AUGUST 2024

Knoll Street Crossing

Total Equity: $17.8M

In collaboration with Texas Inter-Faith Housing Corporation; Texas Inter-Faith Development, LLC; Bank of America; and Boston Capital Long Term Mortgage Fund VI LLC; Hudson closed Knoll Street Crossing in August 2024. It will be Hudson’s second project with TIFH in Houston, TX. The proposed development will be in the Spring Branch neighborhood of northwest Houston.

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

PROPERTY TYPE: 21 one-bedroom and 44 two-bedroom units. A fitness center, game room, computer center, leasing office, and community room with a kitchen will also be included.

TARGET POPULATION: All 65 income-producing units will be restricted to senior households (55+) with incomes at or below 30%, 50%, and 60% of the Area Median Income (“AMI”).

PROJECTED COMPLETION: November 2025

AUGUST 2024

Stratus Village

Total Equity: $27.3M

In August 2024, Hudson Housing Capital partnered with the Housing Authority of Yamhill County to close Stratus Village. Other pivotal partners included The Oregon Housing and Community Services; Citibank; JP Morgan Chase Bank and US Bank. The property will be in the city of McMinnvilles which is located at the base of the Oregon Mountain Coast Range.

CONSTRUCTION TYPE: New construction of four, three-story walk-up buildings and one Community Building.

PROPERTY TYPE: The unit mix will consist of 62 one-bedroom/one-bathroom units, 83 two-bedroom/one-bathroom units, and 30 three-bedroom/two-bathroom units. On-site amenities will include the single-story Community Building that will contain a common laundry facility, playroom, property management office, a community room with a kitchen, and a room for resident services. Outdoor amenities will include outdoor patio and gathering spaces, community gardens, a natural play area, and dedicated surface parking spaces for residents.

TARGET POPULATION: All units at the Property will qualify for tax credits and will be restricted to family households with incomes at or below 30%, 40%, 50%, and 60% of the Area Median Income (“AMI”). Forty-two (42) units restricted at 30% AMI levels will receive a rental subsidy from a Project-based Section 8 HAP Contract. The remaining 133 units (including 28 units also restricted to 30% AMI rent levels) will be non-subsidized tax credit units. Additionally, the property will have certain tenancy preferences as conditions per various grants. They include: 20 units will have a leasing preference for tribal members; 16 units will be required to be set aside for Agricultural Workers; 10 will be set aside for those with Serious and Persistent Mental Illness (“SPMI”).

PROJECTED COMPLETION: May 2026

SEPTEMBER 2024

Strong Family Apartments

Total Equity: $18.9M

The Hudson team is proud to have also partnered with Community Development Partners (CDP) and Self Enhancement, Inc. (SEI); Oregon Housing and Community Services Development; Chase Bank; Citi Bank; Portland Housing Bureau; Northeast Affordable Preservation Inc and Fannie Mae. The property will be located in the North/Northeast neighborhood of Portland, Oregon

CONSTRUCTION TYPE: New Construction of a single 4-story building.

PROPERTY TYPE: The Property will be the third phase of the “Alberta Alive” initiative, a partnership between CDP and SEI that aims to celebrate and strengthen Portland’s historically black North and Northeast neighborhoods by providing affordable housing. Many long-term neighborhood residents have been displaced from the area due to gentrification and rapidly rising housing costs. Oregon has one of the fastest-growing populations in the country and much of this growth has been absorbed by the Portland metro area. The Alberta Alive initiative aims to allow displaced households to return to the community.

The Property will include 21 one-bedroom/one-bathroom, 32 two-bedroom/one-bathroom, and 22 three-bedroom/two-bathroom units. On-site amenities will include common laundry facilities on each floor, on-site resident services and property management, a community room with a kitchen, an outdoor patio and gathering spaces, and 31 surface parking spaces.

TARGET POPULATION: All of the Property’s units will be tax credit eligible with 11 units restricted to households earning at or below 30% of the AMI and 64 units restricted to households earning at or below 60% of the AMI.

PROJECTED COMPLETION: June 2026

SEPTEMBER 2024

FOP Senior

Total Equity: $11.8M

In September 2024, Hudson partnered with Pennrose, LLC and F.O.P. Senior Citizens, Inc.; Capital One Bank; PHFA; City of Philadelphia Housing Trust; BlueHub; FHLB PGH AHP to close FOP Senior located in the Somerton neighborhood of Philadelphia, PA. This is proudly Hudson’s 45th closed transaction with Pennrose LLC.

CONSTRUCTION TYPE: Rehabilitation of a single 6-story apartment building.

PROPERTY TYPE: FOP Senior is a moderate rehabilitation of an existing property for seniors aged 62 and older located in the Somerton neighborhood of Philadelphia, Pennsylvania. The Property consists of 106 units, including 88 studio apartments and 18 one-bedroom apartments, a community room with a communal kitchen, a media/game room, and a management office.

TARGET POPULATION: The project is currently supported by a HUD 202 rental subsidy on 52 units and all units are set aside for households with incomes at or below 50% and 60% of AMI. 45 of the remaining units will be supported by a new HAP contract to be administered by the Philadelphia Housing Authority (“PHA”). In addition to the subsidized units, there will be five unsubsidized units that will be set aside for households with incomes at or below 60% of AMI, and four units that are currently occupied by over-income tenants paying below-market rents will be restricted to households with incomes at or below 60% of AMI upon turnover. Eleven (11) of the total units will be set aside for homeless households.

PROJECTED COMPLETION: February 2026