February 1, 2013
The Reedsport properties (Ridgeway, Riverside I, Riverside II) have been awarded a Resident Service Coordinator grant
HUD has announced the fiscal year 2012 Resident Service Coordinator grants. NWRECC has been awarded a grant totaling $167,877 for Ridgeway, Riverside I, and Riverside II Apartments located in Reedsport, Oregon.
This grant will allow NWRECC to hire a Resident Service Coordinator to assist our senior and disabled residents at these three properties by identifying and providing the critical support services necessary for our residents to "age in place".
February 1, 2013
Mill Creek Apartments has been awarded a Resident Service Coordinator grant
HUD has announced the fiscal year 2012 Resident Service Coordinator grants. NWRECC has been awarded a grant totaling $160,461 for Mill Creek Apartments located in Lewiston, Idaho.
This grant will allow NWRECC to hire a Resident Service Coordinator at Mill Creek to assist our senior and disabled residents by identifying and providing the critical support services necessary for our residents to "age in place".
January 31, 2013
High Valley Estates Rehabilitation Has Begun!
We are pleased to announce the commencement of rehabilitation of the High Valley Estates Apartments, located in Klamath Falls, Oregon. This will be our 19th rehabilitation project in the state of Oregon, and our 32nd rehab project in the Pacific Northwest. Our acquisition and rehabilitation of this 36-unit family property will preserve another project with Section 8 project based HUD subsidy. The financing structure includes competitive 9% LIHTC, a construction loan and perm financing.
Beginning with an interim acquisition closing in February 2011, we closed on the investment and financing for this project in December 2012. Funds awarded for the project by Oregon Housing and Community Service (OHCS) include: Housing Development Grant Program (HDGP) and Low Income Weatherization Program (LIWX), Low Income Housing Tax Credits (LIHTC) and Oregon Affordable Housing Tax Credits (OAHTC). We have partnered with PNC Real Estate as Investor/Syndicator and JP Morgan Chase Bank as Construction and Perm Lender and purchaser of the OAHTC allocated by OHCS. Soft financing in the form of deferred developer fee will be provided by NWRECC to fill the financing gap. We now have loan and equity funding in place to commence the much needed rehabilitation at this property.
Having achieved closing for the financing, Notice to Proceed for the construction phase of this project was issued December 27, 2012 under the guidance of our rehab team: CSHQA, A Professional Association Architectural and Engineering, P.C. (Architect), CSDI Construction, Inc. (General Contractor), and NWRECC (Development Group and Operations). We expect approximately 11 months of rehabilitation with substantial completion scheduled by November 2013.
Rehabilitation of the property's nine buildings include replacement of exterior structural conditions such as roofs, windows and sliding doors, siding repair and paint; repair to parking lot, sidewalks and fencing. Interior structural conditions scheduled for improvement include replacement of kitchen and bathroom cabinets and countertops, floor covering replacement, along with fixture and appliance replacement as needed. Accessibility standards will be improved in the property's common areas and accessible units.
January 31, 2013
Crestview Court Apartments Rehabilitation Completion
Completion of the Crestview Court Apartments rehab project was achieved, on schedule, in December 2012. Construction began immediately after closing on March 15, 2012 and was substantially complete by December 20, 2012. A ribbon cutting ceremony will be held in March 2013 to celebrate the completion of the rehab with our Crestview Court families and recognize our business partners for their contributions to the success of this project. Beaverton's Mayor Denny Doyle has agreed to speak at this upcoming event.
The families residing at Crestview Court are pleased construction has been completed and are enjoying their "like new" homes. One resident expressed her appreciation in a note saying: "Thank you to everyone who helped put this together, I am so grateful!"
An indication of the full impact of the work done is easily visible from any angle outside. The new tri-color siding, windows and deck railings have greatly enhanced the appearance of this property. The scope of rehab for the apartment units moved a number of residents to write to us and we would like to share some of their comments:
"Thank you for my brand new apartment!"
"I like very well!"
"My favorite parts of the apartment are the bathroom and kitchen. I just love cooking in the brand new oven..."
"I am so happy to be able to call this home!"
We echo the happy families at Crestview Court: "Thank you to all who shared in making this project a great success!"
June 20, 2012
Pioneer Square Apartments rehabilitation completion.
NWRECC is pleased to announce the completion of rehabilitation of the Pioneer Square Apartments, located in Boise, Idaho. This is the 13th project that NWRECC has successfully rehabilitated in the state of Idaho, and our 30th rehab project overall. The acquisition and rehabilitation of this property was a critical accomplishment for the preservation the 43 units subsidized by HUD for families in the downtown area. The financing structure utilized competitive 9% LIHTC, construction and permanent financing, along with a tax credit equity bridge loan.
