hudson LLC has been named the number 1 underwriter’s counsel in the nation by Thomson Reuters, based on the number of multi-family bond issues completed in 2018.

A New York Times article looks at how technology could help address housing affordability challenges. Matt Hoffman, vice president for innovation at Enterprise Community Partners, notes that Enterprise is seeking partnerships with tech companies with ideas that could change the market, such as new models between renting and ownership or squeezing new supply out of the housing that already exists

Beacon Communities has named Dara Kovel its new CEO. Kovel joined Beacon in 2015 as the President of Beacon Communities Development and succeeds Pam Goodman.

Goodman is retiring after over 20 years of helping to grow Beacon Communities into a large, nationally recognized and diversified multifamily owner/developer, recognized for quality work, its commitment to employees and residents and for creating a culture of engagement.

The Partnership for the Bay’s Future aims to advance the region’s future by solving its interconnected challenges of housing, transportation and economic opportunity.

It will begin with two funds—the Investment Fund and Policy Fund—to expand and protect the homes of up to 175,000 households over the next five years and preserve and produce more than 8,000 homes over the next five to 10 years in San Francisco, San Mateo, Santa Clara, Alameda, and Contra Costa counties.

MassHousing has closed on $14 million in financing to Beacon Communities LLC for the rehabilitation and preservation of affordability at the 72-unit Camden Apartments in Boston, MA.

MassHousing provided Beacon Communities with a $5.9 million tax-exempt construction and permanent loan and an $8.1 million tax-exempt bridge loan. The MassHousing financing also generated $6.8 million in Low-Income Housing Tax Credit equity for the project.

CREA, LLC (CREA) announced its 2018 results, including $809 million in equity closed and an additional $317 million in equity raised or committed.

The Puerto Rico Department of Housing and national affordable housing developer, McCormack Baron Salazar, Inc., celebrated the groundbreaking of critically-needed, intergenerational, mixed-income housing in the Barrio Turabo.