LIHTCs, RAD Save Affordable Housing for Vulnerable Populations in Baltimore Suburb

MARK O’MEARA, SENIOR WRITER, NOVOGRADAC & COMPANY LLP

It is important to preserve affordable housing, especially for vulnerable populations.

WISHROCK Investment Group did just that in Towson,

Md., when it purchased Tabco Towers, a 200-apartment

building reserved for low-income seniors and people

with disabilities. “This was an existing affordable

housing community. The odds were high that it would

have been turned into market-rate housing, or possibly

student housing for Towson University and Goucher

College,” said Bryan Shumway, principal and director

of development at WISHROCK, an affordable housing

development company. “That would have been tragic

for the 200 [families] living on the property.”

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Journal of Tax Credits_2018-02_TABCO

Albuquerque Housing Authority and WISHROCK Celebrate Rio Vista Completion

Albuquerque Housing Authority and WISHROCK Celebrate Rio Vista Completion: “The acquisition and rehabilitation of Rio Vista Apartments is AHA’s first housing development project in over 30 years and marks the proud beginning of our plans to preserve and improve affordable housing throughout the City.”- Linda Bridge, Albuquerque Housing Authority

Albuquerque Housing Authority’s Press Release

 

WISHROCK CSO Joined Grid Geeks Podcast

“Our Chief Sustainability Officer, Trisha Miller, kicked-off the new season of the Grid Geeks Podcast this week. The focus: bridging solar and affordable housing and the pursuit to create resilience in more communities.”

Podcast

RIO VISTA GOES SOLAR AND ACHIEVES NATIONAL GREEN CERTIFICATION

November 13, 2017

Albuquerque, NM WISHROCK celebrates its first Enterprise Green Communities Certified* development in New Mexico: Rio Vista Apartments. The most visible measure is an on-site solar array that will help transition the property to a clean energy future. Numerous other building improvements – including resilient flooring, ENERGY STAR appliances, a cutting edge VRF heating and cooling system, new windows, and LED fixtures – contributed to the preservation of affordable, healthy housing for 75 senior and special needs residents. WISHROCK partnered with the Albuquerque Housing Authority, Bernalillo County, MFA, local utility providers, HUD, and Boston Financial Investment Management, to secure financing for this energy-efficient housing rehabilitation.

“Rio Vista represents the culmination of affordable housing preservation and green development. Combining solar power with building improvements that maximize energy and water efficiency will help us dramatically lower utility costs and enhance this community asset for years to come,” says Tyson O’Connell, the lead WISHROCK developer on this project.

At Rio Vista and across its portfolio, WISHROCK operates as a triple bottom line company – with financial, social, and environmental goals at the core of its mission. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy living environment.

*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. To receive this national certification, an affordable housing developer must meet many criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.

CONTACT:

Trisha Miller, Chief Sustainability Officer

trisha.miller@wishrockgroup.com

202-294-3547

ABOUT WISHROCK:

The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to our residents through dedicated empowerment services, and by operating at the forefront of sustainability.

 

Ribbon cutting on renovated senior high-rise in Towson set for Wednesday by the Baltimore Sun

by Margarita Cambest

TABCO Towers, a 200-unit affordable senior housing project in downtown Towson, will host a ribbon cutting ceremony for its remodeled apartments Wednesday.

The complex, at 305 E. Joppa Road, is a 22-story residential complex developed by owner Wishrock Investment Group, a national developer of affordable housing.

 Renovations to the multi-family, affordable housing community for households that make less than 60 percent of the area’s median income—or about $75,000— began in late 2015, Wishrock director of development Bryan Shumway said.

Wednesday’s ribbon-cutting will mark the completion of more than $10 million in improvements to the property, according to Shumway.

Wishrock added a community center and a second laundry facility, and renovated the facility’s elevators, common areas and energy efficient heating and cooling units. Meanwhile, the apartment units received new kitchens, bathrooms, flooring and paint. The project was made possible by a U.S. Department of Housing and Urban Development program known as the Rental Assistance Demonstration, which allows developers to work with housing authorities to create rental subsidies and preserve affordability, according to the HUD website.

