“This has been a part of OHA’s vision for a long time,” Oakland Housing Authority Executive Director Jon Gresley said. “Ensuring that we continue to serve our older residents is an important objective that we could not realize without the continued efforts of partners like Christian Church Homes. We are proud that we were able to provide the land necessary to get this development off the ground. We are also excited that this is the first ground up project that involves OHI, our non-profit affiliate.”

The project includes funding from Wells Fargo Bank ($11.2 million construction loan), U.S. Department of Housing and Urban Development ($8.6 million capital advance), Merritt Community Capital ($6.5 million), City of Oakland (5.1 million redevelopment funds), Federal Home Loan Bank ($700,000 Affordable Housing Program), and Oakland Housing Authority ($500,000 bridge loan).

“Every American citizen deserves a future full of promise and possibilities.  For a senior living on a modest social security income, that starts with a warm, safe place to live.  At Christian Church Homes we strive to provide affordable quality housing in caring communities with our various partners,” Christian Church Homes President and CEO Don Stump said. “Harrison Street Senior Housing is our latest effort in Oakland to create a place for more local seniors to call home and thrive.”

"Our government continues to invest in affordable housing here in London as well as across Canada to improve the life for those who need it most. These new rental options will help seniors in our community access safe and affordable housing that meets their needs," said Member of Parliament for London West Ed Holder. "This funding also creates an important source of well paying jobs".

“As a retired Senior, at age 65 and in good health – I’m living in the world of "low income housing." Due to the economy – am working part-time at Target @ 20/hours a week to supplement my Social Security – which I started at age 62.  Am currently renting a room in a house in San Mateo, CA for $550/month.  Generally running me @ $600/month now including PG&E and Cable hookup for Internet and TV.  Had to come up with a $350 Security deposit to move in.

Being a fully Independent Senior there don’t appear to be many Senior Apartments / Independent Living communities around where I can rent and have the privacy of my own apartment for @$550/month.  Most Apartment rentals start at @$800/month +. “

Is this an income or an affordability issue for this reader?  How about both?  As long-term housing costs continue to rise faster than incomes, seniors (such as the reader above) will need to choose to either choose lower neighborhood and housing quality or move farther away from urban cores and farther from friends and family to find more affordable housing.  The problem with relocating seniors complicates things by adding travel costs and time and intangible costs of not living in familiar settings.

The survey from the Joint Center for Housing Studies that was released earlier this month shows that 16 percent of Americans spend HALF their incomes on housing.  While no specifics were given on seniors or boomers, it is easy to surmise that seniors might represent a large portion of those who pay almost 50% of their income on housing expenses.  One of the more telling pieces of the survey was that two thirds 2/3 of renter growth was among households 45-64.  This suggests that many homeowners are now renters and given the stage in their lives, may not be ready to purchase again.  As older renters increase, larger multi-unit buildings with elevators will fit the needs of this group but will the price points will need to be at a level that those can afford with the higher maintenance expenses associated with upkeep of these buildings and projects.

Real estate demand has traditionally been driven by the mantra, “location, location, location” but for America’s aging population the future of housing may defined more by “money, money, money”.  Ok, it’s not as catchy but you get the point.

“Many senior citizens find their housing choices are severely limited, and the challenge of finding decent, affordable housing can be significantly greater with a disability,” said TDHCA Executive Director Michael Gerber. “There is a real need for decent affordable rental housing for our most vulnerable residents. This award will provide tenants the long-term benefits of a stable, secure home life, while creating additional construction jobs and the payroll, taxes, and fees that help provide essential services at the local level.”

The company, N2Care, has won public grants to continue to fund development of the project but is still searching for investors to fund its operations past its current development stage.  The company believe that a unit could be leased for $2,000 per month and provide a variety of technology solutions for senior care as well as entertainment. 

The Washington Post recently covered a story on MEDCottage (Va. launching portable housing for aging relatives) concept that has state and local representatives concerned about zoning issues associated with back yard PODs.  Dubbed "temporary family healthcare structures" by the Virginia legislature, residents and politicians are concerned that these “Granny Pods” would pop up all over the Virginia countryside.

