Developments

The 1704 N. Humboldt development is the substantial rehabilitation and historic preservation of a 1920s low-rise courtyard building in Chicago, which was originally purchased in 1988 by sponsor, Bickerdike Redevelopment Corporation. At that time, the existing 54 studio apartments were converted into 29 units of Section 8 family housing.

The recent rehabilitation of the five one-, 15 two- and nine three-bedroom apartments continues their Section 8 status targeting them to households earning at or below 60 percent Area Median Income.

Renovation included installation of high-efficiency heating and cooling systems and kitchen and bathroom fixtures. Roofs were replaced, existing walls repaired and tuck-pointed and windows, doors and lintels restored. A new laundry facility in the building’s basement is equipped with Energy Star appliances. Each apartment features a dishwasher, garbage disposal, air conditioning, blinds and new hardwood flooring.

Founded in 1967, Bickerdike Redevelopment Corporation is one of Chicago’s strongest community-based non-profit organizations and is widely recognized for its excellence in community development.

National Equity Fund® invested $8.8 million of LIHTC equity in 1704 N. Humboldt, its ninth partnership with Bickerdike.

The Harmon Apartments are named after the inspiring Cordelia Harmon, founder of The Boston Home in 1881, which served as a long-term care facility for adults with neurological conditions, primarily multiple sclerosis. Located in Boston, Massachusetts, the three-story apartment building provides 30 homes to residents earning no more than 30-60 percent of the Area Median Income (AMI) and six market-rate units. Harmon Apartments is an “accessibility plus” development for adults who live in independent housing and cannot afford a skilled nursing facility.  

This development is designed to meet the needs of individuals coming from environments of isolation and hardship with on-site services catering to active and healthy living, including wellness and social programs, access to neurological specialists, counseling, assistance with wheelchair positioning, and custom accommodations. Automatic doors, roll-in showers, and appliances in units make accessibility a priority. Residents can also adjust heating and cooling systems, lights, and blinds from their phones. About 90 percent of the community relies on supportive services with ages ranging from 15-81. 

Harmon Apartments was a 2020 AHF Readers’ Choice Award Finalist in the Special Needs category. The complex was co-developed by The Boston Home and Affirmative Investments, and NEF invested over $9.2 million in LIHTC equity. 

Georgiaville Village Green is one of the first affordable housing developments for families in Smithfield, Rhode Island. Once home to the Narragansett Gray Iron Foundry, Gemini Housing Corporation remediated and replaced a brownfield site with a 42-unit complex. This townhome community mirrors the architecture of historic Georgiaville Village while maintaining a cohesive design that is surrounded by greenery built to street edge. Units are available for single-family residents earning between 30-60 percent of the Area Median Income (AMI).  

The new homes at Georgiaville Village Green offer 3 one-bedrooms, 22 two-bedrooms, and 18 three-bedrooms. Five homes are reserved for very low-income households earning no more than 30 percent AMI through the Section 811 program, which offers supportive services to those residents with disabilities. The Smithfield area holds a range of shopping centers, medical centers, restaurants, and other amenities. 

This building’s “green” features include storm water runoff management, 46-kW solar photovoltaic systems, and the construction led to efforts to clean the contaminated lagoons and rehabilitate nearby riverbanks.  

Georgiaville Village Green was a 2020 AHF Readers’ Choice Awards Finalist in the Family category. Funding from the Local Initiatives Support Corporation (LISC) and Community Development Block Grant (CDBG) program made the remediation and land purchase possible. Sponsored by Gemini Housing Corporation and housing authority affiliate, Coventry Housing Associates, NEF contributed an investment of about $8.1 million in LIHTC equity.  

Formerly an abandoned bowling alley, Energy Square (E2) is a single five-story net-zero-for-living development that provides 57 rental apartments in Kingston, NY. E2 dedicates 29 units to households earning at or below 50 percent of the Area Median Income (AMI) including seven ESSHI (Empire State Supportive Housing Initiative) units, nine units for special needs, seven for homeless young adults (18-25) and two for homeless persons with rents set at 30 percent AMI. Nine apartments are reserved for households at 90 percent AMI. Preference is given to persons waitlisted for subsidized housing and whose current housing fails to meet basic standards of health and safety.

