Department of Housing and Urban Development News Briefs – March 2019

Wednesday, March 6, 2019

Love Funding announced the closing of a $12.7 loan Jan. 11 for the acquisition and rehabilitation of St. Peter Manor in Memphis, Tenn. St. Peter Manor comprises 283 apartments in one 10-story building. Apartments will remain affordable to seniors earning at or below 60 percent of the area median income (AMI). The community was awarded $10 million in 9 percent low-income housing tax credits (LIHTCs) through the Tennessee Housing Development Agency. The loan was secured through the U.S. Department of Housing and Urban Development’s (HUD’s) 223(f) loan insurance program.

***

Indiana Lt. Gov. Suzanne Crouch announced $10.8 million in grant funding for 19 rural communities Jan. 17. The funding was made available through HUD’s Community Development Block Grant program and will be used to improve infrastructure, downtown revitalization, public facilities improvements and economic development.

***

Dougherty Mortgage LLC announced Jan. 14 the recent closing of a $20.9 million HUD 221(d)(4) loan for the new construction of DARTS Senior Apartments in St, Paul, Minn. The affordable senior property will provide 172 apartments to residents 62 and older earning 60 percent or less of the AMI. There will be an additional 35 apartments restricted to residents earning 50 percent of the AMI or fair market rents. Financing for the property included LIHTC equity, funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program and tax-exempt bonds. DARTS Senior Apartments is expected to open in summer 2020.

***

The Massachusetts Housing Finance Agency (MassHousing) announced Jan. 8 that construction is under way for Orient Heights in Boston. MassHousing provided $26 million in conduit financing to the redevelopment, including $19.6 million in LIHTC equity from the MassHousing tax-exempt bonds. The Boston Housing Authority (BHA), together with Trinity Financial and East Boston Community Development Corporation, will use the financing for the second phase of the affordable housing property. Phase II will involve demolishing 87 aging state-aided family public housing apartments and building 88 replacement apartments. There will be 25 one-, 35 two-, 23 three- and five four-bedroom apartments. The 1951 property, when completed, will have all 331 apartments demolished and replaced. The Orient Heights Phase II redevelopment is also receiving $16.7 million in public housing capital funds from the Massachusetts Department of Housing and Community Development, $10 million from the city of Boston, $1.8 million in city linkage funds and $500,000 from the BHA.

Authors: