FHLB Boston Funds Affordable Housing Grants for Seniors

The Federal Home Loan Bank of Boston (the Bank) recently awarded more than $10.2 million as grants, loans, and subsidies to fund 390 units of affordable rental and ownership housing in seven Massachusetts communities.In all, 24 initiatives in eight states received more than $22.8 million in grants, loans, and rate subsidies as part of the […]

Federal Government and New York State Provides Funding For Senior Housing Solution In Ostego County

The State Division of Housing and Community Renewal (DHCR) and the US Department of Agriculture (USDA) recently announced they would be jointly funding an affordable housing residence for low-income senior citizens in the Village of Unadilla in Otsego County. The new construction of 24 units will include two units that are fully accessible and adapted […]

City of Chicago Breaks Ground for Senior Suites of Kelvyn Park

Chicago Housing Commissioner Ellen Sahli recently joined Ald. Ray Suarez (31st) other City officials and members of Senior Lifestyle Corporation to officially break ground for Senior Suites of Kelvyn Park, a new $20.1 million affordable rental complex for seniors.  The ceremony marked the start of construction for a proposed 85-unit development, which will be built […]

No TV’s Left Behind – Nursing Home Residents Eligible for Digital TV Converter Box Coupon

U.S. Secretary of Commerce Carlos M. Gutierrez announced today that residents of licensed nursing homes, intermediate care facilities, assisted living facilities and households that use a post office box for mail delivery will be eligible to request coupons from the TV Converter Box Coupon Program. The rule change takes effect 30 days after publication in […]

Tax Abatements for Senior Housing A Necessary Incentive?

With the credit crunch hurting developers and tax credit financing deals falling apart all over Wall Street, could the use of tax abatements help provide necessary incentives to developers and tenants of the new or rehabilitated senior housing projects? Could abatements from city, school, and county taxes provide developers enough cushion to make their marginal […]

Credit Losses Crushing Senior Low-Income Housing Developers

Last Wednesday, the Wall Street Journal ran an article that discussed the large institutional lenders and government sponsored entities (Fannie Mae and Freddie Mac) lack of participation in the federal government’s affordable housing tax credit program. As these companies have losses associated with write downs and credit related issues, their need for the tax credits […]

Charleston, South Carolina Seniors Get Another Development

After the initial success of the Horizon Village complex, the North Charleston Housing authority wants to move forward and complete another building and several townhouses for Charleston seniors that will cost approximately $7.2 million dollars. The development will be built on the 68 acre re-developed site that once was the area’s largest public housing project. […]

State of Illinois provides state loans and tax credits

A new senior housing facility with 67 units opened this month in Springfield, Illinois and the project received support from the state of Illinois with almost $8 million dollars in state loans and tax credits.  The facility was constructed by non-profit developer Abundant Faith Christian Center.    Sixty of the units are reserved for low income […]

Age restricted development a growing theme?

 I recently read an article that discussed a zoning commission’s rejection of a local developer’s proposal for a regulation change that would have created the way for a large housing development project but was turned down on the basis of age restriction.  While municipalities in general have provided incentives for age restricted developments in the forms of […]