E2 provides five fully accessible units: three adapted for persons with mobility impairment and two for hearing- or vision-impaired individuals. Support services are offered for financial literacy, employment readiness, and accessing health, mental health, and substance abuse services. The building features first-floor commercial and community service facility space with two elevators and an exterior greenspace. E2 achieved LEED Platinum certification and net zero through geothermal wells, solar, and building design.

This 2020 AHF Readers' Choice Awards Finalist in the Green Category was developed by Rural Ulster Preservation Company (RUPCO), and NEF invested $12 million in LIHTC equity.

St. Anthony Terrace, formerly named Prosser Senior Housing, is a new construction 61-unit affordable housing community in Prosser, Washington. The development neighbors the Tri-Cities and is a part of Catholic Charities Housing Services (CCHS) Diocese of Yakima’s extended regional territory. 

St. Anthony Terrace is the second phase of a two-phase project in Prosser. The first phase is Rio de Vida Farmworker & Workforce Housing built in 2014. This second phase provides 112 households in a community of 6,300 and serves low-income seniors 55 and older, including individuals with disabilities. The senior community has a combination of 26 one-bedrooms and 35 two-bedrooms. Half the building will be available for tenants with 50 percent of the area median income (AMI) and the other half will be reserved for households earning 30 percent AMI.  

St. Anthony Terrace’s unit amenities include blinds, grab bars, central heating and air conditioning, oven, dishwasher, and refrigerator. The development provides security with limited access and video surveillance cameras.  

CCHS has worked throughout rural Washington state, particularly in Benton, Grant and Yakima counties and has a portfolio of 23 stabilized projects, most of which serve farm workers. NEF contributed an investment of about 9.1 million in LIHTC equity to the development of St. Anthony Terrace. 

WSFSSH at West 108 is a new, two-condo construction in Manhattan’s Upper West Side. Co-located with WSFSSH's 110-bed shelter for seniors, Valley Lodge, there are 199 affordable housing units at the new construction at West 108 with several supportive studios and apartments for the formerly homeless, low-income families and elderly residents with serious mental illness and/or substance use disorders.

In 2020, Freedom Village at West Windsor opened in Princeton, New Jersey as a beautiful 72-unit affordable housing community that supports residents with disabilities. This development provides homes for moderate income families and individuals who earn between 50-80 percent of the Area Median Income (AMI).  

About 45 percent of residents in the community live with developmental and mental health disabilities, and 18 apartments are set aside for individuals in need. Specifically, 10 units are reserved for residents who are currently receiving services for developmental disabilities through their individual providers. Rents for these set-aside units are all paid for by the New Jersey Division of Developmental Disabilities while rent for eight units reserved for mental health consumers receiving agency services are paid for by the New Jersey Division of Mental Health and Addiction Services. The remaining 54 units are available for individuals and families without disabilities. While showcasing their mission, Project Freedom provides a 100 percent barrier free convenience with accessible wheelchairs and social service providers.  

Freedom Village at Windsor brings together neighborhoods through easy access to transportation, high-quality education and job opportunities in the surrounding areas. The developer worked to meet LEED Silver equivalent efficiency, minimizing water usage while creating healthy and efficient cost-saving buildings and minimal usage of heating and cooling sources.  

With Project Freedom as the developer, NEF invested over $13.2 million in LIHTC equity. 

Landmark Place is a senior-focused and supportive campus in Kingston, NY and consists of the rehabilitated former Kingston Alms House (Landmark West), which offers 34 studio apartments. The new construction (Landmark East) is a 4-story building with 32 one-bedroom apartments. All 66 apartments cater to seniors 55 and older and 35 units are reserved for formerly homeless seniors. This community is the first affordable housing development for seniors built in Kingston in over 20 years. Created by RUPCO, Landmark Place ensures that seniors in the community can live with dignity, empowering residents with supportive housing services and a sense of community that allows them to thrive.

Landmark Place's supportive services include a full-time on-site behavioral health specialist, on-site licensed practical nurse, transportation services, daily living skills training, health, wellness, and socialization activities. It is a 2023 AHF Readers' Choice Award Finalist in the Seniors category.