Construction is underway on the $20.4 million, 89,000 project for Senior Living at Cambridge Heights facility in St. Louis, Missouri. Cambridge Heights will feature 117 one- and two-bedroom apartments designed for older adults and be comprised of apartments ranging in size from 504-618 square feet for a one-bedroom apartment and 837 square feet for a two-bedroom apartment.  The development will contain 75 public housing apartments, 36 apartments to receive project-based Section 8 assistance (nine of those are also Missouri Housing Finance Agency Home Investment Partnership Act apartments and eight are also Affordable Housing Assistance Payment apartments) and six Low Income Housing Tax Credit-only apartments. The facility also includes a common outdoor green space and approximately 51 private parking spaces.

KAI Design & Build is the architect, general contractor and mechanical/electrical/plumbing engineer for the project and expects the project to be completed in January 2011.  Financing for the three-story building was secured through the Missouri Housing Development Commission, St. Louis Housing Authority, Enterprise Bank & Trust and Business Bank of St. Louis, and the U.S. Department of Housing and Urban Development. St. Louis-based McCormack Baron Salazar is the project’s developer.

“This capstone to the redevelopment of the former Cochran Gardens public housing site will meet an important need in the community to provide affordable, quality senior living and will serve to replace an obsolete and isolating tower building with a sustainable, universally-designed, low-rise facility,” said Vince Bennett, Executive Vice-President of McCormack Baron Salazar. “This development will also further the dramatic transformation of this community started with the Cochran Gardens HOPE VI and will support the revitalization efforts in the Columbus Square neighborhood.”

Other key findings from the 2010 report include:

·    The two-bedroom Housing Wage topped $20.00 in 10 states: HI, DC, CA, MD, NJ, NY, MA, CT, AK and FL.

·     In 2010, the estimated average wage for renters in the United States is only $14.44, a decline from $14.69 in 2009.

·    At the federal minimum wage of $7.25, a household would have to work 102 hours each week to afford the nation’s average FMR for a two-bedroom home.

·    There is no county in the United States in which a full-time minimum wage worker can afford even a one-bedroom apartment at the FMR.

“Out of Reach 2010 shows once again that prevailing incomes and wages are simply not enough to allow a family to afford a decent home in their community,” said Sheila Crowley, President of the National Low Income Housing Coalition.

“The persistence of high rates of unemployment and under-employment is making it ever more difficult for families to secure decent housing. Unfortunately, the situation is not likely to improve any time soon,” Center for Economic Policy and Research Co-Director Dean Baker said.

“[NLIHC’s] Out of Reach annual report on rental housing affordability shows a growing need to preserve and expand the current stock of affordable rental housing,” House Speaker Nancy Pelosi (D-CA) said. “The hardships faced by many low income renters in an economy recovering from the recession and record foreclosures make this need all the more urgent. We are grateful for NLIHC’s efforts, and we will continue our partnership to ensure that more Americans have better access to decent and affordable rental housing.”

Extensive data for every state, metropolitan area and county in the country are available online, at www.nlihc.org/oor2010/.

“Not only will this grant result in significant energy efficiency improvements and cost savings at Jack Satter House, it will serve as a model for how other organizations can incorporate sustainable, green building elements to create environmentally friendly communities,” said Len Fishman, CEO of Hebrew SeniorLife.

The one-year improvement project will include a variety of retrofits, including installation of EnergyStar-rated refrigerators and air conditioners, replacement of old boilers with new high-efficiency condensing boilers, installation of a combined heat and power electric co-generation plant, upgraded energy efficient lighting, low-flow aerators, shower heads and toilets, and the use of non-toxic paints, adhesives and sealants throughout. The renovation will enhance the quality of life for residents, increase energy efficiency, and generate approximately $180,000 in annual utility savings.

Hebrew SeniorLife was awarded grant funding through a highly competitive process from a pool of 769 applicants. HUD officials reviewed a variety of project criteria, including financial feasibility and the building’s physical condition, before allocating the $250 million in available Green Retrofit Program funds nationwide.

“This funding will not only improve the quality of life for the residents of Jack Satter House, but will lower energy costs and create quality green jobs at the same time,” said HUD Secretary Shaun Donovan. “This is an example of the kind of long-term, fundamental impact the Recovery Act is having on America’s economy through clean energy investments.”

