2Q|16

Patriot Place

Over the past two years, a group of Columbia institutions have collaborated to create a new housing complex — Patriot Place — to help veterans overcome homelessness.

Phil Steinhaus became CEO of the Columbia Missouri Housing Authority in 2006. Shortly after he took over, somebody told Steinhaus they’d rather be homeless than live in public housing. That motivated Steinhaus to turn the CHA into a model of efficiency. Given a tight budget, he coordinated community relationships and seized opportunities for federal help: tax credits, competitive housing vouchers, and more.  As part of these efforts, the CHA qualified for Veterans Affairs Supportive Housing vouchers, or VASH, which combines the rental programs of HUD with the psychosocial rehabilitation program at Truman VA for screening, placement recommendations and ongoing supportive services for veterans.

Private funding from charities and local businesses rounded out the community collaboration.  The Veterans United Foundation put $1 million of support behind the Patriot Place project, nearly a fourth of the overall funding.  Greg Steinhoff said the Patriot Place project was a natural fit for VU — they were already well connected with Welcome Home, the local nonprofit that provides shelter and services to homeless veterans in Columbia, which had by then agreed to convert half of the Deluxe Inn property to another shelter, a sister project to Patriot Place. Besides, as several people at VU told me, their mission is to “get veterans into homes.”  VU’s gift preceded a flurry of private donations to the project. Shortly after VU announced their donation, Shelter Insurance donated $450,000 to the project. The CHA was able to furnish the apartments almost entirely with private donations; in March, the Columbia Community Development Corporation, a coalition of seven area banks, donated more than $81,000 to furnish 13 apartments and construct a picnic pavilion on the Patriot Place campus.

Tim Sheahan a superintendent with EM Harris Construction oversaw the rebirth of the former Deluxe Inn into Patriot Place, 25 one bedroom apartments for veterans.  

Q1|16

Hunt School Village

Hunt School Village Groundbreaking

MACON, Georgia (41NBC/WMGT) – A new housing development for seniors in Macon will take the place of an old building that hasn’t been used in more than a decade.

It’s a step to preserve a name and leave a new legacy.

“It will spruce up this entire area — improve it,” Macon-Bibb County Commissioner Elaine Lucas said.

Leaders in the county say they’re excited about the new Hunt School Village — a senior living space off of Shurling Drive in east Macon.

“We can provide assisted housing to them and have state-of-the-art housing. It makes you feel, you know, that you are doing good and that’s what we’re all about,” June Parker, the executive director for the Macon-Bibb County Housing Authority, said.

The 39,000 square foot, $11.8 million project is taking the place of the old, blighted Henry A. Hunt Elementary School. Reminders of what the school once was are scattered throughout the building that’s been closed since 2003.

“The community is so excited about the possibility of having this new facility here where senior housing will be,” Lucas said.

She’s enthusiastic about the changes in her district. She says she once taught at Hunt Elementary and is happy to see the building getting revitalized.

“It enhances everything that’s good in a community to have something like this,” Lucas said.

She said she’s looking into working with fellow commissioners to using some of their appropriated blight removal funding to build up the area surrounding the building.

The county commission along with the housing authority and other partners are creating affordable rental housing for people 62 and older.

There will be a kitchen, as well as a fitness and computer centers.

Leaders with the housing authority say they bought the building from a developer looking to turn the blighted building into a convenience store.

“We know that there’s housing needs here. So we approached them about the possibility of purchasing from them to do this, to transform to housing for seniors,” Parker said.

Meeting a need for both residents and the surrounding community.

Read more on the Hunt School Village Groundbreaking at

http://www.41nbc.com/2016/03/15/macon-bibb-creating-11-8-million-housing-development-for-seniors/

4Q|15

Ashleigh Place

Ashleigh Place Grand Opening

Ashleigh Place was developed as a joint venture between Humanities Foundation and James Doran Company at a cost of $11.6 million utilizing LIHTC and state tax credits from the Georgia Department of Community Affairs.  HOME funds were also awarded.  Bank of America Merrill Lynch was the investor and the construction lender, and the Richman Group is the syndicator.  Sugar Creek Capital was the state tax credit investor. The architect was Martin Riley and Associates and the contractor was Connelly Builders

Ashleigh Place in Richmond Hill, GA had its Grand Opening on October 22.  In conjunction with the Grand Opening, Ashleigh Place sponsored a Senior Info Expo, attended by 20 local senior service providers, including Westview Nursing and Rehab, Smith/Barid Law Firm, Pruitt Health Hospice, Coastal Area Community Action Authority, Richmond Hill Senior Center, Bryan County Family Connection, Ameris Bank, South State Bank, and Richmond Hill Pharmacy, among others.