Constructed on a blighted parking lot in a transitional neighborhood in Rochester, NY, The Eastman Reserve seeks to help transform the community into a safe, sustainable residential area with connections to existing amenities and employment opportunities. The 187-unit mixed-income mixed-use complex is comprised of townhouses, single-family homes and multi-family apartments that target a range of households including homeless youth and domestic violence survivors. Supported by Empire State Supportive Housing Initiative (ESSHI) funding, 69 apartments are affordable to households earning 50 percent or less of the Area Median Income (AMI), including 27 special-needs units: five targeting homeless young adults (18-25) and 22 are reserved for domestic violence survivors. Most of the other units are affordable with 66 at 50-60 percent AMI, 33 units at 60-90 percent AMI, and 19 units at 90-120 percent AMI. Residents have access to on-site supportive services such as counseling, legal, and healthcare services as well as a variety of modern amenities.

The Eastman Reserve won a 2020 Developments of Distinction Award for the Development that Best Preserves Metropolitan Community Impact and was a 2021 AHF Readers' Choice Awards - Family Category Finalist.

Sponsored by PathStone Development Corporation, NEF invested nearly $20 million of LIHTC equity into this development.

Recognized on the National Register of Historic Places, the preservation of Miriam Apartments has not only preserved the building’s original classic Chicago front façade elements and floors, but also 66 homes for residents in Chicago’s Uptown community. Mercy Housing Lakefront took over from Lakefront SRO, which updated the property in 1990, to improve this four-story historical building that was built in 1925. The rehabilitation work transformed shared bathrooms and communal kitchens into private spaces.  

In the interest of long-term affordability, Rental Assistance Demonstration Program (RAD) secured 20-year project-based assistance contracts for all apartments. Mariam Apartments aims to improve the quality of life of residents coming out of homelessness. All 66 units are restricted to residents earning 30 percent of the Area Median Income (AMI) and benefits from a Section 8 contract. The rehabilitation also features a steam heating system, which provides the residents with air conditioning for the first time as well as access to a computer lab, fitness room, community room, and resident storage. 

Miriam Apartments has gained recognition as the 2020 Residential Development that Best Exemplifies Major Community Impact at the Novogradac Rehabilitation Awards and was a 2020 Affordable Housing Finance Readers’ Choice Awards Winner in the Preservation category. This community was developed by Mercy Housing Lakefront, and NEF invested over $9.4 million in LIHTC equity. 

Florence Mills Apartments (FMA) is an environmentally-forward and thoughtfully designed mixed-use affordable housing building in the Central Avenue Historic District of South Los Angeles. FMA offers 74 new apartments with a mix of one-, two-, and three-bedrooms, approximately 5,000 square feet of commercial retail on the ground floor, community spaces for on-site resident services, and one level of subterranean parking. The apartment community is home to 54 large low-income families earning less than 60 percent of the Area Median Income (AMI) and 19 homeless veterans and families earning less than 18 and 9 percent AMI, respectively. The architecture integrates design elements to satisfy the needs of future residents, foster a sense of community, and reduce the environmental impact of the building. The building's namesake and mural subject, Florence Mills, was an extraordinary African American singer, dancer, and a passionate advocate of racial rights who captivated audiences during the golden age of Jazz in the 1920s. This community was a 2021 finalist in the Charles L. Edson Tax Credit Excellence Awards and the AHF Readers' Choice Awards - Urban Category.

FMA was developed by Hollywood Community Housing Corporation. NEF invested over $25 million of LIHTC equity into this development.

Hope Manor Village replaces abandoned and foreclosed homes with high-quality affordable rental opportunities for Englewood residents and individuals and families (veteran preference). This development focuses on revitalizing both the infrastructure and aesthetics of the 10 surrounding blocks of Hope Manor II. Completed in 2021, 16 vacant lots are now home to 36 apartment units in a series of 2- and 3-flat buildings. Rents are affordable to households earning between 15-30 percent of the Area Median Income (AMI), for which five units are set aside for households with income at or below 15 percent AMI, five units at or below 30 percent AMI, and 10 of the 36 units are designated for the lowest-income households with housing vouchers through the Chicago Low-Income Housing Trust Fund’s MAUI program. Nine units are designed to support physically disabled and/or other special needs and will target the Veteran population. Residents have access to services including case management, counseling, peer support groups, financial literacy classes, health and wellness support, employment support and crisis intervention support. Hope Manor Village was spearheaded by the Volunteers of America Illinois and Volunteers of America National Services. NEF invested just over $10 million of LIHTC equity into the development.

