Fund Portfolios


The Assembly Apartments – Greenville, South Carolina

The Assembly Apartments, developed by Flatiron Properties, LLC and Creative Builders, Inc., is a new construction community located in Greenville, South Carolina. This large 240-unit development provides one-, two-, and three-bedroom options for low-income families. In addition to high-quality, gorgeous apartments, the community features a pool, playground, and fitness area. Although there were concerns the construction and leasing schedule were too aggressive for a development of this size, Creative Builders, Inc. finished construction in 10 months and the property leased up in less than a year. Many parties came together to finance, build, and manage this new affordable housing community that will provide families a welcoming, safe place to call home for years to come. CAHEC provided $11 million in LIHTC equity in this development, while CAHEC Capital provided over $2 million in loan financing.


New Parkridge – Ypsilanti, Detroit

Located in Ypsilanti, Detroit, New Parkridge provides 86 brand new apartments and townhomes for individuals and families. The original Parkridge Homes development was demolished and replaced with the highest quality of rental housing, affordable or otherwise, in the City of Ypsilanti.

The Amos Washington community building, features a large community room, kitchen, computer lab and offices for social workers and management staff. On-site supportive services are offered by Eastern Michigan University and Avalon Housing. Residents are provided with access to services including health care, education, job training and placement, childcare, individualized case management planning, coordination of care provider services for health care, mental health and dental care, assistance with Medicaid enrollment, health education and wellness programs. Adult literacy, higher education instruction and leadership development are also offered. Residents are encouraged to engage in the Family Empowerment Program, a collaboration led by Eastern Michigan University that brings services and activities to residents with the goal of eliminating barriers to self-sufficiency and independence.

New Parkridge’s “new urbanism” architectural design connects each home to the surrounding community and features street-facing homes with front porches, sidewalks, driveways and yards. Open spaces include playgrounds, a grilling area and a community garden.

New Parkridge incorporates an environmentally friendly design with a focus on safety. Rather than a collection of multi-family buildings, the design for New Parkridge was intended to provide residents with a sense of community, ownership and belonging.

Hawaii Housing Finance, LLC

Hale Mahaolu Ewalu Phase I – Pukalani, Maui

Hale Mahaolu Ewalu Phase I is a master planned, affordable rental community for seniors located on 3.93 acres in the city of Pukalani, on the island of Maui. The 39 residential units will be constructed in two 3-story buildings, consisting of 36 one-bedrooms, 2 two-bedroom and 1 three-bedroom units. Amenities to include open parking and a multi-purpose senior center.

Housing Vermont

Hickory Street – Rutland, Vermont

In 2018 Housing Vermont and the Rutland Housing Authority completed the third phase of a 10 year plan to transform a decrepit public housing project known as Forest Park into a newly constructed neighborhood called Hickory Street. With the completion, we have truly erased the negative legacies of the former housing project. We removed obsolete buildings which contained asbestos, replaced crumbling infrastructure, and reconnected the property with the neighborhood.

Today, the Hickory Street neighborhood consists of 78 new mixed-income apartments in sixteen energy efficient buildings, a community center, completely new infrastructure, a new public road, and community gardens.

Housing credit equity provided $12.5 million of the 3 rd phase’s $22 million total development costs. Other sources of funds included the Vermont Housing and Conservation Board, Vermont Agency of Commerce and Community Development, the City of Rutland and Efficiency Vermont.

Massachusetts Housing Investment Corporation

Highland Glen I – Westwood, Massachusetts

In 2018, MHIC provided a $16.3 million in LIHTC financing to Beacon Communities LLC to preserve and rehabilitate 180 affordable rental apartments for seniors and disabled residents in Westwood, Massachusetts, a suburban town about 25 miles southwest of Boston. In 2016, MHIC also provided $15 million as the lead lender and participant in a $47.25 million acquisition loan for this property.

Highland Glen’s apartments are in three 2-and 3-story buildings on 13-acres of a grassy 23-acre site that also includes Highland Glen II, a 102-unit rental complex (not financed by MHIC). Each building has a laundry room, community room, sitting areas and fitness equipment. As part of the rehabilitation, many new amenities, including a hair salon, computer room, expanded fitness area and expanded nurse’s office were added. The sponsor took great care to make the common interiors of the buildings bright and attractive, with interesting color schemes and artwork. Exterior landscaping and open space on this property is park-like with courtyards, walking paths, a gazebo, a greenhouse and many places to sit.

This property was originally built in 1980 under Chapter 40B. It was then sold to another entity from which Beacon Communities bought the property in late 2016. With very strong demand for affordable housing in the small suburban town of Westwood, Highland Glen I has a waiting list of at least two years for apartments.

Merritt Community Capital Corporation

Oak Creek Terrace – St. Helena, California

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.

Merritt Fund XVI provided $7.2 million in equity.

Midwest Housing Equity Group

Brewery Lofts – Hastings, Nebraska

Located just north of Hasting’s downtown district, Brewery Lofts is an adaptive-reuse multifamily apartment building comprised of 35 affordable units. Built in 1908, the Lofts’ two historic buildings served as a factory and bottling facilities for the Hastings Brewing Company. When Prohibition brought beer production to a halt, the spacious buildings with their characteristic smokestack were later used for ice cream production, meat packing and cold storage before eventually going idle. Cohen-Esrey Development Group purchased the buildings in 2015 with plans to convert them into affordable housing.

The Brewery Lofts blend early-20th -century architecture with modern amenities while being priced at an affordable rate. Each unit is reserved for tenants who are at or below 60% of the median area income. The Lofts offer spacious one-, two- and three-bedroom units ranging from 587 to 1,606-square-feet. The development also features high-speed internet, washer-dryer units, a community picnic and grilling area and other amenities.

