Fund Portfolios


Belle Summit Apartments – Richmond, Virginia

Belle Summit Apartments, developed by Resource Housing Group, Inc. and Landbridge Development, LLC, is a new construction community for families in the Old Manchester Redevelopment Area of Richmond, Virginia. This podium-style development has an urban feel; a gated parking garage sits below 50 residential units that boast skyline views of downtown Richmond and the James River. In addition to high-quality, modern apartments, the community features a technology center, a wellness center, meeting space, and a laundry room. Although the construction of Belle Summit Apartments faced several snags along the way – everything from timing issues to permitting difficulties – excellent teamwork between project partners led to a successful final product. This emerging part of Richmond has continuously faced a high demand for affordable housing. With the completion of Belle Summit Apartments, 50 additional families can now proudly call this great community home. The development adds to the success of a much larger revitalization plan for this up-and-coming area. CAHEC invested more than $6 million in equity in this development.


Pleasant Prospect Homes – Grand Rapids, Michigan

Pleasant Prospect Homes is a 90-unit affordable rental community comprised of 45 scattered site, duplex homes in Grand Rapids, MI. 30 of the homes were existing structures that underwent significant renovation. An additional 15 duplex homes were infill developments, constructed in place of vacant lots and deteriorated buildings. Of the 90 affordable units, 23 are reserved for Permanent Supportive Housing that targets homeless, chronically homeless or special needs households. The project¹s sponsor, Inner City Christian Federation (ICCF), also renovated a vacant building, converting it to a community space that offers residents a lounge area, work stations, laptop computers, and a conference room where a part-time Resident Support Coordinator provides services.

Pleasant Prospect Homes provides quality housing for formerly homeless and low-income families and individuals, providing roots and supportive services empowering residents to work their way out of poverty.

Hawaii Housing Finance, LLC

Hale Mahaolu Ehiku – Maui, Hawaii

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.

Housing Vermont

Downstreet Apartments – Barre, Vermont

Housing Vermont partnered with Downstreet Housing & Community Development to redevelop a former Section 8 housing site into attractive affordable apartments and a new home for Downstreet’s headquarters. The newly constructed Downstreet Apartments, containing 27 one- and two-bedroom energy efficient apartments, features a wood pellet heating system and received an AIA Citation Award for Excellence in Building Design, an Efficiency VT Honor Award in the multi-family housing category and a National Green Building Certification.  The property, located just one block off Main Street, is part of a downtown redevelopment strategy that included new State offices, commercial space, and a new City Center financed in part by Housing Vermont's NMTC program.  
LIHTC equity provided $5.6 million of the $8.5 million total development costs. Other sources of funds included the Vermont Housing and Conservation Board, Vermont Agency of Commerce and Community Development, City of Barre, and Efficiency Vermont. Downstreet Apartments opened in July 2016 to strong demand.

Massachusetts Housing Investment Corporation

Welcome Home Apartments – Haverhill, Massachusetts

Welcome Home Apartments is a 27-unit affordable housing project in three newly constructed buildings developed on two vacant parcels and an underutilized parking lot in Haverhill, Massachusetts by Veterans Northeast Outreach Center (VNOC) and Coalition for a Better Acre (CBA – a longtime MHIC customer). This project serves a critical housing need in the community by providing stable, service-enriched housing to very low-income veterans and their families, many of whom were either homeless or at-risk of homelessness prior to moving into Welcome Home Apartments. VNOC works closely with Veterans Administration hospitals to identify and prioritize veteran families that will benefit from this housing. Veterans and their families have access to the services they need to maintain healthy and productive lives, including: employment services and case management services that will help connect residents to health care, health and wellness classes, community meals, and financial and legal services.

For this $6.4 million development, MHIC provided $2.5 million in federal low-income housing tax credit financing and was the principal private sector partner in the financing of this project. Other sources of financing included the Massachusetts Department of Housing & Community Development, Pentucket Bank, the North Shore HOME Consortium, the City of Haverhill, Community Economic Development Assistance Corporation and the Affordable Housing Trust. The U.S. Department of Veterans Affairs also provided funding to VNOC for this project.

Merritt Community Capital Corporation

Stonebridge Apartments – St. Helena, California

Stonebridge Apartments is an 80-unit affordable housing property located in St. Helena, California near the Napa River and the hills of the Napa Valley. The property was recapitalized and rehabilitated by EAH Housing: one of the largest and most respected nonprofit housing development and management organizations in the western United States.

Stonebridge Apartments is a family residential complex with many outdoor amenities: a large soccer field, basketball courts, community gardens, children’s play areas for toddlers and adolescents and a barbeque area. There is also an indoor community center with kitchen, television, library, piano, computer stations and internet.

The location is within walking distance of stores and services. A town shuttle system which provides access to nearby shopping and the Napa Valley Community College is also available.

Merritt Fund XVII provided $5.9 million in equity.

Midwest Housing Equity Group, Inc.

Victory Place – Grand Island, Nebraska

MHEG was honored to partner with the Pioneer Group, Inc. to develop Victory Place, a new construction development to provide permanent supportive housing for homeless, senior and at-risk U.S. veterans and their families in Grand Island, Nebraska. Located on the Grand Island VA Medical Center campus, this development offers 20 one-bedroom units and six two-bedroom units. The building will also include case management offices, a common area and meetings rooms, as well as a laundry facility. Victory Place has a 55-year ground lease with the U.S. Department of Veteran Affairs, with the opportunity to extend it an additional 20 years.