Located only 1,500 feet from the Virginia Square-GMU Metrorail station, Lucille and Bruce Terwilliger Place is a 160-unit affordable rental community featuring a contemporary 6,000-square-foot ground floor space for American Legion Post 139. In response to an aging facility and diminishing membership, the members of the American Legion Post 139 selected developers Arlington Partnership for Affordable Housing (APAH) to redevelop their site in Virginia Square to create affordable apartments and a new, modern Post facility. The certified EarthCraft Gold building also includes community and multi-purpose spaces, a counseling office, and a business center. Terwilliger Place has a 50 percent veteran preference, and 26 units are deeply affordable to households earning 30 percent of the area median income (AMI).

As veterans continue to get priced out of Arlington, APAH saw a need to serve the individuals who had dedicated their lives to serving their nation. Now, in the heart of Arlington County, veterans can enjoy living in a community made for them. With nearby shops, access to transportation, community amenities, and supportive services, veterans can feel empowered to build and thrive in a new, safe, and stable home. This community serves as a replicable model for veterans services organizations in the middle of a town with a large veteran presence, which can influence potential developers and veterans services organizations alike.

Bruce and Lucille Terwilliger Place is the 2023 AHF Readers’ Choice Winner in the Urban category. This development won the 2023 CoStar Impact Award for Multifamily Development of the Year.

Completed in Fall 2022, 1064 Mission Street is now San Francisco’s largest permanent supportive housing community. With 256 new affordable homes, residents can experience a service-enriched community in the middle of San Francisco’s SoMa neighborhood. Mercy Housing California (MHC) and Episcopal Community Services of San Francisco (ECS) worked together closely on the development of 1064 Mission Street to play a small, but vital part in the battle to end homelessness.

While new, affordable homes were crucial to the development, co-developers and City of San Francisco partners also placed a large focus was placed on providing critical services to enhance the lives of people who have experienced homelessness, an issue that runs rampant in one of the nation’s most expensive cities. The focus on tailored services resulted in the creation of the new Maria X. Martinez Health Resource Center, operated by the San Francisco Department of Public Health (DPH) and the Department of Homelessness and Supportive Housing. On-site clinical, case management, and in-home care services are also provided by ECS, St. Anthony Foundation, and Homebridge.

1064 Mission Street is a 2023 AHF Readers’ Choice Finalist in the Urban category.

Mason Place is a new 60-unit permanent supportive housing development in Fort Collins, CO. Formerly a movie theatre building, this community combines beautiful design, livability, and sustainability with comprehensive on-site supportive services to promote self-reliance for formerly homeless individuals and veterans. The property includes 60 fully furnished apartments, 100 percent focused on formerly homeless individuals earning less than 30 percent of the Area Median Income (AMI) and 10 units reserved for veterans with VASH vouchers. The trauma-informed design provides safety, comfort, privacy, and security to residents. Its prime location is pedestrian and bicycle friendly, close to a central transit corridor, and near grocery stores, healthcare, and restaurants. The high-density development (38 units/acre) is designed for health and sustainability with low-flow fixtures, energy efficient lighting, ENERGY STAR appliances, and low water landscaping -- in accordance with Enterprise Green Communities standards. Amenities include a laundry lounge on each floor, a medical room, indoor and outdoor community space, and dedicated office space for service providers. Mason Place won a Eagle Award in 2022 and was a 2021 AHF Readers' Choice Awards Finalist in the Special-Needs category. Housing Catalyst developed this community, and NEF invested nearly $12 million of LIHTC equity into this development.

Full Circle Communities and the Ruth Ellis Center partnered on REC (Ruth Ellis Clairmount) Center, a 43-unit mixed-used permanent supportive housing development in Detroit. REC Center targets youth at risk of homelessness or living with disabilities, as well as LGBTQ+ youth (age 18 to 24) with very low incomes—rents are affordable to those earning at or below 30 percent of the Area Median Income with the help of Project Based Section 8 subsidies. The property is designed to foster communal living and encourage peer support networks and independent living skills. A wellness center offers services largely tailored to serve the LGBTQ+ population.

