Mark Fogarty Author Archives

One way to achieve economies of scale in affordable housing is to acquire two adjacent properties, renovate both and then run them as a single entity. That’s what Affordable Housing and Services Collaborative (AHSC) is doing in Dorchester, MA, a neighborhood of Boston.

There may still be some lingering misperception that the New Markets Tax Credit (NMTC) is not for housing. While the NMTC is primarily used for economic development, there are three cases where it can support affordable housing. One is if the commercial and housing components of a project are segregated into separate legal condominiums. The second is if Low Income Housing Tax Credits are not used in the deal. And the third is if the residential rents do not exceed 80 percent of revenue in the project.

Architects, developers and builders take justifiable pride in completing a successful affordable multifamily project. This is even more so the case at The Pryde, an LGBTQ-affirming development for seniors in the Hyde Park neighborhood of Boston.

A Honolulu bank building has been turned into affordable housing for very low-income residents with an adaptive reuse funded through Historic Tax Credits (HTC), Low Income Housing Tax Credits (LIHTC) and subsidies from city, county and state sources.

An increasingly visible societal housing problem is young people who age out of foster care. These at-risk youths face housing insecurity or outright homelessness.

A building dedicated to helping boys in Worcester, MA, for decades, is undergoing an adaptive reuse that will turn it into affordable housing for seniors.

A 2023 Emerging Developer program at the Indiana Housing & Community Development Authority (IHCDA) has hit paydirt as a 36-unit supportive housing development fostered by IHCDA funds a first-time developer who has broken ground and looks to finish construction by the middle of next year.

The Green and Resilient Retrofit Program (GRRP), authorized by the Inflation Reduction Act (IRA), continues to ramp up now that the first transactions have closed. 

A big societal change in recent years has been that many grandparents are bringing up grandchildren. Now there are signs that affordable housing is starting to target these often low-income intergenerational or multigenerational families.

Player pianos always have had an aura of magic as beautiful music emerges from them seemingly without human assistance. Now, some industrial magic is set to transform an old player piano factory in the north end of Meriden into beautiful multifamily units.

Sometimes a building’s name is more than just a placeholder, revealing the passion and intention behind the project. That is certainly the case with The Beacon, which is intended to be a beacon to its East Harlem, NY neighborhood.

Historic tax credits can significantly help multifamily financing, particularly for projects involving the rehabilitation and preservation of historic buildings. The Ocean Center Apartments in Long Beach, CA, serves as an example.