We closed on the financing and tax credit partnership for this project in August 2011. Our combined funding sources provided $5.5 million for the project's acquisition and rehabilitation. PNC Real Estate, agreed to purchase the LIHTC that were allocated to the project by Idaho Housing and Finance Association (IHFA). The construction loan, permanent loan, and tax credit equity bridge loan have been provided by PNC Bank. Soft financing was provided by NWRECC to fill the financing and equity gap.
Our rehab team for this project included CSHQA (Architect), CSDI Construction (General Contractor), and NWRECC (Developer). Construction began September 1, 2011 and was substantially complete, within schedule, by May 18, 2012. A ribbon cutting ceremony was held June 8, 2012, to celebrate completion of the rehab on this project and also to announce the grand opening of the seventh Northwest Stepping Stones Computer Learning Center (Stepping Stones blog) and Idaho's newest HUD Neighborhood Networks.
The scope of rehab for the eight residential buildings included improvement to exterior structural conditions such as new roofing, new siding, window and sliding door replacement, structural reinforcement to decking, and the addition of new privacy patio walls for apartments located along the Pioneer Walkway. Site work included sidewalk and parking lot repair and replacement, as well as new fencing along the Pioneer Walkway. Interior structural improvements such as extensive plumbing repair/replacement, additional insulation in the attics and crawl spaces, addition of new through the wall air conditioning in all units, replacement of kitchen and bathroom cabinets and countertops, floor covering replacement, along with fixture and appliance replacement as needed. Accessibility standards were improved in the property's common areas and accessible units, including the addition of an accessible office and community room.
Thank you to all who made this project a success!
April 6th, 2012
Crestview Court Apartments rehabilitation starts.
Northwest Real Estate Capital Corp. is pleased to announce the commencement of rehabilitation of the Crestview Court Apartments, located in Beaverton, Oregon. This will be our 18th rehabilitation project in the state of Oregon, and our 31st rehab project in the Pacific Northwest. Our acquisition and rehabilitation of this 48-unit family property will preserve another project with Section 8 project based HUD subsidy. The financing structure includes competitive 9% LIHTC, a tax credit equity bridge loan that will provide necessary funds during construction and perm financing.
Beginning with an interim acquisition closing in June 2010, we closed on the financing for this project in March 2012. The project is funded through a combination of grant funds (GHAP and Weatherization), Low Income Housing Tax Credits (LIHTC) and Oregon Affordable Housing Tax Credits (OAHTC) from Oregon Housing and Community Services (OHCS). We have partnered with PNC Real Estate as investor/syndicator, PNC Bank as bridge lender, and US Bank as the perm loan lender and purchaser of the Oregon Affordable Housing Tax Credits (OAHTC) allocated by OHCS. Soft financing in the form of deferred developer fee will be provided by NWRECC to fill the financing gap. We now have loan and equity funding in place to commence the much needed rehabilitation at this property.
Having achieved closing for the financing, the construction phase of this project began March 15, 2012 under the guidance of our rehab team: CSHQA, A Professional Association Architectural and Engineering, P.C. (Architect), CSDI Construction, Inc. (General Contractor), and NWRECC (Development Group and Operations). We expect approximately 10 months of rehabilitation with substantial completion scheduled for December 2012.
Rehabilitation of the property's three residential buildings include replacement of exterior structural conditions such as roof, siding, window and sliding doors; repair to the parking lot, sidewalks and fencing. Interior structural conditions scheduled for improvement include addition of through the wall air conditioners, replacement of kitchen and bathroom cabinets and countertops, floor covering replacement, along with fixture and appliance replacement as needed. Accessibility standards will be improved in the property's common areas and accessible units.
October 13th, 2011
Mill Creek Apartments rehabilitation complete.
NWRECC is pleased to announce the completion of rehabilitation of the Mill Creek Apartments, located in Lewiston, Idaho. This is the 12th project that NWRECC has successfully rehabilitated in the state of Idaho, and our 29th rehab project overall. The acquisition and rehabilitation of this 41-unit property includes a manager's unit and 40 units subsidized by HUD for the elderly. Financing structure utilized competitive 9% LIHTC, construction and permanent financing, along with a tax credit equity bridge loan.
Beginning with the acquisition closing in May 2010, NWRECC closed on all the financing for this project by January 2011. Our funding sources provided $3.6 million for the project's acquisition and rehabilitation. Homestead Capital, a wholly owned subsidiary of National Equity Fund (NEF), agreed to purchase the LIHTC that were allocated to the project by Idaho Housing and Finance Association (IHFA), while the construction loan, permanent loan, and tax credit equity bridge loan have been provided by Utah Community Reinvestment Corporation (UCRC). Soft financing was provided by NWRECC to fill the financing gap.