The REC Center has won several prestigious awards since its construction including 2023 AHF Readers' Choice Award in the Permanent Supportive Housing category, 2023 Charles L. Edson Award Winner in the Housing for Special Populations category, and 2022 CREW Detroit Impact Award in the Special Impact Project category. 

Mamook Tokatee offers 55 units of affordable housing and one on-site manager’s unit in Portland’s Cully neighborhood. The development’s name is a Chinook Wawa phrase for “make beautiful,” which highlights the main purpose for this development: to support Native artists who are revered as Native culture keepers. Art is a large part of the Native American cultural identity, and Native artists bring communities together through their work to help preserve their culture and traditions. Community Development Partners (CDP) and Native American Youth and Family Center (NAYA) have combined efforts to provide ample space for Native community programs and art creation through Mamook Tokatee.  

There are 11 units with a preference for artists and 20 units reserved for Native tenants with a priority for Siletz tribal members. The remaining 24 units prioritize other federally recognized tribal members. All 55 units are affordable at 30, 50, or 60 percent of the Area Median Income (AMI). Residents and artists can remain in Portland and connect with their community and culture without worrying about gentrification and the risk of homelessness. 

Mamook Tokatee is a 2023 Charles L. Edson Award winner in the Housing for Native Americans category. NEF invested $13.8 million in LIHTC equity in this unique development. 

Hilltop View Apartments (HTV) is a 24-unit affordable housing development in Dexter, Michigan, a rural community near Ann Arbor. Fifteen units are Permanent Supportive Housing (PSH) apartments with rental assistance, which means that tenants pay roughly 30 percent of their income towards rent. Of these 15, six are homes for veterans. The remaining units are workforce/moderate-income housing units with rents below Dexter fair market rates.

HTV was developed in collaboration with Faith in Action (FIA), a local faith-based non-profit. Avalon Housing developed and manages the property, and FIA provides support and community-building services available to all residents. More than half of HTV’s residents receive supportive services from FIA. To combat food insecurity in the community, HTV has provided space for a large permanent food pantry and community center to benefit residents and community members alike.

Hilltop View Apartments is a 2023 Charles L. Edson Award Winner in the Housing for Veterans category. NEF invested $7.6 million in LIHTC equity in this development. 

Willkommen Zuhause is a combination of historic renovation and scattered-site new construction of 56 high-impact affordable housing units in the Over-the-Rhine neighborhood in Cincinnati, Ohio. As an historic rehab, Willkommen Zuhause, which means, “welcome home” in German, meets the Enterprise Green Communities certification requirements. All new construction elements are Leadership in Energy and Environmental Design (LEED) certified.

Once a vacant parking lot, Bridge Housing initiated the co-development of the Berkeley Way Apartments and the Hope Center. Both complexes are affordable and supportive housing in Berkeley, California. 

Berkeley Way is an 89-unit studio apartment for low-income families, consisting of one-and two-bedrooms. The community of Berkeley aims to support individuals coming out of homelessness at 15 and 50-60 percent of the area median income (AMI).  

Both developments benefit from the Section 8 subsidy. The city has been granted to improve the transportation system regarding bicycle connection, bus stop upgrades, and zero emissions. Along with convenient access to Berkeley’s BART transit and bus services, residents have plentiful employment opportunities in downtown Berkeley.  

Together, Berkeley Way and The Hope Center is a 2023 AHF Readers’ Choice Finalist in the Urban Category. Sponsored by Bridge Housing, NEF invested $17.8 million in LIHTC equity.  

Once a vacant parking lot, Berkeley Way and The Hope Center unites shelter, food, and services in one affordable and supportive housing complex in Berkeley, California. BRIDGE Housing and Insight Housing (formerly Berkeley Food & Housing Project) worked together to make this inspiring venture a reality. Between the two buildings, there are 89 affordable apartments, 53 permanent supportive housing (PSH) units, 12 transitional housing units for veterans, and 32 emergency shelter beds. The Hope Center has a ground-floor community kitchen with the shelter and veterans housing and PSH units above it.

