Department of Housing and Urban Development News Briefs – February 2019

Wednesday, February 6, 2019

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs announced Dec. 11, 2018, a second round of funding to help provide housing for veterans and their families. The funding was provided through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program. HUD-VASH vouchers were available to those experiencing homelessness in six states and the District of Columbia. A total of 424 vouchers were provided to local public housing agencies in California, Hawaii, Idaho, New Mexico, Oregon, Washington and the District of Columbia.

***

Mission Economic Development Agency (MEDA) and BRIDGE Housing celebrated Dec. 13, 2018, the renewal of 462 Duboce in San Francisco. 462 Duboce, a 42-apartment rental community, was revitalized under the Rental Assistance Demonstration (RAD) program. The property is available to seniors and residents with disabilities. Co-developers BRIDGE and MEDA oversaw rehabilitation of residents’ apartments as well as community spaces. Revitalized amenities include an elevator, a community room and a laundry room. Financial partners included the San Francisco Mayor’s Office of Housing and Community Development, the San Francisco Housing Authority, HUD, the California Tax Credit Allocation Committee, the California Debt Limit Allocation Committee, Freddie Mac, Enterprise Community Partners and U.S. Bank. 

***

Pennrose and Wicomico County Housing Authority celebrated Dec. 17, 2018, the groundbreaking of Square at Merritt Mill in Salisbury, Md. This is the second phase of the Booth Street Apartments redevelopment. The mixed-income community will include 75 affordable rental apartments and workforce housing. Many of the apartment homes are designated for Wicomico County Housing Authority residents through HUD’s RAD program. Square at Merritt Mill will include one-, two- and three- bedroom affordable and market-rate apartments. Of those 75 apartments, 12 will be reserved for residents with disabilities and eight will be available at market rate. The remaining apartments will be available to households earning up to 60 percent of the area median income (AMI). There will be a 2,700-square-foot community clubhouse, which will include a fitness room, community room, conference room, kitchenette and management suite. Funding includes rental assistance through HUD’s RAD program, as well as $1.5 million in low-income housing tax credits (LIHTCs).

***

Dougherty Mortgage LLC announced the closing of a $10.9 million HUD 221(d)(4) loan Dec. 13, 2018, for Riverside Homes in Minneapolis. The property will undergo a $13.7 million rehabilitation. The affordable multifamily property comprises 74 single-family, townhome, duplex and multiplex buildings. There are 191 studio, one-, two-, three-, four- and five-bedroom apartments available to individuals and families earning 60 percent or less of AMI. In addition to the HUD-insured first mortgage, the transaction included LIHTC equity. A total of $19.2 million in tax-exempt multifamily housing revenue bonds was also provided.