APRIL 2024

The Laurel at Blackhawk

Total Equity: $17.8M

In April 2024 Hudson Housing Capital closed its seventh transaction with the principals of Laurel at Blackhawk Developer’s LLC. Other key partners included Bank of America and Freddie Mac via Citibank. The proposed mixed-income property will be in the South Belt/Ellington neighborhood of southeast Houston, TX.

CONSTRUCTION TYPE: New construction of a single three-story, elevator-serviced, residential building.

PROPERTY TYPE: 105 one-bedroom and two-bedroom units, of which 89 will be tax credit units with the remaining 16 units at market rent levels.

TARGET POPULATION: 89 of the units will be age-restricted to residents 55+ with incomes at or below 30%, 50%, and 60% of Area Median Income ("AMI"). The remaining 16 units will be unrestricted, market-rate units. In addition, 5% of the total units will be set aside as Special Needs Units for Persons with Special Housing Needs; 2% will be set aside for those experiencing homelessness referred from a Continuum of Care or local homeless service providers; and 5% of the units will be accessible for persons with mobility impairments and 2% of the units will be accessible for persons with hearing or vision impairments.

PROJECTED COMPLETION: January 2026

APRIL 2024

Belmont Family Apartments

Total Equity: $50.1M

In collaboration with ROEM Development Corp.; Pacific Housing Inc; the California State Communities Development Authority; Citibank; County of San Mateo; Housing Authority of the County of San Mateo; City of Belmont; and J.P. Morgan Chase Bank closed on the financing for Belmont Family Apartments in April 2024. It is Hudson’s third transaction with ROEM Development Corp. It will be located in Belmont, CA which is halfway between San Francisco to the north and San Jose to the south in the heart of Silicon Valley.

CONSTRUCTION TYPE: New Construction of a single eight-story, elevator-serviced, residential building.

PROPERTY TYPE: 125 one-bedroom, two-bedroom, and three-bedroom units, including a unit set aside for on-site staff.

TARGET POPULATION: All 124 income-producing units will be set aside for households with incomes at or below 30%, 50%, 60%, and 70% of the Area Median Income (“AMI”). All 62 units at 30% and 50% of AMI will benefit from a Project Based Section 8 contract; 20 units will qualify under the HUD-VASH Program. The VASH program’s primary target population is veterans who have experienced multiple episodes of homelessness, are suffering from mental health and/or medical complications, have been homeless four or more times in the prior three years, or have been continuously homeless for one year or longer. The remaining 42 Section 8 units will not have a homeless requirement.

PROJECTED COMPLETION: December 2026

APRIL 2024

State & Chapel Redevelopment

Total Equity: $20.5M

In April 2024, Hudson Housing Capital partnered for the seventh time with Beacon Communities Services LLC to close State and Chapel Redevelopment. Other pivotal partners included Webster Bank; the Connecticut Housing Finance Authority; Blue Hub; the State of Connecticut Department of Housing; the City of New Haven; the Housing Trust Fund; Historic Properties LLC; M&T Bank and Eversource. The property will be located in the Ninth Square Historic District of New Haven, CT.

CONSTRUCTION TYPE: New Construction and Adaptive Reuse/Historic Preservation of a row of four adjacent historic buildings with existing ground floor retail space. The new four-story building will connect to the preservation buildings and create one integrated mixed-use, mixed-income property.

PROPERTY TYPE: 76 mixed-income studios, one-bedroom, and two-bedroom units. 7 commercial ground floor units will also be included. Amenities of the Property will include a newly created large community space with a large open space for community events, a kitchen, computer learning center, and wellness office. Management offices will be located on the first floor and will include a dedicated private office for the Resident Service Coordinator. There are also three parking spaces located behind the State Street Building and indoor storage space for 48 bicycles.