Our rehab team for this project included CSHQA (Architect), CSDI Construction (General Contractor), and NWRECC (Developer). Construction began January 14, 2011 and was substantially complete, within schedule, by September 9, 2011. A ribbon cutting ceremony was held September 29, 2011, after the final inspection.
The scope of rehab for the two-wing residential building included improvement to exterior structural conditions such as roof, siding, window and sliding door replacement, parking lot, sidewalk and fencing repair and replacement. Interior structural conditions that were improved included replacement of kitchen and bathroom cabinets and countertops, floor covering replacement, along with fixture and appliance replacement as needed. Additionally, the plumbing system was replaced; fire alarm system upgraded and accessibility standards were improved in the property's common areas and accessible units.
Thank you to all who made this project a success!
July 21st, 2011
Windwood Apartments has its Grand Opening after being rehabilitated.
NWRECC is pleased to announce the completion of rehabilitation of the Windwood Apartments, located in Jerome, Idaho. This is the 11th project that NWRECC has successfully rehabilitated in the state of Idaho, and our 28th rehab project overall. The acquisition and rehabilitation of this 30-unit HUD subsidized family property utilized competitive 9% LIHTC, construction and permanent financing, along with a tax credit equity bridge loan.
Beginning with acquisition in May 2010, we closed on all the financing for this project by January 2011. Our funding sources provided $3.5 million for the project's acquisition and rehabilitation. Homestead Capital, a wholly owned subsidiary of National Equity Fund (NEF), agreed to purchase the LIHTC that were allocated to the project by Idaho Housing and Finance Association(IHFA), while the construction loan, permanent loan, and tax credit equity bridge loan have been provided by Utah Community Reinvestment Corporation (UCRC). Soft financing and deferred developer fee was provided by NWRECC to fill the financing gap.
Our rehab team included CSHQA (Architect), CSDI Construction (General Contractor), and NWRECC (Developer). Construction began January 14, 2011 and was substantially complete, on schedule, by June 27, 2011. A ribbon cutting ceremony was held July 21, 2011, after the final inspection.
The scope of rehab for the four residential buildings and one common building included improvement to exterior structural conditions such as roof, siding, window and sliding door replacement, parking lot, sidewalk and fencing repair and replacement. Interior structural conditions that were improved included replacement of kitchen and bathroom cabinets and countertops, floor covering replacement, along with fixture and appliance replacement as needed. Accessibility standards were improved in the property's common areas and accessible units. Other improvements included the children's play area and addition of a picnic shelter.
Thank you to all who made this project a success!
February 7th, 2011
Payette Plaza Apartments opens the newest Neighborhood Network Center
We are pleased to announce The Grand Opening of our newest Stepping Stones computer learning center.
This affordable housing community is located in Payette, Idaho and is sponsored by Idaho Senior Health Insurance Benefit Advisers (SHIBA).
Our learning center is a certified Medicare site. Certified counselors will provide assistance to elderly persons within the Payette, Idaho community with Medicare, Medicare Supplements, Long Term Care Insurance, HMO's, the Prescription Drug Coverage Plan, and Preventative Screenings Medicare benefits.
- Veteran learning and outreach programs will be provided.
- Independent living skills training, debt reduction, nutrition, and cooking on a budget classes.
- Financial literacy and identity theft education.
- Talking Book Service.
- Computer basics, email and web surfing basics to connect residents to health care, family, and more.
October 18th, 2010
Burrell Street Station Apartments opens a Neighborhood Network Center
We are pleased to announce The Grand Opening of Burrell Street Station Apartments' Neighborhood Network Center.
This low income senior and disabled community is located in Lewiston, Idaho and is sponsored by Idaho Senior Health Insurance Benefit Advisers (SHIBA). Certified counselors provide assistance to our elderly within our Lewiston community with Medicare, Medicare supplements, Long Term Care Insurance, HMO's, and the Prescription Drug Coverage and Preventative Screenings Medicare Benefits.
- Our learning center will be a certified Medicare site.
- Lewis and Clark State College (LCSC) - Students from LCSC's Service Learning Program teach computer skills, email, and web surfing to our residents.
- The Idaho Division of Veterans Services- Staff members provide learning and outreach programs to assist veterans.
- Wells Fargo- Hands on Banking - Financial Literacy Class, Identity Theft Classes, Credit Repair Courses & First Time Home Buyer Classes.
- Internet, typing, Microsoft Office.
- Nutritional and cooking on a budget.
- Health and Disease Prevention.
May 18th, 2010
Franklin Grove Apartments has been awarded a Resident Service Coordinator grant
NWRECC takes another step forward!
HUD has announced the fiscal year 2009 Resident Service Coordinator grants. NWRECC has been awarded a three year Service Coordinator grant totaling $147,839 for Franklin Grove Apartments located in Boise, Idaho.
