Department of Housing and Urban Development News Briefs – January 2019

Monday, January 7, 2019

The Annual Homeless Assessment Report, released Nov. 1 by the U.S. Department of Housing and Urban Development (HUD), states that veteran homelessness in the U.S. continues to decline. Results show that the number of homeless vets drops 5.4 percent since 2017 and by nearly half since 2010. The 2018 estimate finds 37,878 veterans experienced homelessness in January 2018, compared to 40,020 reported in January 2017. HUD estimates among the total number of reported veterans experiencing homelessness in 2018, 23,312 veterans were found in sheltered settings, while volunteers counted 14,566 veterans living in places not meant for human habitation. HUD also reports a nearly 10 percent decline among female veterans experiencing homelessness. In January 2018, local communities reported 3,219 homeless female veterans compared to 3,571 one year earlier. HUD attributes the decrease in veteran homelessness can largely be attributed to the effectiveness of the HUD-VA Supportive Housing program.

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The Housing Authority of the City of Camden, N.J., and Michaels Development broke ground Nov. 2 on the construction of the second phase of The Branches at Centerville in Camden, N.J. Seventy-two affordable apartments are being built through HUD’s Rental Assistance Demonstration (RAD) program. When complete, the $21 million Branches at Centerville will include nine three-story buildings with one- to three-bedroom apartments for residents earning up to 60 percent of the area median income. Of those, five apartments will be set aside for homeless individuals. Financing includes $2.6 million from the New Jersey Housing and Mortgage Finance Agency, as well as $15.5 million in low-income housing tax credit equity. Additional financing includes $1.5 million from HUD’s CHOICE Neighborhood grant program, a $13.4 million construction loan from TD Bank and a $4.1 million commercial mortgage from Berkadia Commercial Mortgage. The first phase of development involved a $16 million, 50-apartment, three-story building. This is the redevelopment of the Clement T. Branch Village public housing complex. 

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Hunt Real Estate Capital announced Dec. 3 the $120.6 million financing package for the acquisition and rehabilitation of a multifamily portfolio in New York City. The Betances New York City Housing Authority has a RAD portfolio with 39 scattered-site multifamily properties, as well as one community center building. There are 1,088 apartments that will undergo a 24-month rehabilitation. The apartments consist of two- to five-story walk-up buildings; six- to 20-story buildings with elevators and community facility spaces. The buildings are Betances I to Betances VI. Construction is expected to cost $109 million.