BRP Cos. Secures $294M for New York Project
The development of 500 Main St., a 477-unit, Class A mixed-income residential property is slated to begin in downtown New Rochelle, N.Y., following the announcement that $294 million in construction financing has been secured. The 26-story project, including 24,000 square feet of amenity spaces, is slated to be completed in late 2024.
The Centennial Wins $40M in Tax Credits for ‘Transformational' Projects in Cleveland, OH
The investment group behind a six-building revitalization plan in Cleveland's Superior Arts District, won just over $8.5 million in credits. That portfolio includes the future home of CrossCountry Mortgage, a fast-growing mortgage lender that plans to move its headquarters and hundreds of employees to the city from Brecksville. Properties on either side of the future corporate complex will become additional offices, apartments, and restaurants.
Creating NHTC, Expanding LIHTC Could Finance Nearly 1M Affordable Homes, Help Address Inflation, and Promote Racial Equity
The supply and demand imbalance that applies throughout the housing market, but especially among affordable homes, has led the cost of housing to rise significantly and required higher household incomes to afford housing. Creating a Neighborhood Homes Tax Credit and expanding the low-income housing tax credit could increase the supply of affordable housing while also reducing the rate of inflation by providing this needed housing.
Developers Secure $42M in Financing for an Affordable Housing Development in Newark, New Jersey
L+M Development Partners, Type A Projects, and MSquared recently closed on $42 million in construction financing to complete a 78-unit affordable housing project in Newark, New Jersey. The property will occupy a portion of an existing residential complex at 250 Georgia King Village in the city's Fairmount neighborhood. The project is being financed through a combination of public and private capital.
Innovative Solutions for Affordable Housing Finance
Expanding the inventory of affordable housing presents one of today's biggest challenges for multifamily developers, public agencies, and nonprofit organizations. To address the complex process of assembling the capital necessary to expand the inventory, unconventional alternatives are emerging.
Community Housing Capital Deploys $30M New Market Tax Credit Allocation to Five Neighborworks America Organizations to Develop Affordable For-Sale Homes
With a huge financing gap for affordable housing development, Community Housing Capital is investing more than ever in single-family projects that create equity for families and communities. Allocations for affordable homes will benefit low-income families in neighborhoods of higher distress and disinvestment.
Senate Approves Plan for $150M in Tax Credits to Film Movies in Arizona
Arizona landscapes would have a better chance of ending up on the silver screen under a legislative proposal to lure production companies to the Grand Canyon State with $150 million in tax credits that the Senate has approved. The benefits include construction of filming locations and hotels to meet new demand, hiring locals, keeping production jobs in-state, and attracting out-of-state tourists and industry professionals.
County to Provide $9.75M Loan for Affordable Housing Project
A proposal to develop a city parking lot at 444 Bryant St. into affordable housing took a big step forward when the Santa Clara County Board of Supervisors recently agreed to loan $9.75 million in county funds toward the project. The county's loan is intended to help the developer apply for more than $46 million in low-income housing tax credits this fall, another step toward pulling together the needed construction financing.