The BLVD Group's Transformation of Affordable Housing
The BLVD Group, known for its commitment to developing affordable housing, has recently embarked on an ambitious project to revitalize the Concord Royal Gardens, an expansive 300-unit community. This innovative effort involves a remarkable $97 million investment aimed at significantly upgrading the living conditions and amenities available to families in need.
Investing in Community Through Renovation
In collaboration with various organizations, including New Hampshire Housing and the U.S. Department of Housing and Urban Development, the BLVD Group plans to revamp the Concord Royal Gardens. This initiative is particularly noteworthy as it marks the largest single bond-financed housing transaction in New Hampshire's history, showcasing a dedicated approach to enhancing community living standards.
Financing the Future of Housing
The financing of this extensive project involves the use of Low Income Housing Tax Credits (LIHTC) and tax-exempt bond financing, ensuring that funds are streamlined for optimum use. Moreover, tax credit equity from Boston Financial, along with a HUD grant and a construction loan from Citizens Bank, further supports this monumental undertaking. The comprehensive financial structure illustrates how multiple sectors can unite to address housing challenges effectively.
Preservation and Upgrading of Housing
Originally constructed in 1970, Concord Royal Gardens has served as a vital housing resource for many families. The forthcoming renovations will not only update the property but will also secure its status as an affordable housing option for the next 30 years. Total enhancements will exceed $27 million, focusing on improvements in essential building systems, aesthetic upgrades, and new on-site amenities.
Enhanced Living Experience for Residents
The redevelopment will significantly enhance residents' quality of life. Plans include an expanded community building with facilities such as a fitness center, community room, and computer stations for resident use. Outdoor amenities will also be abundant, featuring a barbecue area, dog park, playground, and bocce ball court. Additionally, substantial upgrades to mechanical and electrical systems, including solar roofs and energy-efficient windows, are on the agenda. Every unit will be transformed with new appliances, flooring, and fixtures that promote sustainability.
Community Commitment and Future Outlook
In expressing the importance of this project, Rob Budman, Managing Principal at the BLVD Group, highlighted the initiative as a significant step toward providing high-quality, sustainable affordable housing. He emphasized the project's role in extending affordability while creating new units in a time when they are desperately needed.
A Collective Effort Towards Better Housing
Rob Dapice, CEO and Executive Director of New Hampshire Housing, praised the collaboration behind this project, underscoring that the transformation of Concord and Royal Gardens is a testament to persistent efforts in tackling affordable housing shortages. The initiative is expected to create a lasting positive effect, preserving housing for families earning 60% or less of the area median income through 2054.
Understanding the Project Team
The success of this project relies on several key partnerships: the BLVD Group serves as the developer, with Boston Financial as the equity partner. Construction will be executed by ETC Companies, with the financial support of Citizens Bank as the construction lender. Architectural visions for the redevelopment will be guided by Warrenstreet Architects, ensuring a cohesive and appealing result.
About The BLVD Group
The BLVD Group stands out as a top multifamily investment and development firm in the housing market. Their expertise enables them to provide innovative housing solutions that cater to various income levels. With over $3 billion in successfully executed investments and a portfolio surpassing $1 billion in assets, the BLVD Group is committed to creating an enduring positive impact on communities nationwide.
Frequently Asked Questions
What is the purpose of the Concord Royal Gardens redevelopment?
The redevelopment aims to revitalize the existing affordable housing units and create sustainable living conditions for families earning up to 60% of the Area Median Income.
How is the project financed?
This project is financed through a combination of Low Income Housing Tax Credits (LIHTC), tax-exempt bonds, tax credit equity, a HUD grant, and a construction loan.
What amenities will be included in the renovated Concord Royal Gardens?
The renovations will feature improved community spaces, a fitness center, BBQ area, dog park, playground, and various upgraded unit interiors.
What is the expected impact of the redevelopment on the community?
The redevelopment is expected to enhance living conditions, extend affordability, and preserve the housing for families in need for decades to come.
Who are the main partners involved in this project?
The key partners include The BLVD Group, Boston Financial, Citizens Bank, and Warrenstreet Architects, demonstrating a collaborative approach to addressing housing needs.