Ashleigh Place will be Earthcraft Certified . Wellness and health monitoring programs will be offered to residents under a program called “Sustaining Our Seniors Aging in Place” (SSAIP).  In a cooperative venture with Armstrong State University School of Nursing, nursing students will visit Ashleigh Place to help residents monitor their health using telemedicine.  The telemedicine program provides measurement of weight gain or loss, oxygen use, sugar levels, blood pressure, and cholesterol using Bluetooth technology. Maintaining stable health will help residents avoid emergency room visits and unnecessary trips to their primary care physicians.

In addition, fresh and non-perishable food will be delivered on a regular basis to the Ashleigh Place Food Pantry.  Other community features include a library and computer center, fitness center, central laundry facility, arts and crafts room, community garden area, and community gathering room.  Elevators serve 80 residents  in the 2-story building.  Transportation to special events is provided by a handicapped accessible 15-passenger bus.

 

4Q|15

Construction Begins at The Edge

The Edge will be one the first affordable developments built in the state utilizing the recently created Colorado State Low Income Housing Tax Credit program.  The Loveland Housing Authority partnered with Wells Fargo and Sugar Creek as equity investors is building a 70 unit development targeted towards working families and veterans.

For details read the Housing Authority's press release

http://lovelandhousing.org/the-edge-a-new-affordable-rental-community/

3Q|15

Sugar Creek Capital Welcomes Kells Carroll as Director of Acquisitions

Sugar Creek Capital appoints Kells Carroll, Sugar Creek Acquisitions Director, to increase affordable housing state tax credit investment opportunities in his home state, Georgia and other expanding markets. Since 2009, Sugar Creek has closed more than 35 Georgia properties, investing more than $100 million. Kells will work with developers and federal syndicators to identify and underwrite tax credit acquisitions.


A lender in the affordable housing industry for more than 16 years, Kells' primary focus is to expand Sugar Creek’s low-income housing tax credit investments and to facilitate expansion into new markets. Previously, Kells served as a Senior Vice President in the Affordable Housing Group for Community & Southern Bank and, before that, in affordable housing lender roles at Wells Fargo and Fannie Mae. 


Sugar Creek President Chris Hite said, “Given Kells’ understanding of the southeastern affordable housing market, he is a worthy addition to our team. Our in-house staff includes CPAs, attorneys and financial services professionals, and now with the addition of Kells with his extensive banking background and lessons learned, all of our developer and federal syndicator partners will truly benefit.”

2Q|15

Village At Blackshear Grand Re-Opening

Sugar Creek would like to congratulate Tapestry and In-Fill Housing who celebrated the Grand Re-Opening of the Village at Blackshear in Blackshear GA in January. 100% leased the newly redeveloped 64 unit property boasts increased unit size, a new community center and enhanced community services for its households all of whom are either elderly or disabled.  A job well done to all who collaborated to make this project a success.

1Q|15

DOR Bulletin re LIHTC Property Tax Assessments

GA DOR has issued a bulletin regarding the assessment of lihtc properties per HB954, re-stating that in determining fair market value, assessors should use all three approaches but emphasis should be placed on the approach that would reflect the price in the market place and clarifies that rent restrictions must be taken into consideration and that tax credits cannot be considered.

http://dor.georgia.gov/documents/fair-market-value-qualified-low-income-housing-tax-credit-property

4Q|14

Freedom Place

Sugar Creek Capital is happy to announce the grand opening of Freedom Place in the City of St Louis.

The project entailed the total rehabilitation of a 70,000 sq. ft. former apartment building originally developed in 1928.  The project now contains 68 apartment units with prospective tenants being veterans in search of housing for themselves and their families.  The project developer is the Vecino Group which did a tremendous job of taking an obsolete building and turning it into a wonderful location for these veteran families.  Sugar Creek is proud to be an investor in the project owning partnership.  This is one of 125 investments which Sugar Creek Capital has made in affordable housing projects in Missouri.

3Q|14

Etzel Place Apartments Breaks Ground

The newest phase of the Etzel Place Apartments community in North St. Louis broke ground on July 25. 

The Etzel Place V project is a $7.5 million program of 42 rehabbed apartments, a community center and development of 20 new energy-efficient units. The project is being developed by Affordable City Homes, a joint venture of CF Vatterott and SLACO. 

Sugar Creek Capital is assisting the project through use of state low-income housing tax credits.

A phased development that began in 1989, the Etzel Place Apartments community includes 195 apartments in several buildings.

“This development should reinvigorate and preserve the viability of the community for many years and we are pleased to be a part of it,” says Chris Hite, President of Sugar Creek Capital.

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