In the year since Charlottesville s public housing authority put up a $23 million bond to rebuild Midway Manor, the new owners have remained silent about their plans cvilletomorrow.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cvilletomorrow.org Daily Mail and Mail on Sunday newspapers.
Standard Communities, a major national affordable housing investor and developer, has acquired Tanglewood Village, a 176-unit apartment community in West Warwick, Rhode Island. Standard Communities led a public-private partnership to convert the market-rate property into long-term dedicated affordable housing. No existing residents will be displaced. This marks Standard’s fifth acquisition.
Standard Communities creates affordable housing in some of the priciest locations in America, ensuring that essential workers can live in dignified and affordable homes. Some of the states on Standard Communities’ roster include California, New York, Rhode Island, Hawaii, and the Carolinas choosing these particular locations not because they are easy, but because they are hard. The ‘Missing Middle’
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In its first acquisition in New Jersey, Standard Communities, the affordable housing division of Standard Companies, has acquired Baltic Plaza Apartments, a 169-unit affordable senior community in Atlantic City. The total capitalization of this transaction is approximately $38 million.
Built
in 1982 and located at 1313 Baltic Avenue in Atlantic City, Baltic Plaza’s
units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP)
contract.
Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC Bank, with additional financing provided by Citibank.