Latest news with #AreaMedianIncome
Yahoo
12-06-2025
- Business
- Yahoo
Tacoma to close 200 homeless shelter beds at end of month. Here's why and where
The City of Tacoma was relying on state funding to keep open more than 300 homeless shelter beds open scheduled to be closed at the end of June. This week, the city reported that it was awarded half the funding it asked for and will be able to keep less than half of those shelter beds open through the next year. The City of Tacoma has been planning to close roughly 339 emergency shelter beds due to an anticipated funding shortfall. Heading into the beginning of 2025, the City of Tacoma requested $6 million annually over the next two years to maintain 307 shelter beds through June 2027. The budget recently passed by the Legislature did not directly name Tacoma as a recipient for such funding but did note an annual allocation of $58.8 million in grant funding to be available to support homeless housing programs and services in cities and counties. The funding will be distributed through the Department of Commerce. On June 9, Maria Lee, a spokesperson for the City of Tacoma, told The News Tribune the city will be awarded $3 million to keep 140 shelter beds open through June 2026. Lee said the 140 beds will be at the tiny-home village shelter at 602 N. Orchard St., the family shelter operated by Bethlehem Baptist Church at 4818 E. Portland Ave. and Holy Rosary's safe parking site at 520 S. 30th St. Pierce County has allocated $400,000 to help continue the tiny-home village shelter on North Orchard Street through June 2026, according to the city. Lee said the decision to keep those shelters open over others was guided by factors including the capability of the providers hosting the sites, the locational feasibility of the sites, and the funding required to keep them operating. Shelters planned to close after June 30 include the 32-bed shelter at Altheimer Memorial Church, Brotherhood RISE's 32-bed shelter at 2135 Martin Luther King Jr. Way, and the Tacoma Rescue Mission's 135-bed Forging Path Community at 3561 Pacific Ave. Tacoma Police Department's Crime Dashboard showed a 38% total reduction in crimes in the quarter-mile surrounding area of the Forging Path Community shelter compared to the year prior to its opening. The dashboard showed a 53% total reduction in crimes in the quarter-mile surrounding area of the Freedom Project shelter compared to three months prior to its opening. According to the city, Forging Path Community has served 295 people, with 66 individuals successfully transitioning to permanent housing as of May 26. Freedom Project has served 50 people, with 26 out of 38 people who exited transitioning to permanent housing as of May 26. Mercy Housing was awarded the property where Forging Path Community sits for development of an 81-unit affordable housing project for residents earning 60% Area Median Income (AMI) or lower. Lee said the site will include a community hub and an 8,000-square-foot early learning center. The city has said it is committed to ensuring transitions to other shelters or housing programs for those currently living at shelters scheduled to close. According to Lee, Forging Path Community had 41 residents and Freedom Project had 11 residents as of June 2. The city is recommending a month-long operation extension with the funding for the Freedom Project shelter. 'This provides crucial time to decommission the site responsibly and, most importantly, to work intensively with the 11 current residents as of June 2, 2025 to find alternative shelter or housing,' Lee told The News Tribune. 'The City plans to store the micro-shelter units while continuing to identify alternative locations and potential use by partners like Pierce County.' The city had about 1,099 shelter beds as of the beginning of 2025. Lee said the city anticipates having 860 available shelter beds after standing down Brotherhood RISE, Freedom Project and Forging Paths Community. When Tacoma's homelessness strategy was drafted in 2022, it was anticipated that there would be a funding gap of roughly $12 million to maintain the shelters at the end of 2024. Part of the city's plan included increasing the inventory of permanent affordable-housing units to provide housing opportunities for those living in shelters. Caleb Carbone, the homeless strategy, systems and services manager for the city's Neighborhood and Community Services department, previously told The News Tribune that during the pandemic, one-time funding opportunities, like those through the American Rescue Plan Act as well as resources from the state, were used to support the operation of the shelters. The city significantly increased its homeless-shelter capacity at a time when it was needed. 'The challenge has been that the demand for temporary shelter beds has exceeded the initial expectations,' Tacoma's deputy city manager Sonja Hallum told The News Tribune in an interview. 'So the stand down is not happening at the pace that the city had originally expected and hoped would occur.' Hallum said the beds set to disappear in 2025 represent a 'significant' portion of the city's shelter beds. With Tacoma hosting what is about 80% of Pierce County's shelter capacity, the loss of shelter funding would have county-wide implications, Hallum said. 'So the impact isn't just for the city, it's for the entire region,' she told The News Tribune. 'We are greatly concerned about the ability to provide for this very vulnerable population.'
