What’s Next for the Capital Markets

Artist's rendering of Somis Ranch Apartments

Affordable housing stakeholders assess the coming year.

Many of the issues that have been vexing affordable housing developers will remain into early 2023, with hopes that financial conditions will gradually improve as the year goes on. Rising interest rates, escalating construction costs, and a slowing economy continue to be the key concerns as a tumultuous 2022 turns into a new year.

Bank of America has provided $228 million in construction lending and equity investment to support AMCAL Multi-Housing, Inc. in financing Somis Ranch Farmworker Housing Community, a 360-unit affordable multifamily community for low-income farmworkers and their families in unincorporated Ventura County, California. In addition to building an energy-efficient community and providing impactful resident services at no cost to the residents, AMCAL will build a state-of-the-art wastewater treatment facility to serve the project in this remote location.

Read the full story in Affordable Housing Finance magazine.

New affordable housing units in Greenspoint, need still growing

Artist's rendering of Richcrest Apartments
HOUSTON – New affordable housing units just opened in Greenspoint, creating more homes in a desperate shortage of affordable housing in the Houston area, but the need is growing once again, as inflation is pushing rent and home prices out of reach for many. “I was actually looking into homes when I was living in a two-bedroom, and the prices were too high,” said Pamela Maradiaga, a mother of two. “I looked at apartments, and they wanted $1,700 for a two-bedroom. I got a two-bedroom here and I like it,” said Ross Holmes. Tenants are finding relief from rising rent and home prices in the new Richcrest Apartments in Greenspoint which has 288 units of affordable housing for households earning between 30% and 60% of the area’s median income. Read more of the story at this link.