Camden Pointe Apartments – Mocksville, North Carolina
Camden Pointe Apartments, developed by Greenway Residential Development, LLC, is a new construction community for families and is located between Statesville and Winston-Salem in the vibrant community of Mocksville, North Carolina. The 60 garden-style units in three residential buildings are in a mixed-use neighborhood comprised of single-family homes, commercial businesses, and retail establishments. In addition to high-quality, gorgeous apartments, the community features a computer center, community space, fitness center, and a laundry room. Hit hard by the 2008 recession, this area of Davie county has seen notable population and economic growth in recent years and continues to see positive economic development. Located close to shopping, the local hospital, and the local library, Camden Point Apartments will provide 60 families with a safe, contemporary, and convenient place to call home. CAHEC invested more than $4 million in LIHTC equity in this development.
Located in Marion, IN, Chambers Park Apartments provide permanent, supportive living arrangements for homeless military veterans with physical or mental disabilities, who are unable to live independently.
Property management is on the premises, and supportive services are coordinated on-site by Volunteers of America of Indiana. The community is near the Marion VA Medical Center and transportation service to the VA is offered by the Marion Transportation System free of charge.
Each apartment is equipped with central air, a garbage disposal, and all appliances, with all utilities included in the rents and high-speed wireless internet is available throughout the buildings. Community features include a community room, fitness room, laundry facilities and office space. Outside there is a courtyard with picnic tables and garden benches, a gas grill, a shuffleboard court, horseshoe pits, and bicycle racks. The grounds are landscaped with flower gardens and raised vegetable beds.
This apartment community provides healthy, safe homes to men and women who have sacrificed for our country, and equips them with the skills to overcome obstacles and the opportunity for the possibility of a brighter future.
With the completion of Chambers Park, 51 veterans can now call this community home. Cinnaire invested more than $6.9M in equity in this project.
Hale Mahaolu Ehiku, located on the island of Maui, is an elderly housing campus with 114 one-bedroom units and a managers unit. Hale Mahaolu's concept for Ehiku is "aging in place." At Ehiku, residents enjoy, an on-site dental office, beauty salon, and community center equipped with exercise equipment. Also located at Ehiku is a Maui Adult day Care Center.
Constructed in 1973, Applegate Apartments is among the largest affordable housing developments in the state. Half of the 104 households who call it home earn less than $20,000 annually. Housing Vermont initially purchased the property in 1997 ending nearly 25 years of poor management and beginning a round of moderate renovations.
Twenty years later it was time to address new concerns. Applegate was reportedly the highest heating oil user in Bennington County, consuming an average of 50,000 gallons of fuel oil annually. The centerpiece of the 2017 redevelopment was the construction of a central biomass plant which replaced 23 oil burners. The biomass system features a 1.8 million Btu wood chip boiler housed in a new mechanical building which also serves as wood chip storage. An insulated underground piping system was trenched and installed to deliver hot water to each of the 23 buildings. The system is projected to save about $80,000 in fuel costs and 422 tons of CO2 annually.
Oak Creek Terrace is a 41-unit new construction family project located in Napa County. The project is a 4% tax credit investment with tax-exempt bonds issued by the California Municipal Finance Authority.
Oak Creek Terrace is close to a wide range of neighborhood and city services, all accessible through pedestrian and bike paths as well as daily, regular bus service. Oak Creek’s community room is equipped with computer workstations. In addition, there are laundry facilities, an outdoor courtyard play area, and a picnic area.
Named “one of Denver’s most affordable senior living developments,” by the Denver Post, Kentucky Circle Village (KCV) is a prime example of the successful impact the LIHTC program can have. KCV is an existing 172-unit mixed income apartment community for people 62+. It has 31 residential buildings that include 11 studios, 99 one-bedroom units and 62 two-bedroom units.
The property sits on an 8.7-acre site with a park-like setting. Built in 1959, with additional units built in 2000, KCV is owned and managed by Senior Homes of Colorado. They are an outreach mission jointly owned and operated by three churches in the Denver area. Located in the southeast area of Denver, it has a great location within walking distance to restaurants, grocery stores, entertainment and parks/trails. KCV is also easily accessible located within a few blocks of a bus stop.
The rehabilitation consisted of new roofing, repairs to siding, replacement of windows, exterior painting, entry doors, a new water heater, improvements to the grounds and sidewalks. MHEG Fund 44, LP provided $4.15 million in equity.
In addition, Energy Outreach Colorado recently installed over $525,000 in energy efficiency upgrades, including new furnaces, new insulation and new efficient lighting.
This rental apartment complex, for which MHIC provided $9.6 million in LIHTC financing, is located on an enviable site in the Cambridgeport section of Cambridge, Massachusetts. It is adjacent to Central Square, a diverse, walkable and bike-friendly neighborhood and commercial center with many public transportation options and amenities.
Auburn Court I was renovated and expanded by MHIC’s long-term partner Homeowners Rehab, Inc. (HRI). It includes 86 apartments in eight buildings – 77 built in 1995. The existing units were moderately rehabilitated, an office was converted into a residential unit, and eight new apartments were constructed. Thirty-nine of the original 77 apartments and all nine of the new housing units are affordable to low-income residents. Seven of the remaining 38 apartments are for moderate-income residents and 31 are market rate units. The new construction meets LEED Gold and EnergyStar standards for sustainability, as well as HRI and the City of Cambridge’s goals for efficiency and green development.