TARGET POPULATION: Of the 76 total units, 60 will be tax credit units and 16 will be market-rate units. Of the 60 tax credit units, 12 will be affordable to households earning at or below 60% of area median income (“AMI”), 31 will be affordable to households earning at or below 50% of AMI, and 17 units will be affordable to households earning at or below 30% of AMI. Thirty-eight (38) units will be covered by a project-based Section 8 HAP Contract. The Section 8 Units will include 23 units affordable at or below 50% of AMI and 15 units at or below 30% of AMI. The Property will also have eight units covered by a project-based Section 811 Rental Assistance Contract. The Section 811 Units will all be affordable at or below 30% of AMI. Eight units (10%) will be fully accessible for households with mobile and sensory disabilities. Sixteen units (20%) will be set aside as permanent supportive housing for households who are homeless or at risk of becoming homeless.

PROJECTED COMPLETION: June 2026

MAY 2024

Old Colony Phase Six

Total Equity: $38.2M

In May 2024, Hudson Housing Capital partnered for the ninth time with Beacon Communities Services LLC and the Boston Housing Authority to close Old Colony Phase Six. Other pivotal partners included The Massachusetts Housing Finance Agency, Executive Office of Housing and Livable Communities, BlueHub, SBLI, and Santander Bank, N.A. The property will be located in the South Boston neighborhood of Boston, MA.

CONSTRUCTION TYPE: New construction of a single five-story, elevator serviced residential building. The property is part of a larger 700+ unit master plan to redevelop the Old Colony public housing project in South Boston, which is one of Boston’s oldest public housing projects originally built in 1941. Phase Six will be the last building to be built in the Old Colony master plan.

PROPERTY TYPE: 89 one-bedroom, two-bedroom, three-bedroom, four-bedroom and five-bedroom units. Approximately 5,400 square feet of community facility space will also be included. It will be occupied by SPOKE Art, Inc., a long-time South Boston organization with a mission to activate the transformative power of art to heal divisions, strengthen community, and drive social progress.

TARGET POPULATION: The tenancy will include families (46 units) and seniors age 62+ (43 units). Of the total 89 units,12 units will be restricted to households with incomes at or below 30% of the Area Median Income (“AMI”), and the remaining 77 units restricted to households with incomes at or below 60% of the AMI. All the units will benefit from a project-based HAP Contract. Additionally, supportive services provided at the Tierney Learning Center, located on the Phase One site, will be available to tenants as it is shared with all phases of the Old Colony development.

PROJECTED COMPLETION: November 2026

MAY 2024

Kingslanding Commons Building 2

Total Equity: $114.2M

The Hudson team is proud to have also partnered with The Hudson Companies and St. Nick’s Alliance Corp.; New York City Housing Development Corporation; New York City Department of Housing Preservation and Development; Neighborhood Women Housing Development Fund Company; The Bank of New York Mellon and Capital One Bank on the financing for Kingsland Commons Building 2. The property will be located in the East Williamsburg neighborhood of Brooklyn, New York.

CONSTRUCTION TYPE: New Construction of a single, elevator serviced, 18-story mixed-use building.

PROPERTY TYPE: Kingsland Commons will be the culmination of a 40-year, community-led process to redevelop the approximately 3.4-acre Greenpoint Hospital site. Since its closure in 1982, the City has used part of the Greenpoint Hospital campus for homeless housing while other buildings have remained vacant and in disrepair. The redevelopment will include the adaptive reuse of two existing buildings and two new construction buildings consisting of a homeless shelter and three affordable, multifamily buildings. Building 2 will be one of multifamily buildings and consist of 311 studio, one-bedroom, two-bedroom, and three-bedroom units. In addition, it will include ground floor community and commercial space.

TARGET POPULATION: The units will be set aside for households with incomes at or below 30%, 40%, 50%, 60%, and 80% of the Area Median Income (“AMI”). Of the total, 217 units will be for low- and moderate-income families; 46 units will be supportive housing for chronically homeless individuals and 47 units will be for families with children where the head of household has a serious mental illness or substance abuse disorder. The supportive housing units will benefit from a Project-based New York City 15/15 rental assistance contract and service award. St. Nick’s Alliance will serve as the on-site service provider.

PROJECTED COMPLETION: March 2028