ST THOMAS, VI – With a festive ceremony headlined by The Governor of The Virgin Islands, and attended by island legislators and federal officials, executives from The Virgin Islands Housing Authority and The Michaels Organization celebrated the grand opening of Sugar Estate on May 20. The newly constructed affordable housing community for the elderly is located on the East side of the Foothills on the U.S. Virgin Island of St. Thomas.

“We are so proud to be able to offer our seniors much-needed affordable housing in a modern state-of-the-art community,” said Noreen Michael, Ph.D., Chairperson of the Virgin Islands Housing Authority Board of Commissioners and President of the V. I. Housing Revitalization Corp.

Along with Governor Kenneth E. Mapp, VI Delegate to Congress Stacy A. Plaskett and Island Senator Marvin A. Blyden were among the dignities who spoke at the ribbon-cutting ceremony.

The Executive Director of the Virgin Islands Housing Authority, Robert Graham, hailed the new development as one which will “set the standard for development throughout the territory.” He praised the construction, the view, and the accommodations as fundamental changes in senior housing design. The Sugar Estate is the first senior development built with VIHA as co-developer in a public-private partnership on St. Thomas.

The $35.7 million community, which offers 80 apartments, all handicapped adaptable, for seniors with low to moderate incomes was developed by VIHA in partnership with The Michaels Development Company, the nation’s number one affordable housing owner.

Each residential unit features living, dining and kitchen areas, complete with energy-efficient appliances and ample storage. Amenities include on-site parking, laundry facilities in each building, a large community room with kitchenette, a “living room” which will serve as a silent reading and/or visiting room, computer learning center, and on-site offices for management and social service functions.

Within the community spaces, social services will be provided that are centered on the needs of the senior residents and will emphasize wellness and resident empowerment through independent living. The social services will include case management, medical screenings, nutritional counseling services, training programs, financial workshops and social and recreational activities.

“We feel privileged to work with VIHA in bringing their vision for this development to reality,” said Gary Buechler, president of The Michaels Development Company. “Now our sister company, Interstate Realty Management, will serve as the property manager, ensuring that Sugar Estate remains a long-term asset to this community,” Buechler said.

Financing for the development includes $30.4 million in equity raised by the sale of 9 percent federal Low Income Housing Tax Credits allocated by the Virgin Islands Housing Finance Authority; Virgin Islands Public Finance Authority Territory funds, Virgin Island Housing Authority disposition proceeds, and a New York Federal Home Loan Bank Affordable Housing Program award. The tax credits were syndicated by Riverside Capital, LLC.

Other partners in the project include Prestige Building Company, which served as the general contractor, and Springline Architects, a full-service architectural firm based in St. Thomas. Prestige Building Company and its subcontractors employed 137 island residents during the construction phase of the project.

Joining today’s celebration was the Michael J. Kirwan Terrace West Stars Steel Orchestra and Apostle Alger B. Warren of Faith Christian Fellowship Church Alive in Christ, who offered both the Invocation and the Benediction.

Powered by WPeMatico

AURORA, CO – Gardner Capital Development has been awarded a reservation of State of Colorado Low Income Housing Tax Credits from the Colorado Housing and Finance Authority to develop Alameda View Apartments, a $30 million affordable workforce housing project consisting of 116 new energy-efficient one, two, and three-bedroom apartments for families.

The site is located at the corner of East Alameda Parkway and Alameda Drive in the Centretech Neighborhood of Aurora and is adjacent to the historic High Line Canal Trail and DeLaney Community Farm.

Construction of the units is anticipated to start in the first quarter of 2017, with completion expected 12 months after construction starts. All units will be leased to residents earning a mix of 30, 50 and 60 percent of area median income. Sprocket Design Build will serve as the project architect and Pinkard Construction, the general contractor. The City of Aurora HOME funds and the State Division of Housing will provide additional financing.

When completed, the 3.7 acre development will offer residents some unique amenities, including a resource center where DeLaney Farm educators can offer a variety of community presentations, agricultural demonstrations, cooking classes, and education programs on urban gardening.  Residents will also have access to the historic High Line Canal Trail, and will be about a half a mile from RTD’s new light-rail station being built this year. 

“We consider it our mission to build sustainable communities and provide economic opportunities through the creation of high quality housing for working families near transit, jobs and community amenities,” said Michael Gardner, Principal at Gardner Capital. “We feel this development’s proximity to the DeLaney Farm, the new light-rail line and nearby retail is conducive to working families and we’re excited to be a part of this effort in Aurora.”

Powered by WPeMatico

HATTIESBURG, MS – Nearly 68 years to the day after the Beverly Drive-in Theater opened in Hattiesburg, Mississippi, the 12-acre site is showing new life: This time, it’s the Village at the Beverly apartments. The 52-unit complex officially opened today with a ribbon-cutting ceremony attended by Hattiesburg Mayor Johnny DuPree, local dignitaries, and project representatives.

The Federal Home Loan Bank of Dallas (FHLB Dallas) and its member institution, Hope Credit Union, in 2013 awarded the $9.1 million project a $500,000 Affordable Housing Program (AHP) grant that was used for construction. Trustmark National Bank, also an FHLB Dallas member, provided a construction loan for the project.

“These affordable apartments have been the collective dream of many people in our community,” said Mayor DuPree. “Today, we celebrate the hard work and determination of everyone involved as 52 families in need will have a gorgeous, inviting place to call home. Thank you, FHLB Dallas, Hope Credit Union, and so many others for making this undertaking possible.”

Village at the Beverly, which includes one- to three-bedroom units, was developed and built by the nonprofit Gulf Coast Housing Partnership (GCHP) in cooperation with South Mississippi Housing and Development and the Mississippi Home Corporation. Residents started moving in earlier this year; occupancy is currently at more than 85 percent of capacity. 

“HOPE believed in and supported this project from the start,” said Phil Eide, senior vice president of Community and Economic Development for HOPE, which is comprised of Hope Credit Union and Hope Enterprise Corporation. “It’s fantastic to see that families are the focus here. The project demonstrates what is possible when we all work together.”

Community surveys during the project’s design phase revealed that the complex, located at Edwards Street and Ancient Airport Road in Hattiesburg, would be most utilized by families.

The two-screen Beverly Drive-in closed in September 1987 and reopened in 2001 under new ownership, according to CinemaTreasures.org, a website catalog of U.S. drive-in movie theaters. Hurricane Katrina in 2005 irreparably hurt the property, forcing its closure. In 2010, the drive-in was ruined by fire.

“This is an historic site,” said GCHP President and CEO Kathy Laborde. “The Beverly opened May 29, 1948, as the second drive-in in Mississippi. It is a place that had given joy to families for decades. We are pleased to be able to honor the site with the Beverly name and know that it will be a part of housing families in Hattiesburg into the future.”

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Hope Credit Union. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost help for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

In 2015, FHLB Dallas awarded $7.4 million in AHP grants to 32 projects that will result in 965 new or renovated housing units. Mississippi received $1.5 million for the construction or renovation of 188 units. In 2016, FHLB Dallas is offering $7.6 million in AHP funding. Recipients will be announced later this year.  

“Affordable housing continues to be in high demand across our five-state footprint,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Events like today’s ribbon-cutting are terrific accomplishments for the communities served by our members.”

Powered by WPeMatico