The community of Berkeley aims to support individuals coming out of homelessness at 15 and 50-60 percent of the area median income (AMI). Both developments benefit from the Section 8 subsidy. The city has been granted to improve the transportation system regarding bicycle connection, bus stop upgrades, and zero emissions. Along with convenient access to Berkeley’s BART transit and bus services, residents have plentiful employment opportunities in downtown Berkeley.

Together, Berkeley Way and The Hope Center is a 2023 AHF Readers’ Choice Finalist in the Urban Category.

In 1951, Lennox House opened as a 110-room hotel in Grand Prairie, Texas and shut its doors in 1985. National Church Residences converted the old hotel into a 40-unit senior housing complex in 1993, and now, it's been substantially rehabilitated to extend its useful lifespan as well as preserve its affordability, which is key for the elderly community and individuals with disabilities. This three-story garden-style building provides 39 one-bedroom and one two-bedroom apartments under the renewal of the Section 8 subsidy RAD conversion program. This development serves the elderly and individuals with disabilities, ages 62 or older, earning 30-60 percent of the area median income (AMI).

The upgrade includes interior and exterior rehab with kitchen and bath remodels, new flooring, fixtures, window coverings, new ENERGY STAR appliances, window replacements, etc. Residents have access to a new community garden and outdoor space. Two units are modified to comply with Section 504, physically handicapped accessibility and sensory impaired requirements.

Photo credit: Rick Bryant.

HELP Philly 1 and 2 Secured Review

Expected to be completed in the fall of 2025, the Summer Street Apartments will help address Rhode Island’s housing crisis by increasing the number of safe and affordable apartments for formerly homeless adults.  Crossroads Rhode Island is developing Summer Street Apartments, a net-zero-five story apartment building with 176 beautiful and affordable supportive apartments on a vacant lot adjacent to its Providence headquarters.

Summer Street will provide new and improved housing to current residents of Crossroads Rhode Island' Tower apartments, expanding their single-occupancy rooms to fully-furnished, one-bedroom apartments.

Specifically designed to meet the unique needs of this population, Summer Street will include accessibility and usability features for people with a wide range of physical and cognitive abilities, such as visual cues for safety and way finding.

Built exclusively for formerly homeless adults, residents will have access to case management and other support services as needed to help them retain their housing.  Residents of Travelers Aid Housing at 160 Broad Street in Providence, who currently live in dated 9" x 12' SROs with no kitchen and shared bathroom facilities will be Summer Street's first tenants.  

First constructed in 1971, the Waterstone Apartments were acquired under the NEF Preservation loan program in 2021. The 354 apartments are reserved for households earning at 80 percent of the Area Median Income (AMI). This community has been transferred to a HUD Section 8 Housing Assistance Payment (“HAP”) contract. Most of the common areas have been upgraded and renovated and 163 units are being fully renovated and 96 partially renovated. The sponsor, Lincoln Avenue Capital, plans to continue to renovate units as they are vacated.

The Waterstone Apartments are located in Chatsworth, California, close to the San Fernando Valley, which is famous as being home to Warner Bros. Studio, Walt Disney Studios, and the Universal Studios Hollywood theme park. This community provides an affordable place to live for those who work in the surrounding area.

Lincoln Avenue Capital is the NEF Preservation Program's most prolific sponsor with approximately 75 properties acquired to date. This acquisition received a $99.3 million loan from NEF with a 5-year term.

Dwell at Greenridge, first constructed in 1980, was acquired under the NEF Preservation loan program in 2021. This development was renovated prior to acquisition in 2020 with each of the 256 units undergoing $16,000 in upgrades. To make this development of 17 buildings affordable, 103 units are restricted at 60 percent of the Area Median Income (AMI), 90 units at 80 percent AMI, and the remaining 63 units are unrestricted. 

Located in North Charleston, SC, Dwell at Greenridge is close to two major roadways, and grocery stores, services, and schools are accessible within three miles of the community. The renovation includes installing stone countertops, replacing appliances, and installing new flooring. Dwell at Greenridge serves the community by providing a safe, stable, and affordable place to call home for nearly 200 households. 

