Fund Portfolios


Port City – Richmond, Virginia

Port City, located just south of the James River in downtown Richmond, is the first phase of the adaptive reuse of a former tobacco manufacturing, storage, and research facility. The completed restoration consists of 135 units of affordable housing for families earning 30 to 80 percent of the Area Median Income. All units feature full kitchens, washer and dryer connections, and internet connectivity. The development also consists of amenities for residents such as a community building, car wash area, business and fitness centers, picnic area, and a dog park. Port City II Developer, LLC served as the developer for the $12.8 million project. Residents have access to an abundance of desired services including schools, a hospital, grocery stores, and public transportation. The newly renovated building offers high-quality, affordable apartments to a neighborhood that needed it the most.


Andy’s Place – Jackson, Michigan

Andy’s Place is a 50-unit permanent supportive recovery housing residential facility recently opened in Jackson, Michigan. The project is the first of its kind in the nation combining long-term housing and treatment services for individuals recovering from opioid addiction, operated in conjunction with the Drug Treatment Courts. Cinnaire supported the project with a low-income housing tax credit investment. Andy’s Place provides 39 one-bedroom apartments for individuals referred by the courts and includes a separate building with 11 two-bedroom apartments to house families. Research has shown that a key component to successful recovery is the restoring of families and this program provides the opportunity to keep families together in a safe environment. Rents are based on income.

Andy’s Place will also offer onsite supportive services, including case management and a recovery program funded and managed by the Drug Court. Other amenities include recreational and life skills programs, including financial health and employment classes, sober and wellness activities, a greenhouse, and an area to create music. The Community Action Agency of Jackson, the development partner, will provide a resident services coordinator on site to assist with job training, financial literacy, benefits, and education facilitation. Andy’s Place and the Permanent Recovery Supportive Housing Initiative are featured in this video.


Vergennes Community Housing – Vergennes, Vermont

Located in Vergennes, Vermont, this beautiful new building provides 24 energy efficient, affordable family apartments within walking distance to the center of town and is well connected to local amenities including a grocery store, pharmacy, bank, schools, cultural activities and job opportunities.

Intensive focus on residents’ needs went into the design and the building features free Wifi, community gardens, a covered picnic pavilion, playground and ample green space, front and back porches, as well as a solar-powered electric vehicle charging station, indoor storage for bikes and other outdoor gear and a welcoming community lobby.

Evernorth’s energy services division helped to optimize building systems, ensuring efficiency, while maintaining costs and increasing equipment longevity.

Working in partnership with co-owner Addison County Community Trust, Evernorth was able to open the building despite the events of 2020 and was even able to mark the grand opening with a socially distanced celebration for the residents which included a food truck and live music.

Housing credit equity provided $4.3 million of the $7.2 million total development costs. Other sources of funds included Vermont’s Housing for All Revenue Bond, the Vermont Housing and Conservation Board, Vermont Agency of Commerce and Community Development, Vermont Housing Finance Agency, NBT Bank and Efficiency Vermont.

Hawaii Housing Finance, LLC

Hale Mahaolu Ewalu Phase I | Pukalani, Maui

Hale Mahaolu Ewalu is a senior rental housing complex for individuals aged 62 years and above in the Kulamalu Community Center in Pukalani, Maui. Phase I opened its doors to its first residents in February 2019 with 38 affordable rental units (36 one-bedroom / one-bath and two (2) two-bedroom / one bath), and one manager’s unit. Units feature private lanai, ceiling fan, walk-in shower and emergency pull alarm.

Massachusetts Housing Investment Corporation

Whittier Street Apartments, Phase 2 – Roxbury, Massachusetts

Amid the global COVID-19 health pandemic, MHIC provided $9.5 million in federal low-income equity to support Whittier Street Apartments Phase 2, which consists of building 52 units, 24 of which will be public housing replacement units and 28 new housing units. When fully built out, the new Whittier Street corridor will contain a mix of public housing, affordable housing, and market-rate units that will provide a variety of housing opportunities for different socio-economic groups. Construction started in June 2020 once the Boston construction moratorium was lifted.

Built in the early 1950s, the Whittier Street public housing development in lower Roxbury neighborhood of Boston, MA suffered significant capital needs that made rehabilitation infeasible. In addition, chronic poverty is prevalent in the broader Whittier Street neighborhood, which encompasses roughly one square mile and 2,418 households in and around the Dudley Square and Whittier Street public housing development. A victim of Boston’s urban renewal policies that cleared large swathes of land (and local businesses, houses and communities), the neighborhood represents one of the largest concentrations of poverty in Boston: 47% of neighborhood families live in poverty and 75% live in deeply subsidized housing.

The project is a beneficiary of HUD’s Choice Neighborhoods Program, which leverages public funding with private dollars to redevelop severely distressed public housing and revitalize surrounding areas through a comprehensive approach to neighborhood revitalization. As part of the Whittier Choice Neighborhood Initiative (WCNI), the Boston Housing Authority (BHA) is redeveloping the Whittier Street development. The multi-phased redevelopment plan for Whittier Street Apartments includes demolishing the 200-units of existing public housing, adding 210 public housing replacement units and developing an additional 299 of new moderate and market-rate units. Of the 509 new units, 353 will be located at the original Whittier property (on-site) and 156 will be built off-site in the Whittier neighborhood.

