Peter Bailey is a boss, the unsung hero of “It’s a Wonderful Life.” He knows his purpose in life.
From the script:
“You know, George, I feel that in a small way we are doing something important. Satisfying a fundamental urge. It’s deep in the race for a man to want his own roof and walls and fireplace, and we’re helping him get those things in our shabby little office.”
And another quote:
“Just remember this, Mr. Potter: that this rabble you’re talking about, they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?”
Introducing Davidson’s Landing Apartment Homes, the first of a new generation of Zero Energy Ready workforce housing developments built with structural insulated panels. The development, which is located in Kansas City, KS and includes 2- and 3-bedroom units ranging from 30% to 80% of Area Median Income, is sponsored by Tartan Residential, Hughes Development Corporation, and BCCM Construction Management. Construction for this 115-unit tax-exempt bond development is scheduled for Q1 2021.
The lack of workforce housing affects millions of Americans each and every day. From the piece:
“Jeff Emerick was born and raised in the scenic, tourist destination and resort area that is Blaine County…. Emerick left Blaine County for a short while, only to return when he was offered a job at the Ketchum Fire Department.
The station requires its workers to live nearby, as an emergency could happen at any point. Unfortunately, Emerick could not afford the costly price of rent in Ketchum or surrounding cities.”
“As some capital sources pulled back on construction lending due to COVID-19, workforce housing developers and other builders have increasingly turned to HUD 221(d)(4) financing.”
“Avanath Capital Management and MacFarlane Partners, two of the largest African American-owned real estate companies in the US, have jointly filed paperwork with the SEC to create a new REIT. It is reportedly the first REIT to focus on Opportunity Zones, though it will look to other properties as well.
The company will ‘invest in, develop, redevelop and manage mostly affordable and workforce multifamily properties in Opportunity zones, in dynamic, US metropolitan areas,’ the filing said.”
By Collin Huguley – Staff Writer, Charlotte Business Journal
“A Charlotte developer is moving forward with a pair of workforce housing projects in Rock Hill after receiving key approvals.
Dunbar Place Apartment Homes
Tartan Residential, a Charlotte-based developer of workforce
and affordable housing, is planning two projects in Rock Hill: Johnston Farms
Apartment Homes and Dunbar Place Apartment Homes. Rezoning requests for both
projects were approved by Rock Hill City Council on Monday evening.
The larger of the two projects is Johnston Farms, which will
be developed on a 24-acre site at the corner of South Anderson and Princeton
roads. It will include five three-story buildings with 120 two- and
three-bedroom units, according to city documents.
Dunbar Place will be developed on a 6.7-acre site on the
corner of South Cherry Road and Constitution Boulevard. It will have commercial
uses as well. On the housing side, the project will include one four-story
building with 100 two-bedroom apartments, documents say.
The Dunbar Place site also includes an existing
16,000-square-foot building that was formerly used by American Legion. That
building will be redeveloped, with about half of it being occupied by J.M. Cope
Construction for its headquarters. The remainder of the building will be taken
by a restaurant or retail use.
Tartan’s Jeff Carroll told the Charlotte Business Journal
that he hopes to close on acquisition of the properties and begin construction
on the projects in early 2021.
There are two possibilities for financing the projects,
documents say. The projects will be funded by either tax-exempt bonds or
opportunity zone financing.
If tax-exempt bonds are used, Tartan proposes rent and
income restrictions between 30% and 80% of area median income, with a
property-wide average of 60%. If opportunity zone financing is used, there will
be rent and income restrictions between 50% and 100% of AMI, with an average of
80%.
Both housing projects will also include a workforce-training
incentive program to help residents earn down payment assistance on future
homes. Residents who complete fields of study at a local community college,
technical school or university will qualify for assistance on a newly
constructed home.
Documents say the program will provide a maximum of $10,000 per unit in assistance for up to 18 residents per year at Johnston Farms and a maximum of $10,000 per unit in assistance for up to 15 residents per year at Dunbar Place.”
Davidson’s Landing is a workforce housing development designed to serve middle-income renters in Kansas City. The community will consist of 115 units, together with a wide range of unit and site amenities.
The project also includes an employer exchange and workforce training incentives, providing first-time homeowner down payment assistance to residents obtaining a degree or trade certification while working full-time.
Multifamily Building Systems was established to improve the energy efficiency of affordable and workforce housing. In this episode we hear from industry professionals about MBS’s strategy to optimize the performance of multifamily housing.
Introducing Dunbar Place & Johnston Farms Apartment Homes, two proposed workforce housing developments in Rock Hill, SC. The projects will be financed with either tax-exempt bonds or opportunity zone equity.
These projects were unanimously approved by the Rock Hill Planning Commission this evening.