Associated Press
11-06-2025
- Business
- Associated Press
WNC & Associates, Winterwood Development, LLC, and Lumina Partners, LLC Begin Construction on Affordable Housing Community in Charlotte, N.C.
CHARLOTTE, N.C., June 11, 2025 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, Winterwood Development, LLC, a family-owned business committed to developing high-quality housing, and Lumina Partners, LLC, a developer and investor in affordable housing throughout the Southeast, have begun construction on Sycamore Station II, a 168-unit affordable housing community in Charlotte's Oak Forest neighborhood. Located at 6010 Calle Lumina Way, Sycamore Station II comprises seven three-story buildings and a community center. The buildings house 168 residences, including 48 one-bedroom garden units, 36 two-bedroom garden units and 84 three-bedroom garden units. Designed to serve residents earning no more than 60% of the Area Median Income (AMI) for Mecklenburg County—approximately $67,320 annually for a family of four—the property will offer rents significantly below those of comparable market-rate units. Estimated monthly rents are $1,100 for a one-bedroom, $1,400 for a two-bedroom, and $1,600 for a three-bedroom apartment. Sycamore Station II will be the second phase of the larger Sycamore Station project, which opened in December 2022. Sycamore Station Apartments, the preceding phase, also offers 168 one-, two- and three-bedroom units, and currently maintains a six-month waiting period for an available unit. 'As one of the fastest growing cities in the country, there is an incredible need to ensure that there is ample affordable housing in Charlotte,' said Anil Advani, Executive Vice President of Originations and Finance at WNC. 'We are proud to partner on this development, which will provide high-quality, affordable homes and help meet the critical demand for housing in this vibrant and expanding community.' Each residence will feature a full range of modern amenities designed to support comfortable living, including a refrigerator, range oven, and central air conditioning. Additional features such as durable vinyl flooring, window blinds, and ceiling fans enhance both style and functionality. Units will also offer washer and dryer hookups, as well as private patios or balconies with attached storage closets, providing residents with a practical and welcoming living environment. Community amenities will be centered around a thoughtfully designed clubhouse, which will feature an on-site management office, laundry facilities, an activity room, and a computer center to support resident needs. Outdoor spaces will include a playground, and a BBQ/picnic area conveniently located just east of the clubhouse. In addition, residents will enjoy access to the fitness center at Sycamore Station Apartments, located immediately to the west, further enhancing the range of amenities available to the community. Sycamore Station II will be financed through a combination of funding sources, including $20.8 million in Low-Income Housing Tax Credit equity from WNC & Associates, Inc., a $39 million construction loan from Citibank, and a $24 million long-term permanent loan, also provided by Citibank. The project will break ground immediately and construction is expected to be completed in Spring 2027. About WNC & Associates Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: About Winterwood Development, LLC Winterwood Development is a family owned, Kentucky based affordable housing development firm with 42 years of experience. Winterwood Development's mission is to provide affordable and safe housing for those in need. The firm specializes in senior and multifamily development and rehabilitation, with vast experience in LIHTC, Bonds, USDA Rural Development financing, HUD, and more. To learn more, visit: About Lumina Partners, LLC Lumina Partners, LLC was formed in 2020 for the creation of affordable housing and to serve as housing resource firm to the LIHTC Industry. Lumina is a developer and real estate investor and partners with affordable housing owners, investors and property managers to provide compliance monitoring, auditing, reporting and asset management support. Lumina specializes in assisting clients in maintaining compliance with Low Income Housing Tax Credit, United States Department of Housing and Urban Development (HUD), USDA Rural Development, and numerous other state and local affordable housing programs across the United States. Currently, Lumina is monitoring 1,000 affordable units, assisting partners with timely, accurate file reviews and reporting. To learn more, visit: MEDIA CONTACT: IDEA HALL Andy Vernier [email protected] A photo accompanying this announcement is available at
Yahoo
10-06-2025
- Business
- Yahoo
CPP & Beacon Communities Announce Acquisition of Brewery Square Apartments in New Haven, Connecticut
Former brewery turned apartment community to undergo historic rehabilitation, preserving affordability and enhancing resident experience Brewery Square Apartments NEW HAVEN, Conn., June 10, 2025 (GLOBE NEWSWIRE) -- CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, and Beacon Communities, one of the nation's leading affordable housing development and management companies, have announced the acquisition and planned rehabilitation of Brewery Square Apartments in New Haven, Connecticut. This is the second community for CPP in the Fair Haven neighborhood, following the recent completion of nearby Fairbank Apartments. Located at 1 Brewery Square along the Quinnipiac River, Brewery Square is a two-building, 104-unit apartment community originally constructed in 1896 as a brewery and later converted to housing in the early 1980s. With this acquisition, the team will extend affordability protections and implement significant renovations while preserving the historic character of the property. 