Lincoln Avenue Capital LLC developed this property, and the five-year loan amount from NEF was nearly $44.5 million. 

Grant County Preservation - Closing Projections

Forest and Magnolia are two affordable housing properties in Columbia, South Carolina that were acquired under the NEF Preservation loan program in 2022. There are 322 residential units between 5000 Forest and 42 Magnolia with 65 of the units restricted at 50 percent of the Area Median Income (AMI) and 187 of the units restricted at 80 percent AMI. Amenities in the community include a coffee bar, outdoor fire pit, yard game lawn, tennis courts, and a swimming pool. 

Spain Companies, the sponsor of Forest and Magnolia, has a focus on the South Carolina region to provide quality affordable housing. NEF provided a $71.2 million 5-year loan to preserve these affordable housing properties.

First constructed in 1965, Wellington Creek Apartments are located in the Chicago suburb of Lisle, IL and were acquired by Stone Beam Management using NEF's Workforce/Moderate Income Housing loan program. Comprised of four buildings and one single-family home, 51 out of 101 apartments are restricted to families with incomes at or under 80 percent of the Area Median Income (AMI), which helps make this an affordable place to live for households with moderate incomes.

Settled between two major interstates, Wellington Creek is less than two miles from downtown Lisle, which has a walkable shopping area and a Metra train station with service to downtown Chicago. This community is an ideal place for residents to live in proximity to where they work and job opportunities in the surrounding area and in the city.

Uptown Flats will be a newly constructed four-story elevator building with 34 units targeted to homeless and/or disabled households. The building will be located just east of downtown Pittsburgh, Pennsylvania in the Uptown Neighborhood. The subject has close proximity to Interstates 76 and 79 and is just north of Duquesne University and the University of Pittsburgh Medical Center. The neighborhood is very walkable and has excellent proximity to employment centers and public transportation including Pittsburgh’s new rapid transit line on 5th Ave.

The development will provide 11 Studio apartments with an average of 483 square feet and 16 one-bedroom/one-bath apartments with an average of 638 square feet and 7 2-bedroom/1 bath apartments with an average of 798 square feet.  The unit mix by income limit will be comprised of four units at 20% of AMI, and 30 units 50% AMI. All 34 units will receive project-based vouchers (PBVs) from the Housing Authority of the City of Pittsburgh which will have an initial 20-year term. This unit mix was designed based on the needs of households transitioning out of homelessness with children or co-habitants (two-bedroom units), and smaller studio units to help support people with hoarding patterns. Similarly, the design of the overall building includes features intended to support residents who have experienced the trauma of homelessness and/or mental health disabilities. The main feature is the exterior elevated courtyard which will offer private, peaceful, green outdoor space in the middle of a dense urban neighborhood.
The site will include four tuck-under parking garage spaces, which equates to 0.12 spaces per unit. These spaces will be reserved for staff and there will be no on-site parking for the subject’s tenants, which is appropriate considering the walkable location.  The property is occupied by a blighted four-story structure that will be demolished prior to construction. The scope of work includes masonry and fiber cement sliding exterior, varied façade, and flat roof. The units will have entrances from double-loaded interior hallways. All electric utilities will be utilized, and the project will meet ENERGY STAR Multifamily New Construction standards. The unit amenities will include stove/oven, refrigerator, pantry, a coat closet, blinds, central air conditioning, luxury vinyl tile floors and some units will have walk-in closets. Other amenities will include an on-site management office, bicycle maintenance/storage, laundry facilities, community room, common area wi-fi, café/community kitchen and conference room.

Constructed in 2006, Park at Woodland Springs was acquired under the NEF Preservation loan program in 2022. This community is a located in North of Houston and comprised of 23 two-story buildings with 250 residential units. With affordability in mind for the next 15 years, all 250 units are restricted for households with income at or below 60 percent of the Area Median Income (AMI) using low-income housing tax credits (LIHTC).

Park at Woodland Springs represents Community HousingWorks' (CHW), a nationally recognized 501(c)(3) nonprofit organization, first acquisition of affordable housing in the state of Texas, expanding CHW's extensive contributions to the preservation and new developments of affordable housing outside of California. This acquisition received a $27.6 million loan from NEF with a 5-year term.

