- Investors bring lawsuit to block Starrett City sale October 1, 2017
by: Bloomberg News – Crain’s New York Business
Stakeholders in the affordable-housing complex include President Donald Trump
A group of investors in Starrett City, an affordable-housing complex in Brooklyn that counts President Donald Trump as a stakeholder, sued the owners in an attempt to block a proposed sale of the property for more than $900 million.
The group of limited partners in the 153-acre complex, which opened in 1974 and is now named Spring Creek Towers, claim the managing general partners are seeking to sell the property for “far less than market value” and entertained only one offer while ignoring a superior deal.
- Plaza Undergoing Massive Rehab September 29, 2017
by: John Lynds – East Boston Times-Free Press
Owners of the 380 unit Shore Plaza affordable housing development on Border Street have started a massive and much needed rehabilitation.
LIHC Investment Group and Weston Associates Inc. announced they are spending over $14 million to improve the aging 10 acre development’s facade, interior and open space.
According to Andrew Gendron, principal of LIHC Investment Group, work will include new appliances, light fixtures, sinks, cabinets and countertops in the kitchens, as well as new vanities, shower bodies, lavatories, and tiling in the bathrooms. Common areas and lobbies will also be upgraded.
“We look forward to improving and modernizing Shore Plaza Apartments for current residents and their families,” said Gendron. “Rehabilitation projects such as this help to redefine what people think about affordable housing by creating well-maintained properties that offer quality apartments and a better standard of living.”
- Boston Affordable Housing Gets $14M Renovation September 19, 2017
by: Keith Loria – Multi-Housing News
LIHC Investment Group and Weston Associates received financing that will keep the 380-unit Shore Plaza Apartments affordable for the next 20 years.
A joint venture of LIHC Investment Group and Weston Associates Inc. has enacted a plan to keep the Shore Plaza Apartments, a 380-unit affordable housing community in East Boston, Mass., affordable for the next two decades.
Under the plan, LIHC Investment Group will start a $14 million-plus improvement program on the four-building property, which includes apartment renovations, the addition of new roofs and boilers, and necessary masonry and façade repairs.
“East Boston is going through a transformation, with its easy access across the Tobin Bridge into the North End and the Financial District of Boston the neighborhood is seeing building after building getting renovated or replaced with new housing,” Andrew Gendron, LIHC Investment Group’s principal, told MHN. “Amidst this gentrification, Shore Plaza is a unique place to have affordable housing directly on the waterfront with views across the Mystic River to the skyline of Boston.”
Additionally, LIHC and Weston renewed the property’s Section 8 Housing Assistance Payment (HAP) contract, which was set to expire in a few years, ensuring the homes will stay affordable for another 20 years.
- 948 Affordable Units Preserved in the Bronx August 18, 2017
LIHC Investment Group, Belveron Partners and Camber Property Group will rehabilitate Stevenson Commons in the New York City borough. The initiative is moving forward through an agreement with the New York City Housing Development Corp.
- LIHC Investment Group and Weston Associates Announces Refinancing and Major Renovation of Shore Plaza Apartments in East Boston; Extending Affordability for 20 More Years August 16, 2017
Boston, MA— LIHC Investment Group and Weston Associates Inc., two of the nation’s largest owners of affordable housing, today announced a plan that will keep East Boston’s 380-unit Shore Plaza Apartments affordable and vibrant for the next 20 years. Spanning four buildings on a 10-acre campus located along the Boston Harbor waterfront, LIHC Investment Group will execute improvements in excess of $14 million, including new roofs and boilers, as well as masonry and façade repairs. Apartment renovations will consist of new appliances, light fixtures, sinks, cabinets, and countertops in the kitchens, as well as new vanities, shower bodies, lavatories, and tiling in the bathrooms. Common areas and lobbies will also be upgraded.
- $14.5M donation secures affordable housing at Cambridge’s Close Building July 27, 2017
A former Cambridge chocolate factory turned affordable housing in 1977 has been donated to the current manager of the building, the not-for-profit Just-A-Start Corporation, securing its affordability for years to come.
- HPD, HDC, LIHC Investment Group, Belveron Partners, and Camber Property Group Close on $127 Million Preservation of Stevenson Commons in the Bronx July 17, 2017
For Immediate Release
New York, NY – LIHC Investment Group, Belveron Partners, and Camber Property Group today announced plans to rehabilitate and preserve 948 units of affordable housing at Stevenson Commons in the Bronx through an agreement with the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation and Development (HPD). Spanning nine Mitchell-Lama buildings in the Soundview neighborhood, the partners will execute capital improvements in excess of $36 million, including a full elevator modernization; the overhaul of mechanical systems; energy efficiency retrofits and a complete redesign and restoration of the property’s central courtyard.
- LIHC Investment Group Donates its Stake in Close Building to Community Development Corporation Serving Cambridge July 7, 2017
For Immediate Release
Close Building Marks the Second Donation of Affordable Housing in Greater Boston
Boston, MA— LP Solutions LLC (“LPS”), an affiliate of LIHC Investment Group, one of the nation’s largest owners of affordable housing, today announced that it will donate its ownership stake in the Close Building to Just-A-Start Corporation, a community development corporation focused on the preservation and expansion of affordable housing opportunities in Cambridge and nearby communities.
- Low Income Housing Corporation (LIHC) Announces Corporate Name Change To LIHC Investment Group April 12, 2017
For Immediate Release
Name Change Reflects a Greater Investment in Affordable Communities and Recent Growth in
Portland, Maine— Low Income Housing Corporation, one of the nation’s largest owners of affordable housing, today announced a corporate name change to LIHC Investment Group to reflect a deepening investment in the income-restricted properties in the company’s portfolio and an ongoing commitment responsible property management.