Completed Projects
Hartford Portfolio - Hartford, CT
Heritage Housing acquired five Section 8 properties located in Hartford, CT in June, 2021 and preserved / rehabilitated them with LIHTC financing. Heritage Housing completed an average of $75,000 per unit of rehabilitation and extended affordability for 30 additional years. The renovation was financed with 4% LIHTCs and a Connecticut Housing Finance Authority Tax-Exempt Bond.
One of the properties, Barbour Gardens, lost its Section 8 assistance and was vacated while Heritage Housing was in the process of acquiring it. Despite this unique challenge, Heritage Housing closed on the acquisition and is now preparing to comprehensively renovate it and restore some of the Section 8 assistance through an 8bb transfer.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / completed in February, 2023.
Project Size: 204 units / $35 million
Affordability: 100% affordable to 60% of Area Median Income; 83% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits and CHFA Tax-Exempt Bond financing.
Video: https://youtu.be/QMxN5x3OMxY
Canaan Parish - New Canaan, CT
Heritage Housing worked with the HANC and New Canaan Neighborhoods, Inc., a local non-profit, to redevelop Canaan Parish, a 60-unit Section 8 property in New Canaan, CT. The current buildings, constructed in 1978, were demolished and replaced with two new buildings. The first building was completed and opened in October, 2021, allowing the 60 existing resident households to move into new apartments. The second building was completed and opened in December, 2022, adding 40 new apartments to the site.
Role: Consultant to HANC / New Canaan Neighborhoods, Inc.
Project Type / Status: New Construction / completed 2022
Project Size: 100 units / $45 million
Affordability: 100% affordable to 80% of State Median Income; 60% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits, Tax-Exempt Bond financing, FHA 221(d)4 financing, and Town of New Canaan funds.
Video: https://youtu.be/HriZxAKqyBI
mountain state portfolio
Heritage Housing acquired two Section 8 properties comprising 221 units located in Parkersburg, WV and Chapmanville, WV and combined them into a single LIHTC renovation project. Despite over 100 miles separating the properties, Heritage Housing created a complex structure to reduce transaction costs in a single LIHTC and tax-exempt bond issuance financed with two different types of first mortgage financing issued by the West Virginia Housing Development Fund.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / Completed March, 2023.
Project Size: 221 units / $22 million
Affordability: 100% affordable to 60% of Area Median Income; 100% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits, Tax-Exempt Bond financing, WVHDF RD 538 loan and WVHDF loan
Press: West Virginia Developments Undergo Rehabilitation| Housing Finance Magazine
donora towers - donora, pa
Heritage Housing, Inc. acquired Donora Towers, a 103-unit senior affordable housing property in Donora, PA, in September, 2019. We preserved the long-term affordability and completing a moderate rehabilitation of approximately $30,000 per unit while adding a senior center to the ground floor. The renovation was financed with 4% LIHTCs and a Freddie TEL issued by Walker & Dunlop.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / Construction completed in March, 2022
Project Size: 104 units / $12 million
Affordability: 100% affordable to 60% of Area Median Income; 100% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits and Freddie Mac TEL.
Potomac heights - keyser, wv
Heritage Housing, Inc. acquired Potomac Heights, a 141-unit senior and family affordable housing property in Keyser, WV, in September, 2019. We have preserved the long-term affordability and completed a moderate rehabilitation of approximately $30,000 per unit. The renovation was financed with 4% LIHTCs and a first mortgage from West Virginia Housing Development Fund (WVHDF) through the RD 538 program.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / Completed 2021.
Project Size: 141 units / $17 million
Affordability: 100% affordable to 60% of Area Median Income; 100% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits, Tax-Exempt Bond financing, WVHDF RD 538 first mortgage financing
Video: https://youtu.be/8K9x2ZdIrTo?si=7rRPS5BDYWIm4n0P
Brookpark Place - Wheeling, WV
Heritage Housing acquired Brookpark Place, a 152-unit senior affordable housing property built in 1975 and located in a quiet residential neighborhood of Wheeling, WV, in November, 2018. It closed on LIHTC and tax-exempt bond financing with an FHA 221(d)4 loan from Capital One Multifamily in July, 2019 to preserve the long-term affordability of 100 units and complete a $30,000 per unit rehabilitation that replaced several key building systems.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / Completed 2021
Project Size: 152 units / $14.5 million
Affordability: 66% affordable to 60% of Area Median Income; 20% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits, Tax-Exempt Bond financing, FHA 221(d)4 loan
Press: Senior Housing Preserved in West Virginia| Housing Finance Magazine
Millport Phase I - New Canaan, CT
Millport Phase I is located in a quiet residential area of New Canaan a half-mile from its lively downtown, which includes grocery stores, banks, pharmacies, a post office, a library, and many other daily conveniences. There is a pond and park across the street and an elementary school, fields and playground one block away.
Role: Consultant to the Housing Authority of the Town of New Canaan (HANC)
Project Type / Status: New Construction / Completed 2016
Project Size: 33 units / $10.5 million
Affordability: 100% affordable to 80% of State Median Income
Financing: 4% Low-Income Housing Tax Credits to People's United Bank, Tax-Exempt Bond financing from Bankwell, Town of New Canaan funding
Millport Phase II - New Canaan, CT
Built adjacent to Millport Phase I, Millport Phase II completes the redevelopment of the HANC's portfolio of affordable housing and incorporates a RAD conversion and demolition/replacement of an 18-unit public housing development.