'This acquisition allows us to increase and deepen affordability while also extending the life of a property that is deeply cherished by the community,' said John Fraser, Vice President of Development at CPP. 'We are proud to protect the historic fabric of this neighborhood while delivering modern upgrades that respond directly to resident needs.' The total development investment of approximately $43 million includes extensive renovations estimated at $112,342 per unit. Planned upgrades include all-new stainless-steel appliances, updated bathrooms, quartz countertops, new windows, refinished floors, and the installation of advanced security systems. The site will also feature enhanced landscaping, cobblestone walkways, and the adaptive reuse of the historic gatehouse into a secure indoor bike storage area — an amenity specifically requested by residents. Additionally, the renovations are expected to improve the property's energy performance by more than 15%, enhancing efficiency and reducing utility costs. "Brewery Square serves as a model for high-quality, architecturally interesting, mixed-income housing,' said Sarah Miller, Fair Haven Alder. 'We look forward to CPP and Beacon building upon and extending this legacy, preserving both affordability and quality for another generation." The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit (LIHTC) program, with affordability levels ranging from 30% to 80% of Area Median Income (AMI), averaging just below 60%. The property's existing HAP contract, currently set to expire in 2034, will be extended by an additional 20 years, ensuring long-term affordability. Brewery Square is made up of two continuous buildings and features a unit mix of two efficiency units, 41 one-bedroom units, 55 two-bedroom units, and six three-bedroom units. The property offers ample parking with 151 total spaces split between a 107-space front lot and a 44-space rear lot. Occupancy has consistently exceeded 95%, and residents have played a key role in shaping planned improvements, particularly those that preserve the community's historic charm and enhance daily living. 'The adaptive reuse of Brewery Square Apartments will modernize and expand affordable housing options In New Haven, while breathing new life into a piece of the City's history,' said Dara Kovel, CEO, Beacon Communities. 'We're honored to bring our exceptional property management to a new community of New Haven residents. Thank you to our partners at Community Preservation Partners, who share our commitment to creating quality housing that will remain affordable for generations to come.' Brewery Square marks the fifth property for Beacon Communities in New Haven. The company currently manages Ninth Square Apartments, Edith Johnson Towers and Monterey Place, and started construction last year on The Atwater at Ninth Square, which is expected to be completed in 2026. The project leverages LIHTC 4% tax credits and tax-exempt bonds. Financing partners include NewPoint as the construction and permanent lender, KeyBank as the tax credit and EBL investor, Eversource as the state historic tax credit investor, and JPMorgan Chase as the federal historic tax credit investor. Heritage Consulting has been retained to ensure all work complies with National Park Service historic guidelines. About Community Preservation PartnersIn 2004, Community Preservation Partners was established by their parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed, and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide. From the very beginning, they've done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance, and Purpose are their core values and embody everything they do. Together they define A Different Way to Home for their excellent employees, partners, and communities. To learn more, visit: About Beacon Communities Beacon Communities LLC is an owner, developer, and manager of affordable and mixed-income housing across the northeast, with nearly 19,000 apartments in eleven states. Beacon's developments include new construction, historic adaptive reuse, public housing redevelopment and the preservation of existing housing. The organization's driving passion is to create and manage well-designed, healthy homes that improve lives and enhance neighborhoods. Learn more at MEDIA CONTACTSIDEA HALLAndy VernierAndy@ Liberty Square GroupEmma Balagueremma@ A photo accompanying this announcement is available at in to access your portfolio
Yahoo
08-06-2025
- Business
- Yahoo
Officials: Valparaiso's recent housing symposium is the start of the process
A recent symposium on housing in Valparaiso is only the start of the process, city officials said, as the community addresses a need for what Mayor Jon Costas called 'more attainable housing units.' The May 29 symposium, with the consultant Capital Stacker founder Heather Presley-Cowen, made a broad suggestion for adding housing over the next five years for the market potential for what one chart called 'affordable/workforce and market-rate' housing. The figures call for a mix of rental apartments, condominiums, townhomes and single-family residences. Rental apartments, followed by detached homes, take up the brunt of the units, with up to 195 units and 149 units, respectively, in each of the next five years. The rest of the units are condominiums and townhomes. 'I'm glad we're having these conversations because housing is a complex issue and every community is different,' said Costas, who was part of a 19-member committee put together by Councilman Robert Cotton, D-2nd, who is spearheading the effort. 