IOWA FINANCE AUTHORITY AND WISHROCK CELEBRATED SPRING CREEK COMPLETION

Posted & filed under Ribbon Cutting, Property.

PRESS RELEASE

Pleasant Hill, IA – June 14, 2022

Spring Creek Apartments, a 36-unit affordable, age-restricted (55+) apartment building in Pleasant Hill, hosted a ribbon cutting ceremony on Thursday, June 9, 2022 to celebrate its grand opening.

The property, at 6120 NE 12th Ave., is a newly constructed 3-story residential complex developed by owner Wishrock Housing Partners LLC, a national developer of affordable housing. The property is managed by Allterra Property Solutions. The apartments are income restricted, most of which are reserved for residents who earn up to 30%, 40% or 60% of the Area Median Income.

The development of Spring Creek was financed through an award of Low-Income Housing Tax Credits (LIHTC) from the Iowa Finance Authority and a permanent loan from Midwest Housing Development Fund. The tax credit equity investor is Midwest Housing Equity Group. The construction loan was provided by Horizon Bank.

The development was designed by Simonson & Associates and constructed by Koester Construction, Inc. Construction began in May 2021. Total development costs were $7.25 million. Building amenities include in-unit washers and dryers, WiFi, a community room, balconies or patios for each unit, storage rooms in each unit, and energy efficient heating and cooling systems.

The 10 a.m. ceremony included remarks by Sara Kurovski, Mayor of Pleasant Hill, and from Debi Durham, Director of the Iowa Economic Development Authority and Iowa Finance Authority. Remarks were followed by the ribbon cutting and a self-guided tour of the building, including a model unit. Light refreshments were served.

“Safe and healthy affordable housing is needed everywhere, and we are so pleased to have added thirty-six new units to the Pleasant Hill community,” said Penn Lindsay, Vice President of Development for WISHROCK. “We look forward to working with Iowa Finance Authority on future projects.”

Southwest Village Apartments

Posted & filed under Uncategorized.

WISHROCK Fore LLC, working in partnership with HughesSpellings Development, has completed the acquisition of Southwest Village Apartments in Jackson, Mississippi. Over the next 12 months, the community will be transformed by extensive renovation that includes new windows, doors, siding, roofs and landscaping on the outside and kitchens, bathrooms, flooring, trim and more on the inside! Accessibility will be improved at the site and a new community building with a computer lab, community kitchen, and play area will be constructed on site for families to enjoy. Hughes Construction, of Louisville, Mississippi, will perform the renovation.

 

The development team has worked closely with DNA Workshop of Baton Rouge, Louisiana, to plan the renovation and with The Green Home Advantage, of Shreveport, Louisiana, to meet Enterprise Green Communities standards.

 

The project is financed using an FHA 221d4 loan from Walker & Dunlop LLC, tax-exempt bonds and 4% LIHTCs from Mississippi Home Corporation (MHC) and equity from Regions Bank. The project also benefits from awards of HOME Funds and Housing Trust Funds, both allocated by MHC.

 

The property is home to 128 families, all of whom earn less than 60% of the area median income.

WISHROCK celebrates its first Enterprise Green Communities Certified* development in Pennsylvania

Posted & filed under Uncategorized.

WISHROCK celebrates its first Enterprise Green Communities Certified* development in Pennsylvania: Arborview Tower (formerly Episcopal House). Built in 1968 by Episcopal Housing of the Lehigh Valley, Inc. (EHLV), a 501c3 corporation, Arborview Tower is a 210-unit high-rise building located in Allentown that serves low-income residents aged 62 and above. Through a partnership with EHLV, WISHROCK recently completed a rehabilitation of the property totaling over $10 million in construction costs, which included: full renovations of apartment units, including kitchens and bathrooms; the conversion of eleven units to full ADA-accessibility; replacing failing piping throughout; renovating aging elevators; installing a wireless nurse call system; installing improved energy-efficient mechanical systems and water conserving fixtures; and site improvements, including parking lot and sidewalk work, patio repair, improved energy-efficient lighting, signage, and security measures. In addition to EHLV, WISHROCK partnered with the Pennsylvania Housing Finance Agency, HUD, Boston Financial Investment Management, and Walker & Dunlop, to secure financing for this energy-efficient housing rehabilitation.