Role: Consultant to HANC
Project Type / Status: New Construction / Completed 2018
Project Size: 40 units / $13.2 million
Affordability: 55% affordable to 80% of State Median Income; 45% affordable to 60% of State Median Income and project-based Section 8 (RAD)
Financing: 4% Low-Income Housing Tax Credits to People's United Bank, Tax-Exempt Bond financing from Bankwell, RAD Conversion, State of CT FLEX funding,Town of New Canaan funding
Burton Place - Burton, MI
Heritage Housing managed predevelopment of a $23,000 per unit rehab and recapitalization of Burton Place, which was built in 1978 and provides affordable housing to seniors in a suburb of Flint, MI. The redevelopment includes a refinancing of existing MSHDA debt with new MSHDA debt and 4% LIHTCs.
Role: Consultant to JRCo
Project Type / Status: Acquisition and Rehabilitation / Completed 2020
Project Size: 200 units / $22.9 million
Affordability: 100% affordable to 60% of Area Median Income and project-based Section 8.
Financing: 4% Low-Income Housing Tax Credits, Tax-Exempt Bonds financed by MSHDA
Village Center - Detroit, MI
Heritage Housing managed predevelopment of a $33,000 per unit rehab and recapitalization of Village Center, which was built in 1983 and provides affordable housing to families and seniors in the New Center neighborhood of Detroit. The redevelopment includes MSHDA debt and 4% LIHTCs and will incorporate enhanced community facilities and a new community center.
Role: Consultant to JRCo
Project Type / Status: Acquisition and Rehabilitation / Completed 2020
Project Size: 254 units / $24.6 million
Affordability: 100% affordable to 60% of Area Median Income and project-based Section 8.
Financing: 4% Low-Income Housing Tax Credits, Tax-Exempt Bonds financed by MSHDA
Projects In Development
Carl D Perkins Apartments
Heritage Housing, Inc. acquired Carl D Perkins Apartments, a 150-unit Section 8 property in rural Pikeville, KY, in August, 2021. The renovation 4% Low-Income Housing Tax Credit and Freddie Mac TEL financing closed in August, 2022 and construction will be completed by the end of 2023.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / Under renovation
Project Size: 150 units / $18.7 million
Affordability: 100% affordable to 60% of Area Median Income; 97% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits and Freddie Mac TEL.
Vermont Portfolio
Heritage Housing, Inc. acquired three Section 8 properties in rural Chelsea and Williamstown, Vermont totaling 59 units and adding 2 new units. The properties, originally developed in 1979, will be renovated with 4% Low-Income Housing Tax Credit financing and a Fannie Mae M.Teb loan.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / Projected 2024
Project Size: 61 units / $10 million
Affordability: 100% affordable to 60% of Area Median Income; 95% of units project-based Section 8
Financing: 4% Low-Income Housing Tax Credits and Fannie Mae M.Teb loan.
Oak Grove
Heritage Housing is partnering with the Norwalk Housing Authority (NHA) to develop 69 units of affordable housing and a 5,000 square foot Learning Center and Management Office on a 7-acre parcel of land in Norwalk, CT. Construction commenced in October 2023 and will be completed late in 2024. HHI and NHA will co-develop the project and HHI is expected to exit the ownership once the buildings are fully leased and 8609s have been secured.
Role: Developer
Project Type / Status: New Construction / Under Construction
Project Size: 69 units / $35 million
Affordability: 18 at 30% AMI, 17 at 50% AMI, 17 at 60% AMI, and 17 at 80% AMI
Financing: 4% Low-Income Housing Tax Credits, Tax-Exempt Bond financing, CT Department of Housing HOME funds, CT Department of Economic and Community Development CIF funds.
Reid & Hughes
In August 2022, Heritage Housing acquired the building formerly housing the Reid & Hughes Department Store in downtown Norwich, CT, which has been vacant for over 30 years and is in need of substantial renovation. Hazmat abatement work began in June 2023, with the main phase of construction expected in late 2023. Heritage Housing is working closely with the City of Norwich using a combination of public and private funds to restore this historic property and help revitalize downtown Norwich.
Role: Developer
Project Type / Status: Adaptive Reuse / Construction Start Expected Q4 2023
Project Size: 17 units and 2,000 sf retail / $7.5 million
Affordability: 100% at 80% of AMI
Financing: CT and Federal Historic Tax Credits, private debt, CT DECD CIF funds, CT Preservation loan, City of Norwich ARPA funds, conventional equity.
Kimberly Place / Leonard Street
Heritage Housing is under contract to purchase two properties comprising 170 units of Section 8 housing in Danbury and Norwalk, CT. The properties were built in the late 1970s and early 1980s. Heritage Housing plans to acquire and complete a rehabilitation of the properties with CHFA and LIHTC financing in 2024.
Role: Developer
Project Type / Status: Acquisition and Rehabilitation / Expected in 2024
Project Size: 170 units / $59.6 million
Affordability: 100% at 60% AMI / 99% Section 8
Financing: 4% Low-Income Housing Tax Credits, CHFA Tax-Exempt Bond financing.