Merritt Community Capital Corporation

Summit View Apartments – Sylmar, California

Summit View is a 48-unit supportive housing development for special needs individuals and families, targeted to homeless and chronically homeless veterans. The units will be restricted for extremely low- to very low-income households (30-50% of AMI). Amenities will include a rooftop community room, services offices, a computer lab, fitness room, and centralized laundry rooms. Construction began in early 2020 and completion is expected in December 2021.

Services are an important and necessary component of this type of housing and intensive case management services and support will be provided for residents. Project sponsors LA Family Housing – a leading homeless service provider and the area contractor for Los Angeles County’s Coordinated Entry System for the homeless - and Many Mansions will provide case managers and service coordinators. Other services will be provided in-kind by the Department of Mental Health of LA County, Veterans Affairs, and San Fernando Valley Mental Health Center,

Merritt provided $15 million in housing tax credit equity of the total development cost of $36.4 million. Summit View Apartments received strong local support including over $15M in local funding from Los Angeles Housing + Community Investment Department and Los Angeles County Development Authority. Additionally, all units will be supported with VASH vouchers with a 20-year HAP contract with the Housing Authority of the City of Los Angeles.

Mountain Plains Equity Group, Inc.

Red Alder Residences – Helena, MT

Rocky Mountain Development Council (RMDC) and GL Development are now seeing the finalization of the Red Alder Project in Helena. The development plan and model for this project is a combination of 9% and 4% LIHTC funding, together with tax-exempt bonds, HOME and HTF funds, and soft loans from RMDC. With that layered financing strategy, the traditional 9% allocation was leveraged more efficiently, resulting in construction of almost three times as many affordable units as would have otherwise been possible. The two projects create an overall campus that consists of 85 units, with a mix of one-, two- and three-bedroom units dedicated to qualifying individuals and families in Helena.

The Red Alder 9% project had its first resident move-in on October 19, 2020 and is now completely leased up. The Red Alder 4% project was completed in January 2021 and already has a great start on the lease-up of these new homes.

Ohio Capital Corporation for Housing

The Wilds at Harvest Rose – Ravenna, Ohio

The Wilds at Harvest Rose is a unique senior housing community in Ravenna, Ohio, designed after the traditional yurt-style homes used by Central Asia for at least 3,000 years. The aerodynamic design of the yurts provides energy-efficient capabilities; and the homes were designed to conserve water and energy, utilizing materials that complement the natural surroundings.

Developed by Neighborhood Development Services, Inc., the community includes 45 individual permanent yurt apartments: 36 two-bedroom homes and 9 one-bedroom homes. Each home features an open-concept kitchen and living area, access to natural lighting, Energy Star compliant appliances, central air conditioning, and washer/dryer hookups. Other amenities include a community building with an on-site management office, central laundry facilities, fitness center and community room; and a picnic and garden area. Residents have access to various supportive services, including meal delivery, transportation, and health screenings.

The Wilds at Harvest Rose was developed using a combination of Low Income Housing Tax Credits and a bridge loan administered through the Ohio Housing Finance Agency. Other funding sources include RiverHills Bank and NeighborWorks America. An equity investment of $8.7 million was provided by Ohio Capital Corporation for Housing.

St. Louis / Kansas City Equity Fund, Inc.

STAR Residences Phase II – St. Louis, MO

STAR Residences Phase II consists of a new, three-story multi-family apartment building, with elevator service, containing 30 units of affordable housing for senior individuals and couples (aged 55+), all of which are LIHTC units available to households earning 60% or less of the area median income. Each 821 square foot apartment has two bedrooms and one bathroom. As a second phase project, this development follows the success of STAR Residences Phase I, a 44-unit senior facility located on the same campus, that opened in December 2016. STAR Residences Phase II was SLEFI’s first partnership with Lewis McKinney of LMAC Holdings, the Developer and General Partner. A Caring Plus Foundation, an affiliate of LMAC Holdings, will provide social services for residents which will include financial literacy and budgeting education, tax preparation services, health and dental screenings, nutrition classes and computer lab access.


Golden Rule Apartments – Belington, WV

The Golden Rule in downtown Belington, WV, was built in 1902 as the coal industry was burgeoning in Barbour County. Originally home to The Valley Grocery Company, the three-story brick building served a variety of commercial roles over the course of its life. The original owner, Luther Shinn, installed a gas-powered gristmill on the property and a hydraulic elevator (reported to be the only one of its kind in West Virginia), enhancing the building’s capacity to house and sell merchandise as a department store. Shinn renamed the store “The Golden Rule” in 1929 in homage to his primary business philosophy, and subsequently advertised his wares as “Everything for Everyone.” In 2014 the Preservation Alliance of West Virginia listed the historic building as an endangered property, citing deferred maintenance and its significant role in the commercial history of Belington.

With the support of the Belington Revitalization Committee, the Woodlands Development Group acquired the building in 2017 with the combined goals of preserving a historic landmark and repurposing it for community use, providing much needed quality housing and new jobs. The renovated building features 10 affordable residential units on the upper floors and commercial space on the first floor.

VCDC provided $1,033,830 in LIHTC equity to the renovation and preservation of the Golden Rule. The project also received funds through Historic Tax Credits.