 

Arborview Tower is the latest representation in WISHROCK’s portfolio of the culmination of affordable housing preservation and green development. Boyle Construction of Allentown performed the renovation. The development team worked closely with The Architectural Team of Boston, Massachusetts, and MaGrann Associates of Mount Laurel, New Jersey, to plan the renovation to meet Enterprise Green Community standards.

 

*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.

WINDSOR VALLEY III RENOVATION BEGINS IN EDGEWOOD, MD

Posted & filed under Affordable Housing, Wishrock Housing Group.

December 21, 2021

WISHROCK Housing Partners has completed the acquisition of the Windsor Valley III Apartments in Edgewood, Maryland. Over the next 18 months, the community will be completely renovated with units being outfitted with new windows, doors, siding and landscaping on the outside and kitchens, bathrooms, flooring, trim and more on the inside! Accessibility will be improved at the site and multiple new play areas will be created for families to utilize on site. Hamel Builders, of Elkridge, Maryland, will perform the renovation.

The development team has worked closely with Waldon Studios Architects of Baltimore, Maryland, and Pando Alliance to plan the renovation to meet Enterprise Green Community Standards.

The project is financed with a FHA 221d4 loan from PGIM Real Estate, tax-exempt bonds and 4% LIHTCs from the Maryland CDA and equity from PNC Bank, NA. Harford County, Maryland, provided important local financial support to the project as well. The property is home to 283 families, all of whom earn less than 60% of the area median income.

McCann Village awarded $733,184 for rehabilitation

Posted & filed under Affordable Housing, Development.

By Jamee A. Pierson Newton Daily News

McCann Village was one of 12 properties to receive federal housing tax credit from the Iowa Finance Authority. IFA announced Wednesday the senior apartment complex would receive $733,184 to rehabilitate the residence.

Wishrock Housing Partners, of Portland, Maine, is the developer behind the renovation at McCann Village. The developer is looking to conduct an extensive renovation project to modernize the building and grounds and improve the quality and accessibility of the complex.

“We think Newton is a great community and we are excited to bring some updates and a better place for the residents to live,” Wishrock Development Associate Rosanne Sheridan said.

McCann Village is an 80-unit apartment complex at 1105 E. 12th St. S. and is currently a nonprofit, income-based property that serves those ages 62 and above. Sheridan said now that the project has received the tax credits, they will start working in earnest with their architect to complete the final plans for the renovation. An end of year closing date is anticipated for the project.

“As we dig in and get more involved in assessing the physical needs and seeing the true age of needs of the systems, we will get a better idea of the overall costs for the budget,” Sheridan said. “We’re still excited about it and looking forward to getting starting.”

McCann Village was selected out of 29 applications that requested more than $19.2 million in housing tax credits. The residence also tried for the credits in 2017 for a $4 million renovation but were not selected that round.

Each year the Internal Revenue Service makes a per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The IFA is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.

“The housing tax credits awarded will provide hundreds of Iowa families and seniors with a place they will be proud to call home,” IFA Executive Director Dave Jamison said. “These projects have leveraged an additional $7.2 million in local contributions, and each of these communities will see the far-reaching benefits of these developments for many years to come.”

In total, 514 rental homes for families and seniors received funding in eight counties including Black Hawk, Jefferson, Johnson, Linn, Muscatine, Polk and Woodbury.

Contact Jamee A. Pierson at 641-792-3121 ext. 6534 or jpierson@newtondailynews.com

WISHROCK ACQUIRES 176-UNITS IN BRISTOL, CT

Posted & filed under Affordable Housing, Development, Property.

WISHROCK Housing Partners has acquired the 176-unit Coppermine Village Apartments in Bristol, CT, from a locally-based non-profit. Working with the Mercy Loan Fund and the Boston Financial PAC Fund, WISHROCK was able to preserve the affordability of this family property and has planned a set of improvements to enhance the energy and water efficiency of the property and add additional amenities.

 

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

Posted & filed under Affordable Housing, Development.

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.”

Please click on the link to continue reading the article:

Journal of Tax Credits_2018-02_TABCO

Albuquerque Housing Authority and WISHROCK Celebrate Rio Vista Completion

Posted & filed under Ribbon Cutting.

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

Posted & filed under Sustainability.

“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

https://soundcloud.com/user-179076100/s3e1-access-to-the-sun

RIO VISTA GOES SOLAR AND ACHIEVES NATIONAL GREEN CERTIFICATION

Posted & filed under Development, Sustainability.

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.