Two Affordable Housing Communities in Orange Will Undergo Extensive Renovations with $11.6 Million in MassHousing Financing
MassHousing has provided a total of $11.6 million in affordable housing financing to the non-profit Retirement Housing Foundation (RHF), for the renovation and preservation of two adjacent affordable housing communities in Orange. As part of the transaction, RHF will combine the 120-unit King James Court property, which serves elderly and disabled residents, and the 114-unit Pine Crest apartments, which serves low-income families, into a single new entity called King Pine.
Colorado Housing and Finance Authority (CHFA) has selected Jeff Owsley to serve as its San Luis Valley and Southwest Colorado Community Relationship Manager. In this role, Owsley engages with housing and economic development stakeholders, community members, customers, and local government in the region through outreach, capacity building, and by identifying opportunities to increase access to CHFA’s resources. His service area includes the counties of Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Rio Grande, Saguache, and San Juan.
Kentucky Housing Corporation (KHC), the state housing finance agency, recognized its 2018 top lending partners at the 14th Annual Lender Luncheon in La Grange on March 7, 2019. Kentuckians who received a KHC home loan in 2018 worked with one of more than 110 partnering lender banks and mortgage companies in communities across the state. KHC offers loans for first-time and repeat home buyers with down payment assistance, and refinancing options for current homeowners. Since 1972, nearly 98,000 Kentuckians have become homeowners by obtaining a KHC loan.
Maryland Department of Housing and Community Development Announces Investment in North East Biotech Company
The Maryland Department of Housing and Community Development today announced a $500,000 Neighborhood BusinessWorks loan to Clene Nanomedicine, a Cecil County biopharmaceutical company developing technology solutions for drug development. "Clene Nanomedicine is exactly the kind of innovative, forward-thinking business we are trying to attract to Maryland's Opportunity Zones," said Secretary Kenneth C. Holt. "This loan will help spur outside investment in Cecil County, and ensure an environment of economic opportunity that will transform and revitalize our most challenged communities."
DCHFA has appointed Monte J. Stanford as the Chief Operating Officer (COO). As COO, Stanford will oversee daily business operations, to include the Single Family Programs and Multifamily Lending and Neighborhood Investments divisions, the Housing Investment Platform, IT and Business Intelligence. “Monte has an extensive background in housing, finance and IT that will allow him to have an immediate impact on the Agency’s programs, technology and day-to-day business operations, stated Todd A. Lee, DCHFA’s Executive Director and CEO.
Colorado Housing and Finance Authority (CHFA) has been awarded a $6 million Capital Magnet Fund (CMF) grant to support the development and preservation of affordable rental housing across Colorado. CHFA was one of only three housing finance agencies in the nation to receive an award among 38 total recipients nationwide. CHFA will use the award to enhance its existing statewide housing fund that was created with a $7.1 million CMF grant awarded in 2018.
CHFA is pleased to announce that Colorado Speaker of the House, KC Becker, has been appointed to CHFA’s board of directors for the 2019-2020 legislative biennium. CHFA’s 11-member board serves as the governing body of the organization and establishes policies to further its mission of affordable housing and community development. “I look forward to serving on CHFA’s board and contributing to the organization’s work to strengthen housing and economic opportunities in Colorado. Affordable housing is crucial to healthy communities and essential as our state continues to face challenges in meeting the needs of all Coloradans,” said Rep. Becker.
Governor Approves Mississippi Home Corporation’s Special Opportunity Zone Cycle for Low Income Tax Credit Program
Governor Phil Bryant recently signed an amendment to include a special Opportunity Zone cycle as part of the Low-Income Housing Tax Credit Program offered through the Mississippi Home Corporation. The special cycle will add benefits to investors who invest eligible capital into the selected opportunity zones in MS. The Tax Cuts and Jobs Act of 2017 established Opportunity Zones to boost economic development and job creation in distressed communities throughout the country.
Affordability Extended at Senior Housing Community in Brighton, Property Improvements Planned, Resulting From $44.8 Million in MassHousing Financing
Senior citizens living at the 200-unit Covenant House I and II housing community in Brighton have had affordable rents extended through 2052 and will see significant property improvements as a result of $44.8 million in MassHousing affordable housing financing to the non-profit developer B’nai B’rith Housing. B’nai B’rith Housing refinanced the Covenant House property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with partner lender Rockport Mortgage Corporation.
The Hogan Administration Announces Expansion of Cold-Weather Sheltering for the Homeless in Charles County
The Maryland Department of Housing and Community Development today announced a grant award of $242,924 to expand cold-weather sheltering for homeless individuals in Charles County. The grant will be administered through the Maryland Department of Housing and Community Development's Homelessness Solutions Program. This fiscal year, the program awarded $9.1 million in grants to support homeless shelters and services statewide.