Owens II - 10-3-24 (25% benchmark added)

Casa de la Mora - NEF Projections - 2024-05-29

Constructed in 1929 in Staten Island, NY, Seaview Estates resides near the Staten Island Ferry and was substantially renovated in 1999. With 316 multifamily apartments, 43 units are reserved for households earning no more than 70 percent of the Area Median Income (AMI), 150 units are restricted to 90 percent AMI, 88 units to 100 percent AMI, and 33 units to 120 percent AMI. There are 48 units reserved for eligible homeless tenants in need of emergency shelter.

Operating under the City of New York’s Article XI program, which encourages new construction and rehabilitation of affordable housing by Housing Development Fund Corporations. Supportive services will be provided by the Church Avenue Merchant Block Association (CAMBA). CAMBA helps individuals and families facing eviction remain in their homes to ensure children remain in the schools they already attend. A capital improvement plan started prior to the closing at $13,924 per unit and $2,895 per unit was set aside for improvements post-closing.

This development is sponsored by Iris Holdings Group, which specializes in acquisition, rehabilitation, and management of distressed real estate. Seaview Estates has been refinanced with a $75.7 million loan with a five-year term through NEF's Preservation Loan program.

Brushwood Farm Housing is a new construction development located in Lenox, MA. Once complete, it will include a total of 65 units, 50 of which are LIHTC?eligible units under the Average Income Test set aside, including thirty six (36) for households earning 60% or less of Area Median Income (AMI), five (5) for households earning up to 80% of AMI and nine (9) designated for extremely low?income tenants at or below 30% of AMI.  The  nine  extremely  low?income  tenants  will  all  be  supported  by  project  based  rental  assistance  through  the Massachusetts Rental Voucher Program (MRVP). The remaining 15 units will be target families at up to 120% of AMI.  

This project will consist of 13 two? and three?story, rental town home buildings and a stand?alone clubhouse. The one?story, clubhouse/community building will be approximately 3,100 sf with 1,700 sf of walkout basement area containing a maintenance and mechanical area, while the first floor will hold a variety of community amenities including a reception area, community room, resident services room, office, conference room, A/V and work room, and a fitness room.  

Broadway Youth Center - Closing Projections

901 Navajo - NEF Projections - 2024-06-13

Parcel 9 Phase II is a proposed new construction 61-unit mixed-income building in Providence, Rhode Island. The first phase of Parcel 9, a 66-unit mixed income and mixed-use building (a 9%/4% twin structure) was completed on budget and within two months of schedule in September 2024. The combined 1.1-acre site for Parcel 9 in the Fox Point neighborhood of Providence is the easternmost parcel of a 26-acre district in the City’s downtown and adjacent neighborhoods was freed for redevelopment via the relocation of Interstate 195 in 2011. The City of Providence’s I-195 District Redevelopment Commission selected Pennrose as the designated developer of Parcel 9 as part of a public RFP process in October 2020. Combined, the two-phase Parcel 9 project will create a total of 127 mixed-income apartments as well as ground floor retail and community facility space occupied by a childcare center in the first phase.

The Parcel 9 Phase II building will be a 5-story elevator building with 61 apartments, including 13 units targeted at 30% AMI, 2 units at 50%, 21 units at 60%, 15 units at 120%, and the remaining 10 units at market. Building amenities will include a 16-space parking garage, secure bicycle storage, intercom entry and video surveillance, on-site management offices, a community room, a fitness center, two roof decks and a courtyard shared with phase I. Well-equipped units will include washers and dryers, fully equipped kitchens including dishwashers and garbage disposals, balconies and patios. Market rate units will include enhancements to provide a competitive advantage in the Providence rental market, including six “one-bedroom + den” units, which are larger than a standard one-bedroom and provide more flexible space, and one one-bedroom unit and two two-bedroom units with townhouse-style entrances off the street versus off a common interior corridor and will provide landscaping and a private stoop at the units’ entrances. Of the 61 units, 17 will be subsidized. There will be 8 units subsidized via Section 8 PBVs and 9 units via the Housing Production Fund Extremely Low-Income Operating Reserve (HPF-ELI). 

Alma - 10.29.24

Elmonica Station - Closing Projections