Several developments and financings have been announced recently in the affordable seniors housing market, following a common theme that this sector is fast gaining investor attention.
AHEPA Affordable Housing Management Company, Inc. is receiving an $8.86 million HUD loan to facilitate the development of 100 new affordable housing units in Des Moines, Iowa. That funding is part of the portion of the Build Back Better Act that is projected to bring more than $1 billion in affordable housing investments to Iowa.
Across the country, MassHousing provided a $23.5 million loan for the expansion of Golda Meir House in the Boston suburb of Newton. Built between 1978 and 1995 and renovated in 2018, construction for the new addition is expected to be completed by spring 2023. 2Life Communities is developing the expansion project, which will add 69 apartments to the existing 199-unit affordable seniors housing property.
And in Dothan, Alabama, the century-old Moody Hospital building will receive $1.64 million from the city to redevelop the property and the surrounding area into affordable seniors housing apartments. The Banyan Foundation will lead the redevelopment, with plans to create 58 one- and two-bedroom units. The total investment of the project is expected to amount to $20 million, or $345,000 per unit.