Pioneer Group, Inc. has been redeveloping neighborhoods since 1997 and are based out of Topeka, Kansas.

MHEG’s Community Fund 45, LP provided $4 million in equity.

Mountain Plains Equity Group, Inc.

Northern Place Apartments – Dickinson, North Dakota

Completed on budget and ahead of schedule, this quality multifamily property consists of 36 new affordable apartments. Northern Place Apartments is located in a residential neighborhood in north-central Dickinson, at 3860 12th Avenue West, in close proximity to essential services that include an elementary school, post office, bank, grocery store and shopping.

Configured in one 3-story design, the building consists of 2- and 3-bedroom units, each with a patio or deck. Two additional garage buildings provide secure parking for 36 vehicles.

Alex Burkhalter of Housing Solutions, is the developer and driving force behind this project’s successful completion, complemented by the swift moving contractor, Howard Construction from Missoula, MT. The financing was arranged in large part through the North Dakota Housing Finance Agency (NDHFA) with an allocation of $632,725 in annual tax credits. Working with MPEG as the syndicator, First Security Bank of Missoula, MT served as both the lender and the tax credit equity investor.

Congratulations to everyone involved in bringing these new homes to deserving families in Dickinson. MPEG is proud to work with this team of professionals.

Northern New England Housing Investment Fund

Village Centre – Brewer, Maine

Village Centre, developed by Community Housing of Maine (CHOM), is a new construction family project in Brewer, Maine. This three story, 54,000 square foot, 48-unit housing project was designed under Passive House standards. Passive House is a standard in energy efficiency that refers to ultra-low energy, high-efficiency buildings, with Village Centre estimated to be over 60% more energy efficient than a typical apartment building. Some of the energy saving measures include; a 100-panel photovoltaic array on the roof, triple-paned windows and super tight insulation with no thermal bridging. Built on a former Brownfield site, it is the second largest passive house in the United States and the largest in a cold climate. In 2016, it was awarded Best Multifamily and Best Affordable Housing project by Passive House Institute US.

The energy efficiency measures are only one part of CHOM’s ultimate goal to provide livability and accessibility within sustainable affordable housing to some of Maine’s most vulnerable populations. The project partners with local organizations such as Penobscot Community Healthcare and Frannie Peabody Center to identify and house people who are homeless or who have HIV/AIDS with the assistance of specialized vouchers and on-going support services. An additional waitlist preference is given to the blind and visually impaired. Village Centre provides a community room and outdoor playground for families, all within walking distance of downtown Brewer and the Brewer Rec Center. A sheltered bus stop on site allows for alternate transportation.

NNEHIF’s 481 Fund 3 provided $7.6 million in equity. Additional financing was secured in the form of hard and soft debt from Maine State Housing Authority and the project benefits from a TIF from the city of Brewer.

Ohio Capital Corporation for Housing

Harbor Town Senior Residence – Perrysburg, Ohio

Harbor Town Senior Residence is the first senior tax credit development in Perrysburg, Ohio. The $11 million 69-unit new construction development features one-and two-bedroom units with accessible and universal design features, energy efficient design, and modern amenities, including on-site management, a community room with kitchenette, computer center, laundry facilities, fitness and theater rooms, community gardens, picnic shelter and outdoor seating areas. Homes contain a range, carpet, refrigerator, central air conditioning, garbage disposal, dishwasher, window blinds, kitchen pantry, walk-in closets, linen closets, and a breakfast bar. MV Residential Property Management provides service coordination to the residents. Financing includes a combination of Low Income Housing Tax Credits and a Housing Development Loan administered by the Ohio Housing Finance Agency, a construction loan and Permeant USDA 538 financing provided by River Hills Bank, predevelopment loan from the Ohio Capital Financing Corporation and equity investment provided by Ohio Capital Corporation for Housing.

St. Louis / Kansas City Equity Fund, Inc.

Vetter Place Apartments – Pine Lawn

Vetter Place Apartments is located in the City of Pine Lawn in North St. Louis County and consists of 53 units in a newly constructed multifamily building. The unit mix is comprised of 45 one-bedroom units and 8 two-bedroom units, all of which are tax credit-financed and available for occupancy by residents aged 55 or older with incomes at or below 60% of the area median income. Amenities include an exercise room, a large resident living room with computers and other media, community space and an outdoor garden.

This development is part of an overall effort aimed at stabilizing the housing stock in Pine Lawn, one of the municipalities in the Vision 24:1 Community Building Initiative. This initiative, which is led by Beyond Housing, the Developer and General Partner of Vetter Place Apartments, represents the 24 municipalities in the Normandy school district with one vision for successful children, engaged families, and strong community. This is the 18th partnership between St. Louis Equity Fund and Beyond Housing.

Virginia Community Development Corporation

William Byrd – Richmond, Virginia

This 11-story building, built in 1925 as the William Byrd Hotel, was located across the street from the Union Train station in Richmond. In 1995, a non-profit developer in partnership with a private for-profit developer converted the building into senior apartments with some ground floor businesses. The acquisition and rehabilitation of this property over twenty years later by the nonprofit Project: HOME, involved the replacement of two elevators, system upgrades, energy improvements and general renovation of 104 apartments using 4% LIHTC and federal and state Historic Tax Credits. The total development costs were $13.4 million. VCDC invested $5,613,000. The balance of funding came from local and state housing trust funds as well as tax-exempt debt from Virginia Housing Development Authority.