MHEG Fund 46, LP provided $6.7 million in equity.

Mountain Plains Equity Group, Inc.

Gateway Vista – Billings, Montana

Gateway Vista is sponsored by the YWCA Billings. Located in Billings, Montana, this property is a unique, 3-story apartment building for families in crisis in Yellowstone County. This 24-unit property offers safe, affordable housing and life-changing services to low-income people, with first priority to women and their children who are victims of domestic violence, sexual assault and human trafficking.

The 11 one-bedroom and 13 two-bedroom units in this complex feature a number of amenities including Energy Star appliances, microwave, air conditioning, ceiling fans and extra storage. Project-based amenities include a community room with a kitchen, a computer room, main floor laundry facilities, an outdoor children’s play area, and BBQ picnic area. Also, it is important to note the vast array of services offered at the YWCA campus; all of the services provided at the YWCA campus will be available to the residents of Gateway Vista, including child care, an employment and training center, legal services, lease management, legal and clinical counseling.

Northern New England Housing Investment Fund

Gilford Knolls III – Gilford, New Hampshire

Gilford Village Knolls III is the third and final phase of an elderly housing community promoted by a local citizens-based group. It’s located in Gilford, New Hampshire, a rural community on Lake Winnipesaukee, in the heart of a four-season recreational area known as the Lakes Region. The completed campus provides a total of 70 units for residents, of which nearly half are rent-subsidized by Rural Development. Stewart Property Management, a highly-regarded professional firm, operates all the Gilford Knolls properties.

The newest addition was developed by a seasoned non-profit developer and long-time member of NeighborWorks, the Lakes Region Community Developers. Phase III provides 24 one-bedroom units of senior housing contained within a single, two-story wood frame, elevator-serviced structure within walking distance to the local library, schools, and village stores.

Phase III is the first multi-family building in New Hampshire to be Passive House certified. The project design utilizes solar hot water and photovoltaic technologies and is built to Passive House standards. The resulting energy efficiency, high air quality, and low sound transmission contribute to overall increased comfort for its occupants and lower operating costs for the owner.

NNEHIF’s 481 Maine and New Hampshire Housing Fund III provided $3.6M in LIHTC equity to this project. Additional financing in the form of hard and soft debt from the NH Housing Finance Authority, the NH Community Loan Fund, and CDBG capital from the Town of Gilford completed funding for Gilford Knolls III.

Photo credit: John Hession

Ohio Capital Corporation for Housing

Career Gateway Homes – Columbus, Ohio

The NRP Group LLC (NRP) and Community Development for All People (CD4AP) developed Career Gateway Homes as a workforce housing model located near Nationwide Children’s Hospital on the East side of Columbus. Career Gateway has created a strategic partnership with Nationwide Children’s Hospital as part of its Healthy Neighborhoods, Healthy Families (HNHF) initiative to provide high quality housing, financial support, training, and job placement for area residents all in close proximity to the companies in the area, including the hospital and the local Columbus State Community College.

Career Gateway Homes offers 44 units in a three-story elevator apartment building and 14, three-story townhomes with attached garages. Additionally, Career Gateway offers a training center, community room, computer room, play area, and fitness center. Financing for the project included a $10.6 million investment from Ohio Capital Corporation for Housing’s Ohio Equity Fund XXVI. Financing partners include RiverHills Bank, City of Columbus, Chase Foundation, Nationwide Children’s Hospital, Ohio Capital Finance Corporation, and Ohio Housing Finance Agency.

St. Louis / Kansas City Equity Fund, Inc.

Blair Homes – Hyde Park, St. Louis

Blair Homes continues the concentrated redevelopment efforts in the historic neighborhood of Hyde Park in North St. Louis City. This development consists of 29 new, affordable two- and three-bedroom units which will enhance other St. Louis Equity Fund investments in the area. All of these units are LIHTC rent restricted units and are available to households earning 60% or less of the area median income.

Blair Homes received its allocation of LIHTCs from the Missouri Housing Development Commission under a service-enriched priority. Resident services are facilitated by LinkStL, a not-for-profit, which meets with residents and stakeholders, identifies tenant needs, and locates existing service providers who can address those needs. LinkStL opened an office on Hyde Park’s main street and offers financial literacy training, after-school and summer camps, job readiness and connections, and emergency and other financial assistance to residents in the neighborhood.

With the completion of Blair Homes, the St. Louis Equity Fund has invested in 186 units in Hyde Park and more than $14.7 million in equity in the combined investments.

Virginia Community Development Corporation

Tranquility at the Lakes – Virginia Beach, Virginia

Tranquility at the Lakes is a three-story community of 40 affordable, independent living apartments for seniors in the Barton Station area of Virginia Beach, Virginia. For decades, the residents of Burton Station, a community established by freed slaves over 100 years ago, sought infrastructure and other public improvements. Their tenacity paid off and the City of Virginia Beach began the implementation of improvements along with targeted land uses consistent with preserving the community’s residential character. The city and stakeholders agreed that housing for seniors would complement these public improvements and would ensure long-time residents would have opportunity to age in place and construction on Tranquility at the Lakes began in 2016. The entire development meets EarthCraft Platinum Certification standards and meets VHDA’s Universal Design standards.

The team behind Tranquility at the Lakes features a longtime VCDC partner, Community Housing Partners Corporation, and first-time partner and developer, Seniors Unlimited Lifestyles, Inc. Through the Housing Equity Fund of Virginia XIX, L.L.C., VCDC provided $4.25 million in LIHTC equity investment for Tranquility at the Lakes as well as technical assistance to the first-time developer Seniors Unlimited Lifestyles, Inc.