Mark Olshaker • 10 min read
“One thing about our company is that we don’t shy away from difficult projects,” says Thomas Brown, vice president of Trinity Financial, Inc. of New York. The proof of that assertion is 425 Grand Concourse, going up on the corner of East 144th Street in the Mott Haven neighborhood of the South Bronx. The 26-story high-rise, slated for mid-2022 occupancy, will comprise 277 units of permanently affordable housing for several distinct income tiers, on-site education and medical facilities, retail and cultural space and an adjacent pubic park with a new comfort station. So complex was the deal structure that it incorporates eight separate condominium structures within the 310,500-square foot building. It will also be one of the tallest passive houses ever constructed, projected to consume 30 percent of the energy of a typical building of similar size.
Darryl Hicks • 10 min read
Bellwether Enterprise, a subsidiary of Enterprise Community Partners, is a major lender of affordable multifamily housing, amassing a $26 billion servicing portfolio. Over the past year, the company has made a major push into workforce housing including opening an office in Dallas devoted exclusively to this market and hiring Anthony Tarter to run it.
Mark Olshaker • 4 min read
While the Covid-19 pandemic has imposed unprecedented stresses and challenges on all levels and aspects of society, affordable housing owners and operators are quickly having to find new ways to manage their properties, interact with residents and meet their variety of special needs. The NRP Group of Cleveland, OH is one company that has come up with some innovative approaches, not only trying to keep residents safe and well, but also to bring some joy to their lives during this trying time.
John W. Gahan III • 3 min read
With regard to Opportunity Zone regulations in the midst of our nation-wide health emergency, specific language, intended to be instructive and, in my opinion, helpful, can leave lawyers in knots when the text is susceptible to being interpreted in more than one way.
Mark Fogarty • 5 min read
There is a “tremendous need” to preserve existing affordable housing in California, according to Jonathan F.P. Rose of the Jonathan Rose Companies.
Mark Fogarty • 6 min read
Planning a workforce housing development at 65 to 120 percent of area median income ordinarily might mean cutting it off from the possibility of equity investments, since Low Income Housing Tax Credit equity eligibility generally tops out at 60 percent AMI, absent income averaging.
Scott Beyer • 6 min read
Where are plenty of things for people to worry about from coronavirus: the health of themselves and their family; the wellbeing of medical workers; and the economic impact of a prolonged shutdown.
Kaitlyn Snyder • 4 min read
House Democrats have unveiled the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act) and summary.
Thom Amdur • 4 min read
A recent Federal Reserve survey found that 39 percent of households that were working in February and were earning less than $40,000 a year lost their jobs in March or the beginning of April. Given these statistics and the target demographic, owners and managers of affordable housing have been preparing for dramatic declines in rental revenue.
Thom Amdur • 3 min read
The residents we serve are amongst the most vulnerable to both the health and economic effects of the crisis so, as an industry, we cannot afford to take a break or slow down. Much of our vital work has continued (with modifications) under new social distancing protocols and I want to acknowledge our many colleagues who are risking exposure to ensure critical maintenance and services get delivered, construction projects remain on some semblance of a schedule and, of course, rents get collected.
Darryl Hicks • 7 min read
Alan Jaffe is at the forefront of these efforts. Jaffe is managing director and head of the Public Finance Housing, Real Estate, and Project Finance Group at Jefferies, the largest independent investment bank in the United States. Jefferies is also a 50 percent owner of Berkadia, a market leading multifamily and commercial lender, investment sales provider and tax credit syndicator.
Mark Fogarty • 5 min read
When a hurricane has devastated a project and the developer wants to get rehab work done before the next deadly storm season, speed is of the essence.