Mark Fogarty • 5 min read
National Church Residences and FTK Construction Services are working on their second project together in Texas and have agreed to do a third. The two companies seem to have some items of philosophy in common that make for a productive partnership. Interviewed separately, they both say the same thing about the seniors living in the Low Income Housing Tax Credit (LIHTC) development they are renovating in Richardson, a suburb of Dallas: They want the residents to be able to enjoy upgraded features and stay in their homes for life.
Mark Fogarty • 5 min read
An egalitarian spirit of co-locating affordable renters in a development along with middle-income residents and market-rate occupants is a housing idea that is being seen more and more. One such effort is in Springfield, MA, where a rehab is underway to create revitalized housing for a population that includes all three types: affordable, workforce and market-rate renters.
Mark Fogarty • 7 min read
The Sursum Corda development in Washington, DC is a huge and hugely complicated deal. One thing that is helping to bring more than 1,000 planned units of housing to the capital neighborhood is structuring separate condominiums for the affordable and market-rate units.
Mark Fogarty • 5 min read
USA Properties Fund thinks big.
By developing a large number of affordable housing units in its projects, the Roseville, CA-based firm helps house more families and develops economies that reduce costs.
Mark Fogarty • 8 min read
If you used painting as a metaphor for mixed-income housing projects, Nashville’s Envision Cayce would need to be displayed on a very large canvas indeed. Perhaps on the scale of the Sistine Chapel ceiling. And if everything works out the way it has started, people may well be calling it a masterpiece soon.
Mark Fogarty • 6 min read
Low interest rates are enabling refinancing on multifamily projects that can free up money for developers to use on additional affordable and workforce housing production.
Mark Fogarty • 6 min read
Teachers will be returning to Washington, DC’s Malcolm X Elementary School, which closed in 2013. The city is renovating the old school to put in place a permanent home for an “early college” high school. But now they will also have the chance to live adjacent to the new school in a new development, as part of a District initiative to boost housing for educators.
Mark Fogarty • 6 min read
Extensive consultation with the residents of Washington, DC’s Ward 7 gave city officials and developers a clear sense of how local folk would like to see a vacant old school in the Marshall Heights section redeveloped. The residents wanted housing. Lots of it, rentals and homeownership units, housing for seniors, affordable, workforce, market rate. They wanted commercial properties, retail. Perhaps most of all, they wanted a grocery store for a neighborhood that currently doesn’t have one.
Mark Fogarty • 6 min read
Residents at Foothill Villas Apartments in San Bernardino, CA stand to save more than $1,000 apiece in electricity costs after a solar photovoltaic system is installed as part of an extensive acquisition and rehab made possible by Low Income Housing Tax Credits.
Mark Fogarty • 6 min read
From the evidence of the Boston area, one good way to get a transit-oriented development (TOD) done is to site a housing project either directly adjacent to a transit line or on unused transit property itself. This month Tax Credit Advisor is featuring the third in a series of these Boston TODs, an ambitious development called Bartlett Station, going up on an old bus yard in the city’s Roxbury section.
Mark Fogarty • 6 min read
An abandoned hospital campus is set to bring new life to a suburban Chicago neighborhood through an ambitious rehab that is to build housing, health care, social services and educational office space through financing using both Historic Tax Credits (HTC) and New Markets Tax Credits (NMTC) equity.
Mark Fogarty • 6 min read
Affordable housing developments are never easy. But acquiring and rehabbing a 23-year-old project in Houston gave Vesta Corporation a few more hoops to jump through than just fixing old roofs and redoing faulty water lines. In addition to the nuts and bolts of this comprehensive $30 million renovation, the developer found the state housing agency wanted to see some non-construction improvements as well, like better educational opportunities for residents and a reduction of crime and blight in the neighborhood.