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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...