WASHINGTON, DC (October 5, 2016) - Hanley Wood, the premier information, media, event, and strategic marketing services company serving the residential, commercial design, and construction industries, is pleased to announce the winners of its 2016 Affordable Housing Finance Readers’ Choice Awards. The winners will be honored at a ceremony held during AHF Live: The Affordable Housing Developers Summit, Nov. 15-17, in Chicago.
Each year, Affordable Housing Finance magazine honors the nation’s best affordable housing developments. Editors select the finalists, and then subscribers vote for the winners in nine categories.
These developments fill an important need. A National Low Income Housing Coalition study found that, in 2014, there were only 31 rental units affordable and available for every 100 extremely low-income renters (incomes at or below 30% of area median), and only 57 rental units affordable and available for every 100 very low-income renters (incomes at or below 50% of the area median).
The award-winning developments provide affordable housing for working families, seniors, people with special needs, veterans, and formerly homeless individuals.
Greystone Apartments in Rome, Ga., has been selected as this year’s overall winner as well as the best preservation project. Developers In-Fill Housing and Tapestry Development Group rescued the historic building, maintaining it as affordable and supportive housing for seniors and residents with special needs.
The 71-unit Greystone Apartments was originally built in the 1880s as The Armstrong Hotel and rebuilt after a fire in the 1930s. Renamed Greystone Hotel, it was considered the finest luxury hotel in northwest Georgia. A separate, adjacent apartment was built in 1936.
The property fell into disrepair and was converted to affordable housing using low-income housing tax credits in 1993. The initial compliance period ended in 2008, and it had been two decades since the last comprehensive renovation.
In-Fill Housing and Tapestry Development stepped in to undertake an $11.2 million project that rehabilitated the property and preserved its long-term affordability for residents.
Other 2016 Readers’ Choice Award winners are:
Green: Orchards at Orenco in Hillsboro, Ore., by REACH Community Development
Historic Rehab: The Lofts at Loomworks in Worcester, Mass., by The Community Builders
Public Housing Redevelopment: San Francisco RAD, phase one, in San Francisco, led by San Francisco Mayor’s Office of Housing and Community Development and San Francisco Housing Authority
Rural: Bowman Senior Residences in Nogales, Ariz., by Gorman & Co. and Nogales Community Development
Seniors: Lakeside Senior Apartments in Oakland, Calif., by Satellite Affordable Housing Associates
Special-Needs: The Six in Los Angeles by Skid Row Housing Trust
Urban: 1100 Ocean Avenue Apartments in San Francisco by Mercy Housing California and Bernal Heights Neighborhood Center
Editors’ Choice: 409 Cumberland Avenue Apartments in Portland, Maine, by Avesta Housing Development Corp.
For more information, visit www.housingfinance.com.
About Affordable Housing Finance
Affordable Housing Finance magazine is the nation’s leading source of news for developers, investors, financiers, and housing officials. It provides in-depth coverage of affordable housing development and financing. To learn more, visit www.housingfinance.com
About Hanley Wood
Hanley Wood is the premier company serving the information, media, and marketing needs of the residential, commercial design and construction industry. Utilizing the largest analytics and editorially driven Construction Industry Database, the company provides business intelligence and data-driven services. The company produces award-winning media, high-profile executive events, and strategic marketing solutions. To learn more, visit hanleywood.com.