In 1995 HRI developed Auburn Court I through a lease agreement with MIT (the landowner), and Forest City, the commercial developer of nearby University Park, a mixed-use development that also occupies MIT-owned land through a long-term lease.
The development of Auburn Court I was made possible through a partnership of HRI, the City of Cambridge, MIT, MHIC and other lenders in this city where rents are among the highest in the country.
Sierra Court, based out of Bismarck, North Dakota is a 3-story building with an L-shape configuration. This 40-unit rental property consists of 18 one-bedroom units, and 22 two-bedroom units specifically for independent seniors. Each individual apartment unit includes a spacious floor plan, full kitchen with Energy Star appliances, carpeting and tile floors, window blinds, washer/dryer, central air, and indoor corridors for more secured access. The facility is designed to provide a relaxed and interactive social environment, so as to provide a ‘community' atmosphere. The property includes a reception area with fireplace, community room with kitchen and large seating area, game room, fitness room, library, media lounge and an on-site office for the property manager. In addition, the property offers 20 single-car detached garages and ample surface parking for residents and guests.
Loring House, developed by the Wishcamper Companies, is a 104-unit Rental Assistance Demonstration (RAD) conversion completed in 2017 in Portland, Maine. Loring House has a fascinating history. The building was originally established as an alms house, who’s purpose was to care for the City’s poor, elderly and mentally disabled, in Portland in the early 1800’s. It then became a hospital in 1870 and eventually evolved into a housing community for people living with disabilities and aged 62 years or older. The 17-million-dollar RAD conversion included 4 percent Low-Income Housing tax credits and State Historical tax credits. The renovation brought new life into the building, adding more light, upgraded living areas, system upgrades and enhanced community spaces. Renovation details include energy star window, new appliances, cabinets and counter tops in kitchen; new doors and flooring; new paint and the replacement of various dated system components. Enhancements include a garden walking and sitting area in a secluded area behind the building, and a Telemedicine Room which is a space where residents can communicate either directly or remotely with their nurses’ primary care physicians or specialized doctors.
NNEHIF’s Community Capital Funds 14, 15 and 16 provided $6 million in equity, with $1.8 million provided through state tax credits. Additional financing in the form of hard and soft debt from Maine Housing and the City of Portland rounded out the funding for Loring House.
In 2016, construction was complete on the $7.5 million phase II of Columbus Scholar House, a 38-unit unique affordable housing community for low-income student-parents designed to improve lives, families, and communities through education. The project is a co-development of Columbus Metropolitan Housing Authority and CPO Management/OCCH, which launched as a pilot in 2012, thanks to a partnership with the Affordable Housing Trust (AHT).
Columbus Scholar House residents are first-generation college students who face barriers in completing their degree. The Columbus Scholar House community provides quality, affordable housing, comprehensive resident services, and childcare to support parents and their children concurrently, applying a two-generation approach to end the cycle of poverty.
Future Scholars Community Learning Center, located on the Scholar House campus, opened its doors in September 2016 and operates through a partnership with the YMCA of Central Ohio. The Center serves Columbus Scholar House families, as well as other families living in CPO-managed communities. The Center has capacity to serve 96 children ages 0-5 years, along with 15 slots for after-school care.
Development partners in the Scholar House include Columbus Metropolitan Housing Partnership, Community Properties of Ohio Development, and Community Properties of Ohio Management Services, LLC. Financing for Scholar House was provided by the Affordable Housing Trust of Columbus and Franklin County, City of Columbus HOME Funds and General Obligation Bonds, Ohio Capital Finance Corporation, Columbus Metropolitan Housing Authority, Ohio Housing Finance Agency, and Ohio Capital Corporation for Housing
St. Ferdinand Homes II is the sixth partnership between Northside Community Housing, Inc. (NCHI) and St. Louis Equity Fund. This development will include 43 units, 11 of which will be restricted to households earning 50% or less of the area median income, 27 will be restricted to households earning 60% or less of the area median income and the remaining five units will be available at market rent. This development will enhance previous SLEFI investments with NCHI and help NCHI further its’ mission of revitalizing the Greater Ville neighborhood in North St. Louis City. Construction began on this development in October 2017 and is anticipated to be complete in December 2018.
Freedom Lane, a community that provides permanent homes to homeless and disabled veterans, is the first of its kind in southwest Virginia. Developed by Wytheville Redevelopment & Housing Authority (WRHA), this new construction project consists of 24 fully accessible one and two-bedroom garden apartments in nine duplex and triplex buildings and an 1,825 s.f. community building where residents can access a comprehensive array of services that have been coordinated on their behalf as well as a place to connect with their neighbors. The entire development meets green building and energy efficiency standards of the EarthCraft program and meets VHDA’s Universal Design standards.
Through the Housing Equity Fund of Virginia XIX, L.L.C., VCDC provided $3.8 million in LIHTC equity investment. Freedom Lane is VCDC’s fourth investment in properties developed by WRHA. Other funding sources include First Bank of Virginia, Virginia Department of Housing and Community Development and the Town of Wytheville.