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Apartments Communities Newly Modernized by The Michaels Organization, Element Properties , and Allison Management are Preserved as Three Key Affordable Housing Resources in the City of Boulder BOULDER, Colo., August 17, 2017 (Newswire.com) - City officials, community leaders, and residents today joined executives of The Michaels Organization, Element Properties , and Allison Management to celebrate the grand re-opening of three apartment communities that have been rehabilitated and preserved as affordable housing for families in Boulder households with low- and moderate- incomes. “The creation of the Nest Properties has been a tremendous opportunity to work with private partners to implement a key city strategy of preserving existing housing into permanent affordable housing . It’s a real win for our community,” said Kurt Firnhaber, Deputy Director of Housing for the City of Boulder. Known collectively as “The Nest Communities,” The Nest on Osage, The Nest on Thunderbird, and ...

CLEVELAND, Aug. 21, 2017 /3BL Media/— KeyBank Community Development Lending & Investment (CDLI) has partnered with Riverside Capital to provide a $12. 7 million LIHTC equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments , an existing affordable housing development for families in Albany, NY. Skyline Gardens Apartments features 188 LIHTC regulated units serving families that earn up to 60% AMI. Of these units, 131 will be covered by a 20- year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent. Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago. The project will be financed with a combination of LIHTC equity and tax- exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existi...

ARTICLE OPTIONS MALONE — One of the largest apartment management companies in the country is pursuing the purchase of the Indian Trails Apartments , contingent on the receipt of a federal grant and the extension of a payment in lieu of taxes agreement. WinnCompanies of Boston has asked the Town Council to submit a letter in support of its grant application, Supervisor Howard F. Maneely said Monday. The grant would pay for a “complete remodeling of all the buildings” in the 128- unit apartment complex , Mr. Maneely said. The board is scheduled to meet this morning to vote on the letter. The company, which bills itself as the largest manager of low-income housing in the nation, also is seeking an extension of the payment in lieu of taxes agreement the current owner — Eastview Associates of New York City — has with the various taxing entities, Mr. Maneely said. That agreement requires the owner to pay the full cost of fire protection and water and sewer service, but only 10 percent of ...