“We bought the building two years ago from a local owner who at the time was marketing it nationally,” Shumway said. “We worked to preserve the affordability of the housing as an elderly housing project and were able to bring project-based Section 8 subsidies to allow the rents to stay affordable to the residents of the property.”

The company financed the redevelopment through tax-exempt bonds and low-income housing tax credits, Shumway said.

Additionally, the Baltimore County Council approved a payment in lieu of property taxes for the project in October 2015. Under Baltimore County Code, an organization that is exempt from local property taxes can negotiate a payment to compensate a local government for some or all of the property tax revenue that it loses.

Over the next 40 years, the owners of Tabco Towers will pay the county $275 per unit annually instead of property taxes. The payment will increase 3 percent each year— or 4 percent a year if the property is sold— according to Baltimore County Council records.

Baltimore County Councilman David Marks said he strongly supported the financial incentive as a way to rehabilitate what he called an “aging residential tower in Towson’s downtown core.”

Marks, a Republican who represents Towson, said he also participated in a meeting with residents about the renovation work.

“Many of the high-rises in Towson are approaching their half-century mark, which is why they need improvements like the work done at Tabco Towers,” Marks said in a Nov. 1 email.

The 10 a.m. ceremony will include speeches, a ribbon cutting, a tour of a renovated unit and light refreshments.

PRESERVING ENERGY EFFICIENT HOUSING FOR MARYLAND FAMILIES

9/29/2017

Edgewood, MD – Yesterday, WISHROCK celebrated Windsor Valley Apartments as an Enterprise Green Communities Certified* development—one of five properties in our portfolio to be awarded this national green building designation. Windsor Valley is a multifamily affordable housing community in Edgewood, Maryland. All 291 apartment homes benefited from a complete rehabilitation to preserve affordable, healthy housing for families.

WISHROCK partnered with the State of Maryland and BG&E on high-performance building upgrades to improve energy efficiency. Through the Maryland Department of Housing and Community Development’s Multifamily Energy Efficiency and Housing Affordability-EmPOWER program, the project leveraged over $1 million in financing for cost-effective energy improvements.

“Since the renovation, we’re seeing dramatic utility consumption and cost savings. This benefits Windsor Valley residents, our operations, and the environment,” said Bryan Shumway, Director of Development.

At Windsor Valley and across our portfolio, WISHROCK operates as a triple bottom line company – with financial, social, and environmental goals at the core of its mission. As a Better Building Partner, our company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy living environment.

 

*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. To receive this national certification, an affordable housing developer must meet many criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.

CONTACT:

Trisha Miller, Chief Sustainability Officer

trisha.miller@wishrockgroup.com

202-294-3547

ABOUT WISHROCK:

The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to our residents through dedicated empowerment services, and by operating at the forefront of sustainability.

PRESERVING GREEN AFFORDABLE HOUSING FOR SENIORS

Portland, ME – Today, WISHROCK celebrated its first Enterprise Green Communities Certified* development in Maine: Loring House Apartments. This historic building, formerly Portland City Hospital, underwent a complete transformation to preserve affordable, healthy housing and to lower utility costs. WISHROCK partnered with the Portland Housing Authority, the City of Portland, HUD, Northern New England Housing Investment Fund, and Maine Housing to secure financing for critical building upgrades that also improved energy efficiency and resident comfort.

Together with the project’s development team, financial partners, Senator Angus King, and Portland Mayor Ethan Strimling, WISHROCK hosted a ribbon cutting ceremony to celebrate the project’s success.

“We are thrilled to celebrate the completion of Loring House, which represents an exciting combination of historic preservation and green redevelopment,” declared Rick Wishcamper, President, WISHROCK. “Being able to celebrate this success in a community our company calls home makes this moment even more special.”

“The Loring House Apartments help equip people in the Portland community with safe, affordable housing they need to thrive. Through this important work, the Loring House Project is setting an excellent example of how, with enterprise and ingenuity, our historic buildings can be part of sustainable solutions that strengthen our economy and support our community,” stated Senator King.

At Loring House and across its portfolio, WISHROCK operates as a triple bottom line company – with financial, social, and environmental goals at the core of its mission. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy living environment.

*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. To receive this national certification, an affordable housing developer must meet many criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.

