SEATTLE, WA – GMD Development, a private, mission-based developer/owner of affordable housing based in the Pacific Northwest, and WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, have closed a deal to start construction on Victory Northgate, an all-new 6-tale affordable housing development in north Seattle. Victory Northgate is scheduled for completion in April 2026.
The development will make 182 affordable apartment units targeting families at 50% and 60% of area median income (AMI). Layouts include 13 studios, 101 one-bedroom units, 17 two-bedroom units, and 51 three-bedroom units. The development will also incorporate 6,800 square feet of commercial space with 77 underground parking stalls.
Located at 1000 Northeast Northgate Way, Victory Northgate has a walking score of 90 and is ideally situated near an abundance of retail, services, and restaurants within blocks of the site. The property is also within walking distance of the new Northgate light rail station, which will provide residents with convenient transportation access to the greater Seattle area. The commercial space on the first floor of the project is tentatively plotted to be occupied by a daycare facility run by the YMCA of Greater Seattle.
The Seattle rental housing market is one of the most competitive in the country. LIHTC occupancy rates in the region are at 98.1%. Of the 6 LIHTC developments in Victory Northgate s primary market area, four are fully occupied and two have waiting lists that range in length from six months to two years, said Darrick Metz, Senior Vice President of Originations at WNC. The need for affordable housing in Seattle has never been greater, especially as we see occupancy rates and waiting list times for these homes continue to increase. We are proud to support the development of even more affordable housing options in the region.
Victory Northgate will meet all mandatory criteria required by the Evergreen Sustainable Development Standard (ESDS), Washington State s sustainable building standard. Sustainable features will include energy star rated appliances, high-efficiency building mechanical systems, windows, and insulation, low-flow plumbing components, LED lighting throughout the property, and 90% drought-tolerant landscaping plants.
The deal was structured with 4% LIHTC Equity, a construction and perm loan through Citi Community Capital, and a $25.2MM soft loan from the City of Seattle. AOF/Pacific Affordable Housing Corp. is participating as the non-profit co-general partner.

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NEW YORK, NY – Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, and LIHC Investment Group, one of the nation’s largest owners of affordable housing, announced the acquisition of Forest Hill House, a 100-unit senior-occupied apartment complex in Newark, NJ. The joint venture will immediately start redeveloping the property to encourage aging in place and enhance energy-efficiency by investing upwards of $20 million in improvements and upgrades.
As a result of the acquisition, the affordability agreement governing the property will be extended for another 30 years, at an income limit of 60 percent of area median income (AMI).
“We are excited to embark on this ambitious redevelopment which will protect and improve homes at Forest Hill House for lower income seniors, while keeping affordability intact,” said Will Blodgett, CEO & Founder of Tredway. “Not only does this project allow for the preservation of an vital source of affordable housing for the City of Newark, it also provides an opportunity for seniors to live their lives and age independently in a home they can be proud of.”
“A project of this magnitude requires public-private collaboration and we are grateful for the support of HUD, NJHMFA, NJEDA, the City of Newark, Mayor Ras Baraka and Council Member Anibal Ramos Jr. and commend their commitment to uplifting longtime, elderly residents of Newark,” he added.
“There is a vital need for affordable, high-quality homes for seniors across New Jersey and we are proud to provide state-of-the art housing solutions that take into account the specific needs of older adults,” said Andrew Gendron, Principal, LIHC Investment Group. “The rehabilitation of the property, along with new amenities and comprehensive services for residents, underscores our commitment to helping vulnerable seniors access the types of homes and support they need to live comfortably and with dignity.”
The rehabilitation of the property includes new windows, air conditioning units and Energy Star appliances for all apartments. Kitchens and bathrooms will be fully renovated and upgraded for ADA accessibility. To maximize energy efficiency, the building’s roof and boilers will be replaced, an emergency generator installed and lighting will be converted to LED.
Residents will benefit from new amenities including an on-site doctor’s office, a beauty salon and barbershop, an age-appropriate fitness and mobility room, free Wi-Fi and an upgraded security system. Additional services will be implemented based on resident feedback in cooperation with Rainbow Housing Help Corporation.
The project is being financed with an FHA-insured Section 221d (4) permanent loan from Rockport Mortgage Corporation through NJHMFA conduit bond issuance, 4% Low-Income Housing Tax Credit (LIHTC) equity provided by Regions Affordable Housing and Bank of New York Mellon, Aspire tax credits and owner equity. Affordable Housing Institute, Inc. is the not-for-profit partner.

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SAN JOSE, CA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, announced the acquisition and plotted renovation of Corinthian House, a senior development in southwest San Jose, Calif. This is the fourth community in the Bay Area for CPP, joining Franco Center in Stockton, and El Rancho Verde and Lenzen Square Apartments in San Jose.
Built in 1982, Corinthian House is comprised of two elevator-served, three-tale buildings on 1.75 acres. Located at 250 Budd Avenue in the Campbell neighborhood of San Jose, the 102-unit development consists of studio and one-bedroom apartments designated for seniors (62+) earning between 30 and 60 percent of the area median income (AMI) or below. CPP s total development investment is approximately $38,000,000, which includes the buy price of $21,000,000 and an estimated per unit renovation cost of $85,000.
San Jose and nearby Silicon Valley have a desperate need for affordable housing, specifically for the underserved senior community, said Karen Buckland, Vice President, Development at CPP. Revitalizing and renovating Corinthian House will extend the physical and economic life of the development, preserving its affordability for 55 years to come.
Both exteriors and interiors will be renovated to address the effects of deferred maintenance, with the goal of bringing modernization, increased accessibility, and energy efficiency to the senior community. The development will receive new vinyl plank flooring, cabinets and countertops, modern appliances, water-saving toilets, vanities and mirrors, and energy-smart lighting throughout. Common area renovations include updates to the community room, laundry rooms, salon, and leasing and management office. The community will also receive a new fitness center. Post-renovation, Wi-Fi will be provided throughout the units at no cost to the tenants.
Corinthian House residents will be able to participate in adult education, health and wellness, and skill-building classes and services through a partnership with LifeSteps. Classes will include financial literacy, computer training, and home-buyer education aimed at seniors.
The Campbell neighborhood offers ample shopping and activities for residents of Corinthian House. The community is located a half mile from the Campbell Adult Center which offers trips, lunch options, and clubs aimed at enhancing the quality of life for adults 50+. The Winchester BART Station is located approximately a quarter mile away, and Excellent Samaritan Hospital, a 403-bed acute care facility, is within two miles.
The property s Housing Help Payment (HAP) Section 8 contract was set to expire, but with CPP s involvement, the contract will be preserved for another 20 years.
Renovations are expected to be completed in December 2024. Partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued 9% low-income housing tax credits; Comerica Bank will provide the acquisition and rehabilitation loan and CitiBank will provide the permanent loan; and WNC & Associates will be providing tax credits.

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