'What as a city can we do?' Costas said, adding the city has a balance of housing and is a growing community. 'We have a couple challenges, including affordability all around, but particularly in more attainable housing units.' Because the city is a desirable place to live, that's driving up the cost of housing, Costas said. Zoning and unified development ordinance changes can help. 'We're also looking to increase density where it's appropriate,' which could include a mix of types of housing units within a development, he added. Existing mixed housing can be found in the Aberdeen and Keystone subdivisions. 'Attainable single-family homes is probably the greatest need for our community because the market has everything over $350,000 covered,' Costas said. Over the past decade, the city has undertaken several traditional housing studies to better understand the dynamics of the local housing market, Cotton said in a statement provided to the Post-Tribune, but the recent effort is a departure from past approaches. 'This time, we set out not just to study existing conditions, but to assess our city's market potential for new housing development — specifically in the income range that has been largely abandoned by the private market: 60% to 120% of Area Median Income (AMI),' Cotton said in the statement. The approach, said Council President Ellen Kapitan, D-At-large, who also is serving on the committee, isn't focused just on rentals. 'We're talking about house ownership, the 'missing middle,'' she said. 'For home ownership, there aren't a lot of options' for would-be homeowners whose earnings fall within the AMI cited by Cotton. For a four-person household in Porter County, that range would be from $48,650 to $76,500, according to market analysis information compiled by Zimmerman/Volk Associates, Inc. presented at the symposium. 'I believe in what we're doing and it's important to address, and we can only really do that by having a broad understanding of what's going on,' Kapitan said. Councilman Peter Anderson, R-5th, who attended the symposium, has an assortment of concerns about the process by which council members received the market analysis, among other details. 'This information was received by Councilman Cotton and then he met with citizens in private before the information was released to the rest of the council,' Anderson said. 'That's a transparency issue.' The market analysis, he said, has implications for public safety, the school system and property values. 'What the study suggests, that's a big deal,' he said. Council members often take on projects and he's comfortable with Cotton taking the lead on housing, but things seem to have moved beyond that scope and into secrecy, Anderson said, questioning who is on the steering committee and what they have discussed in their meetings. 'It doesn't instill confidence in me that we're going to have broad public discussion' which is needed, he said. Sitting in on the symposium, Anderson said, it was 'very clear' what direction the city was moving in, and he doesn't know whether the council as a whole will talk about it. He's also concerned that two of the drivers of affordable housing are density and land donated by the city. 'That's ultimately going to be the point. It's a government-subsidized thing,' he said. Cotton said Costas, through the board of works, contracted with Zimmerman/Volk for the housing market analysis, for $35,000. That included additional consulting services, like public outreach and housing symposiums. An initial review of the findings was presented to an informal steering committee composed of approximately 19 individuals, Cotton said, which included Costas; nonprofits, a member from the Northwestern Indiana Regional Planning Commission; board members from the nonprofit Paradise Homes; and three members from the council — Cotton, Kapitan, D-At-large, and Councilwoman Barbara Domer, D-3rd. Access to the market potential analysis, Cotton said, was made available to any interested council members, and 'in compliance with Indiana's Open Door Law, no more than three council members participated in the initial due diligence phase.' Valparaiso doesn't have a formal housing policy, Cotton said, nor is the city in the business of building homes. 'Rather, our objective is to stimulate the market — to spark private and nonprofit activity in segments where housing production has stalled,' he said. 'By identifying where potential exists and forging partnerships with mission-driven organizations, we believe we can lay the groundwork for a sustainable, community-based housing delivery system.' The city's plans, Costas said, are still 'amorphous,' with a lot of questions that still need to be answered, including who a developer might be and whether they would work with a nonprofit. Paradise Community Homes, with city administrator Bill Oeding as its president, formed last year to build small homes for under $300,000, Costas said. Housing efforts also are being tackled by longstanding nonprofit Project Neighbors, among others. 'These are not competing groups but it boils down to the specifics and with the symposium, the specifics are just coming together,' Costas said. alavalley@
Chicago Tribune
08-06-2025
- Business
- Chicago Tribune
Officials: Valparaiso's recent housing symposium is the start of the process