CONTACT:

Trisha Miller, Chief Sustainability Officer

trisha.miller@wishrockgroup.com

202-294-3547

ABOUT WISHROCK:

The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to our residents through dedicated empowerment services, and by operating at the forefront of sustainability.

Preserving History for Generations

Loring House

National Register of Historic Places Reference #85000612

May 22, 2017

Portland, ME – WISHROCK is thrilled to be celebrating our fifth Enterprise Green Communities Certified* project: Loring House. This historic structure, formerly Portland City Hospital, was a unique challenge, but revealed an even greater opportunity. This 4-story, 104-unit property underwent a complete transformation to preserve affordable, healthy housing and to lower utility costs. WISHROCK partnered with both Portland Housing Authority and Maine State Housing Authority to secure financing for critical building upgrades that directly improved lighting and air quality throughout the building. The project leveraged financing for cost-effective energy and water improvements, including new windows throughout and the installation of a high-performance indoor air exchange system. In addition, LED lighting was installed throughout the building.

New features were added to improve resident health and create a more vibrant community. A major change to the property was the replacement of carpet with resilient, hard surface flooring throughout the common areas and in units on the first two floors—reducing the presence of allergens. Air sealing tests also showed 50% or greater reduction in unit airflow. These measured changes have dramatically reduced air drafts—a large improvement in indoor comfort during Maine’s long winters.

Outside, 5,000 plantings were installed to compliment the surrounding evergreens. Historic birch trees were preserved along the building’s exterior too. Additionally, a new outdoor common space was created—a barbeque and picnic area—which allows residents another place to congregate, with a great view overlooking one of Portland’s oldest and largest trees.

“Loring House demonstrates the power of historic preservation and green development. This certification reflects a concerted commitment of many partners to keep sustainability and resident health in focus,” stated Trisha Miller, WISHROCK Chief Sustainability Officer. “We’re already seeing direct benefits in terms of energy cost savings too—a reduction in electricity consumption while adding new air handling equipment to improve air quality.”

At Loring House and across its portfolio, WISHROCK operates as a triple bottom line company. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy and sustainable living environment.

*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. In order to receive this national certification, an affordable housing developer must meet a number of criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.

CONTACT:

Trisha Miller, Chief Sustainability Officer

trisha.miller@wishrockgroup.com

202-294-3547

ABOUT WISHROCK:

The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to improving the quality of the lives of our residents through dedicated empowerment services, and to operating at the forefront of sustainability.

SUPPORTING GREEN HOUSING FOR SENIORS

Towson, MD – WISHROCK celebrates Tabco Towers as its latest Enterprise Green Communities Certified* development. The company recently completed its first comprehensive green redevelopment serving low-income elderly and disabled residents. This 22 story, 200-unit property underwent a complete transformation to preserve affordable, healthy housing and to lower utility costs. WISHROCK partnered with the State of Maryland and BGE on critical building upgrades that directly improved energy efficiency. Through the Maryland Department of Housing and Community Development’s CIF Loan, the project leveraged over $750,000 in financing for cost-effective energy and water improvements, including a high-performance HVAC system. In addition, BGE incentives helped cover the costs of LED lighting and an efficient water booster pump.

Green building materials were incorporated throughout the design process to improve indoor air quality and resident comfort. Green resident engagement also played a critical role in the project. Both property managers and residents can influence making the building a healthier place to live. One aspect of this was hands-on training where residents had an opportunity to make their own healthy cleaning supplies.

 

“This national green building certification reflects our commitment; sustainability is always in focus. Connecting energy efficiency, water conservation, and resident health is a smart investment,” said Trisha Miller, WISHROCK Chief Sustainability Officer. “We’re already seeing direct benefits in terms of energy cost savings too—over $8,000 in just a few months.”

At Tabco Towers and across its portfolio, WISHROCK operates as a triple bottom line company. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy and sustainable living environment.

 

*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. In order to receive this national certification, an affordable housing developer must meet a number of criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.

 

CONTACT:

 

Trisha Miller, Chief Sustainability Officer

trisha.miller@wishrockgroup.com

202-294-3547

ABOUT WISHROCK:

The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in nine states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to improving the quality of the lives of our residents through dedicated empowerment services, and to operating at the forefront of sustainability.