be insured and protected. Franklin Street’s forecasting and research knowledge defines industry “best practices.” Donahue Peebles III, Chairman, Legacy Real Estate Development, represents the next generation of affordable housing innovation, advancing projects through the development process via strategic partnerships, management, and community engagement.
et of commercial and community space.
Resort Region Ground-up Construction Aims to Build Nearly 350+ units of Much-needed Affordable Housing NHPF is expanding its footprint west with development deals in the works in three different mountain resort area towns which present unique opportunities and challenges. The Mountain Resort region of Colorado is home to some of the nation’s top ski and recreational areas, notably Vail and Aspen, yet is notoriously short on housing inventory, particularly workforce housing affordable to the thousands of employees who make up a labor pool including police personnel, teachers, restaurant staffers, and childcare workers. In an area where close to 50% of all housing is vacation homes, what is available to rent to those on fixed incomes is priced out of reach for most. At the same time, the high altitude and prolonged freezing temperatures present construction cost and labor challenges. Add to the equation the scarcity of available land to build and the current anti-density zoning, and the area finds itself in desperate need of quality housing of all kinds, according to Neal Drobenare, Sr. VP at NHPF and lead developer for the Colorado properties, who added that NHPF is up to the task, having made a name for itself in undertaking and completing difficult housing challenges . NHPF has committed resources to three affordable housing endeavors now in pre-development to bring a potential total of 350+ rental apartments, townhouses, and duplexes to the region, some of which may end up as homes for sale. 101 Main in Frisco, Colorado Frisco, a town at the geographical entry point to the resort destinations, has had a long and unfortunate development history, particularly with for-profit entities. This area, well known as a hotbed of vehicular homelessness , is a high-need location with a parcel of land available currently featuring an office building that houses several mental health care providers. In an area that is also known for a high percentage of people in need of mental health services, a perfect storm is brewing. NHPF has agreed to construct 45–50 workforce housing on the site and is exploring providing office space on the ground floor of the new building for these providers and other businesses. NHPF is exploring modular components for the construction and the building will also provide an easement offering direct access to Ten Mile Creek behind the property for all to enjoy. Galena Street in Frisco, Colorado The Town of Frisco has also entered into a Development Agreement with NHPF that will enable it to develop workforce housing on another Town-owned site. At 602 Galena, NHPF plans to construct up to 50 units of workforce housing and office space for the Colorado Workforce Office. Highway 40 Workforce Housing Project in Town of Granby, Colorado An area that is rapidly growing, the Town of Granby has roughly 30 acres off of its main highway (40) on which to
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Operation Pathways Appeal NHPF announced that it has closed on the construction financing of Seabrook Square in Austin, TX. This new construction marks NHPF’s first foray into Austin and is a partnership with Austin Housing Finance Corporation (AHFC) and Capital A Housing. Seabrook Square is financed by a $40M tax-exempt Bond issued by the City of Austin, $3.4M Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in Austin Housing Finance Corporation subordinate debt financing. At the start of a new school year, Operation Pathways reflects on the culmination of an impactful season of Summer Camps, Summer Internships, and Back to School events. For the residents of NHPF affordable housing communities, summer can be overshadowed by the uncertainty and stress of not being able to afford out- of-school time care and opportunities for emotional, physical, and educational growth. Operation Pathways ran summer camps across the country and offered the Affordable Housing & Real Estate Summer Internship Program to twenty-one youth across eleven properties.These critical programs cannot be offered without the support of this community. We invite you to donate to Operation Pathways to support this important work. that will be the home of Raasin in the Sun (artist incubator) and Origin Studio House (a black-owned café). The development will include a large public plaza, wrapped by 10 live/work units, locally curated murals, passive/active recreation spaces, and community center for residents. Construction is scheduled to commence September 2023. Joyce Kouami, a sophomore at Montclair State University and resident of Washington-Dodd, an NHPF property in Orange, NJ participated in the internship program this summer. Her final project proposed to bring a small independent theater to her community. Ms. Kouami shared: “My experience with the Summer Internship program exposed me to new and different ways to bring positive change to my community through the built environment,” and “I hope to incorporate what I’ve learned into my college education and find ways to use both in my career going forward.” NHPF’s Enters Colorado Affordable Workforce Housing Market with Three Deals in the Mountain Resort Region Ground-up Construction Aims to Build Nearly 350+ units of Much-needed Affordable Housing For 25 years, Operation Pathways has provided customized on-site programs and services in NHPF’s affordable housing communities. Our mission to transform affordable housing communities is not possible without the support of generous donors like yourself. Your donation will enable us to continue providing critical challenges. The Mountain Resort region of Colorado is home to some of the nation’s top ski and recreational areas, notably Vail and Aspen, yet is notoriously short on NHPF is expanding its footprint west with development deals in the works in three different mountain resort area towns which present unique opportunities and NHPF Transaction News Seabrook Square, Austin, TX 204 New Rental Apartments for Households Earning At or Below 60% AMI On-site parking will be available along with approximately 3,000 square feet of commercial space The project in the East MLK neighborhood focuses on providing maximum affordability for both residents and small, local businesses to foster an inclusive community, and to support the health and well-being of the J.J. Seabrook community through green space, ecosystem services, active transportation linkages, and public art. Out of the 204 units, 10 units will serve as live-work residence-studios for Austin artists. All units will be restricted to 60% MFI or below.
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THE NHPF QUARTERLY SEPTEMBER 2023
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