A recent symposium on housing in Valparaiso is only the start of the process, city officials said, as the community addresses a need for what Mayor Jon Costas called 'more attainable housing units.' The May 29 symposium, with the consultant Capital Stacker founder Heather Presley-Cowen, made a broad suggestion for adding housing over the next five years for the market potential for what one chart called 'affordable/workforce and market-rate' housing. The figures call for a mix of rental apartments, condominiums, townhomes and single-family residences. Rental apartments, followed by detached homes, take up the brunt of the units, with up to 195 units and 149 units, respectively, in each of the next five years. The rest of the units are condominiums and townhomes. 'I'm glad we're having these conversations because housing is a complex issue and every community is different,' said Costas, who was part of a 19-member committee put together by Councilman Robert Cotton, D-2nd, who is spearheading the effort. 'What as a city can we do?' Costas said, adding the city has a balance of housing and is a growing community. 'We have a couple challenges, including affordability all around, but particularly in more attainable housing units.' Because the city is a desirable place to live, that's driving up the cost of housing, Costas said. Zoning and unified development ordinance changes can help. 'We're also looking to increase density where it's appropriate,' which could include a mix of types of housing units within a development, he added. Existing mixed housing can be found in the Aberdeen and Keystone subdivisions. 'Attainable single-family homes is probably the greatest need for our community because the market has everything over $350,000 covered,' Costas said. Over the past decade, the city has undertaken several traditional housing studies to better understand the dynamics of the local housing market, Cotton said in a statement provided to the Post-Tribune, but the recent effort is a departure from past approaches. 'This time, we set out not just to study existing conditions, but to assess our city's market potential for new housing development — specifically in the income range that has been largely abandoned by the private market: 60% to 120% of Area Median Income (AMI),' Cotton said in the statement. The approach, said Council President Ellen Kapitan, D-At-large, who also is serving on the committee, isn't focused just on rentals. 'We're talking about house ownership, the 'missing middle,'' she said. 'For home ownership, there aren't a lot of options' for would-be homeowners whose earnings fall within the AMI cited by Cotton. For a four-person household in Porter County, that range would be from $48,650 to $76,500, according to market analysis information compiled by Zimmerman/Volk Associates, Inc. presented at the symposium. 'I believe in what we're doing and it's important to address, and we can only really do that by having a broad understanding of what's going on,' Kapitan said. Councilman Peter Anderson, R-5th, who attended the symposium, has an assortment of concerns about the process by which council members received the market analysis, among other details. 'This information was received by Councilman Cotton and then he met with citizens in private before the information was released to the rest of the council,' Anderson said. 'That's a transparency issue.' The market analysis, he said, has implications for public safety, the school system and property values. 'What the study suggests, that's a big deal,' he said. Council members often take on projects and he's comfortable with Cotton taking the lead on housing, but things seem to have moved beyond that scope and into secrecy, Anderson said, questioning who is on the steering committee and what they have discussed in their meetings. 'It doesn't instill confidence in me that we're going to have broad public discussion' which is needed, he said. Sitting in on the symposium, Anderson said, it was 'very clear' what direction the city was moving in, and he doesn't know whether the council as a whole will talk about it. He's also concerned that two of the drivers of affordable housing are density and land donated by the city. 'That's ultimately going to be the point. It's a government-subsidized thing,' he said. Cotton said Costas, through the board of works, contracted with Zimmerman/Volk for the housing market analysis, for $35,000. That included additional consulting services, like public outreach and housing symposiums. An initial review of the findings was presented to an informal steering committee composed of approximately 19 individuals, Cotton said, which included Costas; nonprofits, a member from the Northwestern Indiana Regional Planning Commission; board members from the nonprofit Paradise Homes; and three members from the council — Cotton, Kapitan, D-At-large, and Councilwoman Barbara Domer, D-3rd. Access to the market potential analysis, Cotton said, was made available to any interested council members, and 'in compliance with Indiana's Open Door Law, no more than three council members participated in the initial due diligence phase.' Valparaiso doesn't have a formal housing policy, Cotton said, nor is the city in the business of building homes. 'Rather, our objective is to stimulate the market — to spark private and nonprofit activity in segments where housing production has stalled,' he said. 'By identifying where potential exists and forging partnerships with mission-driven organizations, we believe we can lay the groundwork for a sustainable, community-based housing delivery system.' The city's plans, Costas said, are still 'amorphous,' with a lot of questions that still need to be answered, including who a developer might be and whether they would work with a nonprofit. Paradise Community Homes, with city administrator Bill Oeding as its president, formed last year to build small homes for under $300,000, Costas said. Housing efforts also are being tackled by longstanding nonprofit Project Neighbors, among others. 'These are not competing groups but it boils down to the specifics and with the symposium, the specifics are just coming together,' Costas said.