"In any economic environment, affordable housing is critical," commented Joe Hagan, NEF president and CEO.  "But in today’s climate, the implications of State Farm’s investment are even more significant.  It ensures that hundreds of at-risk families will be able to raise their children in safe, decent homes that contribute to a better quality of life in their neighborhoods and that low-income seniors can afford to age in place, in the communities where they have lived so much of their lives."

State Farm has contributed more than $80 million in community development grants and loans to the Local Initiatives Support Corporation (LISC), NEF’s parent, to support restored commercial corridors, parks and recreational programs, after-school programs and other initiatives in low-income areas.

"By investing in affordable housing developments for disadvantaged families and seniors, State Farm is improving the lives of many residents in our communities across the country," says Barbara Cowden, executive vice president at State Farm.  "We are thrilled to build upon our long-standing partnership with LISC by creating and investing in the Good Neighbor Fund with NEF."  

Many of the 187 residents living there when Hurricane Katrina hit had lived in the building for more than 10 years. When Hurricane Katrina hit, Volunteers of America successfully evacuated every resident of Forest Towers East. The residents were scattered all over the country. But what wasn’t lost in the storm was a desire to reestablish the community at Forest Towers East and return home.

The Terraces is part of Volunteers of America’s commitment to create more than 1,000 units of affordable rental housing in New Orleans where VOA has had a presence since 1896.

The design for the project coincides with the Universal Design methodology that provides a user-friendly approach to design in the living environment where people of any culture, age, size, weight, race, gender and ability can experience an environment that promotes their health, safety and welfare today and in the future according to Rosemann & Associates.  For the Villas, unit entries, bathrooms, kitchens, living rooms, and first floor bedrooms are fully accessible by wheelchair and all units include an oversized, attached garage allowing for someone with a physical disability to more easily access a vehicle. According to Koenig, the garages are a unique amenity not often found in affordable housing.

"The Wentzville area is vastly expanding and there is a great demand for quality affordable housing in the region," says Andrew Koenig, AIA. "Our team is confident this project will help fulfill the need but there is still more work to be done."

The $20 million, 80-unit project involves the new construction of a two-story building offering one- and two-bedroom apartments to seniors at 50 percent of the area median income, with rents running from $754-825 per month. The project was developed by Woonsocket Neighborhood Development Corporation (WNDC), one of the state’s affordable housing developers. It is one of the first projects in the country to combine federal Low Income Housing Tax Credits with the HUD Section 202 Supportive Housing for Elderly program as part of its financing.

"The Meadows is another in a long line of top quality projects from WNDC," noted Joe Hagan, president and CEO of National Equity Fund, Inc. (NEF). "It’s notable not just for its wonderful design, but for the impact it has on seniors in this community. It allows them to age in place and maintain their independence thanks to the quality of the housing and the services offered on-site," he said.

NEF syndicated The Meadows’ Low Income Housing Tax Credits on behalf of a pool of 10 investors, including Allstate, Citicorp, Comerica, Fannie Mae, Freddie Mac, Fifth Third Bank, HSBC, JPMorgan Chase, U.S. Bancorp and Wells Fargo. "The $6.2 million those investors contributed to the project were critical to helping it get off the ground," Hagan said. "Their commitment to affordable housing in this area speaks to the value of the public-private partnerships that ensure projects like this flourish."

Additional funding for The Meadows came from Citizens Bank and Rhode Island Housing, both leading supporters of community development efforts throughout the state.

"The Meadows is so important because there are too few affordable rental options in this community, particularly with regard to seniors," commented Barbara Fields, executive director of Rhode Island Local Initiatives Support Corporation (LISC), a statewide program of national LISC, which is NEF’s parent. "We would not have this new resource for low-income seniors were it not for the commitment of local and national funders that have for many years backed revitalization efforts across Rhode Island," she said.

During 2008, the company announced that it invested as a limited partner in two new Florida retirement manufactured home communities. Although these investments will report non-cash losses in the initial fill-up stage, management believes that the new attractive and affordable manufactured home communities for senior citizens will be a significant growth area for Florida in the future.

For the full earnings release, click here.