Marcus & Millichap Completes the Sale of a $71 Million Affordable Housing Property
Located in San Jose, California, the 160-unit affordable housing complex Moreland Apartments was recently sold for $71 million, or $443,750 per unit, by Marcus & Millichap, a real estate brokerage firm. In its press release, Marcus & Millichap said: On the...
Financing Secured for Affordable Senior Housing Next to Google HQ in Manhattan
Jonathan Rose Companies and Atlas Capital Group have secured financing for 570 Washington Street, a 175-unit affordable senior housing project to be developed next to Google’s headquarters in Hudson Square. Detailing the financing package, 6sqft reported: ...
City of Trenton Receives $15.6 Million Choice Neighborhoods Grant for Redevelopment
The City of Trenton and the Trenton Housing Authority have been awarded a $15.6 million Choice Neighborhoods Grant as announced by President Biden and HUD Acting Secretary Todman. The funding will be allocated towards the improvements and redevelopments to be made at...
Officials Raise Infrastructure Concerns Over NY Gov. Hochul’s Housing Plans
New York Gov. Kathy Hochul plan to increase statewide housing stock would require local communities to meet a certain number of housing unit targets. A 3% housing stock growth goal every three years would apply to downstate cities like Long Island. Parties opposed to...
$200 Million Funding for Housing Infrastructure Projects Coming to South Dakota
The South Dakota House of Representatives, by a 54-16 vote, approved a $200 million package to be allocated towards housing infrastructure projects across the state. It makes use of $150 million from the state general fund, while the remaining $50 million will be...
Funding Flowing to Local Governments for Affordable Housing Construction
Billions of dollars in public funding and tax enrichments are currently available to support the construction of affordable housing throughout the U.S. The impetus behind these incentives is the country’s affordable housing shortage which has reached near-crisis...
As Institutional Investors Snap Up Rental Properties, Local Officials Consider Pushing Back
In the past few years, there has been an influx of institutional investors buying properties across the US and converting them to rentals. With its impact to the housing market, some states are now proposing actions and ordinances that promote homeownership. The...
$200 Million Affordable Housing Bond Gets On Ballot in Palm Beach
Four out of 6 Palm Beach County commissioners this week voted in favor of including a $200 million affordable housing bond on voters' November ballot. If approved by voters, the money will be used to finance the construction of condominiums, rental units, family...
Efficient Approaches to Affordable Housing for Cash-Strapped Cities
As city budgets tightened post-2008, some governments turned to privatization to construct affordable housing. But there are other policy options for cities to ensure affordable housing for its residents, say researchers in a recent white paper from the Center for...
Using Credit Risk Transfers to Fund Affordable Housing
Could government-sponsored enterprises, tasked with making residential mortgages accessible to underserved populations and increasing the liquidity of mortgage investments, use credit risk transfers as a tool to achieve these goals? A recent research brief from the...