This grant will allow NWRECC to hire a Resident Service Coordinator at Franklin Grove Apartments to assist our senior and disabled residents by identifying and providing the critical support services necessary for our residents to "age in place".
Click here to read the full announcement: HUD Press Release
March 12th, 2010
Franklin Grove Apartments opens a Neighborhood Network Center
We are pleased to announce The Grand Opening of Franklin Grove Apartments' Neighborhood Network Center.
The Franklin Grove computer learning center is Idaho's newest and largest HUD Neighborhood Network. It has 10 new computers with DSL which can help lower-income senior, disabled and veteran families reach their goals and achieve economic self-sufficiency through education.
- Our learning center will be a certified Medicare site
- The Idaho Division of Veterans Services will provide learning and outreach programs to assist veterans.
- LINC brings learning opportunities onsite to our residents. Independent living skills training, debt reduction, and cooking on a budget are some of the classes that will be offered.
- Idaho Commission for the Blind will provide individual technical support and computer setup to appropriately accommodate the blind and visually impaired.
- World Relief will provide English as a Second Language (ESL) classes onsite.
August 7th, 2009
Treehouse Apartments opens a Neighborhood Network Center
We are pleased to announce The Grand Opening of Treehouse Apartments' Neighborhood Network Center.
Sometimes big opportunities come in small packages! The Treehouse computer learning center provides three brand new computers and a world of opportunity for our residents!
- Job training and resume workshops
- Computer classes
- Microsoft Word and Excel classes
- Typing classes
- Building Wealth Program
- After-school programs
- GED preparation
- Nutrition classes and more!
December 10th, 2008
HUD Recognition for Wylie Street Station's Network Neighborhood
October 2nd, 2008
NWRECC/Tamarack Merger
We are pleased to announce the acquisition/merger of Northwest Real Estate Capital Corp. and Tamarack Property Management Company Headquartered in Billings Montana.
Tamarack Property Management Company has been in existence for over 20 years and is a well respected property management company operating in Montana, Utah, and Wyoming. Tamarack fee manages affordable housing, including HUD, RD and tax credit along with conventional and commercial properties.
September 26th, 2008
Wylie Street Neighborhood Network Grand Opening
Wylie Street Station opens its computer center. The largest Neighborhood Network in the State of Idaho, the computer center will have 7 computers all connected to the internet. It will be staffed with a center director to work with our residents to help them develop skills that will help them to become self-sufficient. Internet classes will also be offered at the center.
January 9th, 2008
Residents Get Financially Fit in 2008
NWRECC and Wells Fargo Launch Financial Education Programs
Residents In Alaska, Oregon and Idaho will be getting financially fit this new year, as they learn money skills they need for life through a program called "Hands on Banking" provided by Wells Fargo. This free program provides classes for Kids (4th-5th grade), Teens (6th-8th grade), Young Adults, and Adults.
The program is designed to improve knowledge of budgeting, importance of saving, bank accounts, maintaining good credit, how to be a smart shopper, how to afford a higher education, buying a home, and starting a small business . The residents will receive a certificate of completion after successfully passing each course.
While the parents are busy learning, young children are given special activity guides and coloring books. The booklet presents the first steps in introducing children to concepts related to money and finance, including needs vs. wants, and saving over a period of time. There are also activities to help young children learn to indentify currency, to commute the value of combinations of coins and to use currency to make purchases.
Senior and disabled residents are learning safety tips to avoid financial abuse, avoid identity theft, and recognize predatory lender and investment scams. Local community agencies are providing education on home care, nutrition, health and disease prevention.
Stay tuned for the schedule dates starting in late January!
January 2nd, 2008
The November 2007 Novogradac LIHTC Monthly Report featured an article detailing our Oregon Rehab project. You can read the full article in pdf format here.
July 25th, 2007
A new version of the website http://www.nwrecc.org/ has been launched. The site features a redesigned layout and color scheme, the addition of the Northwest Real Estate Capital Mission Statement, and some improved search features with Google Maps integration. In addition the relevant links have been expanded to include the AMHA organizations that NWRECC is affiliated with and also IdahoHousingSearch.com.
April 23rd, 2007
NWRECC was recently awarded a three year Resident Service Coordinator Grant for $125,148.00 for Burrell Street Station. This grant will allow NWRECC to hire a service coordinator. Our new Service Coordinator will be starting on April 30!
NWRECC is currently developing Resident Service Plans and Management Plans for the Oregon properties that are in conjunction with the OHCS LIHTC financing applications. Each plan will be different for each property focusing specifically on developing strong foundations and comprehensive strategies that address the multiple barriers our residents face and develop programs for them in order to assist in navigating their way to better opportunities and self-sufficiency.
Later this year we hope to establish our first neighborhood network center to be developed here in Boise.
