The BLVD Group Launches Major Affordable Housing Project
The BLVD Group, renowned for its commitment to creating affordable housing, is thrilled to announce an innovative redevelopment initiative. They are set to enhance Concord Royal Gardens, a significant 300-unit affordable housing community, with a total investment of $97 million. This endeavor, which involves collaboration with state and federal housing entities, emphasizes tackling the pressing need for affordable housing in the community.
Strategic Collaboration for Housing Development
Working hand-in-hand with New Hampshire Housing, the U.S. Department of Housing and Urban Development (HUD), and financial partners like Boston Financial and Citizens Bank, The BLVD Group prepares to revitalize this vital community asset. Under these collaborative efforts, the project aims to make all housing units accessible for families earning up to 60% of the Area Median Income (AMI), fostering greater affordability amidst increasing demand.
Financing the Revitalization
This redevelopment marks a historic milestone as it is financed through a mix of Low Income Housing Tax Credits (LIHTC) and tax-exempt bond financing, representing the state's largest single bond-financed housing transaction. Alongside these funding sources, significant financial contributions from Boston Financial, HUD grants, and Citizens Bank's construction loans play crucial roles in this transformative project.
Transformative Renovations Ahead
Originally established in 1970, Concord Royal Gardens is poised for a comprehensive transformation that promises to enhance livability and community spirit. The extensive renovations will focus on updating essential building systems, refurbishing all unit interiors, and introducing modern amenities for residents. Estimated construction costs exceed $27 million, ensuring a sustainable future for this key residential area.
Community Impact and Resident Amenities
The enhancements will not only preserve affordability for the next three decades but also enrich the living experience for residents. Plans include an expanded community building featuring a fitness center, community room, and computer access. Outdoor improvements like a BBQ area, dog park, playground, and bocce ball court will enhance recreational opportunities across the community. With mechanical and electrical upgrades, including energy-efficient systems and solar roofs, residents can look forward to enhanced comfort and lower utility costs.
Commitment to Affordable Housing
Rob Budman, Managing Principal at The BLVD Group, expressed optimism regarding this initiative, stating, "This marks a significant step towards our goal of providing high quality and sustainable affordable housing. We're focusing on not only maintaining affordability but also increasing the total housing stock in the region." This sentiment echoes the broader aims of local housing authorities to meet the growing needs of community residents.
Praise from Local Housing Authorities
Rob Dapice, the CEO and Executive Director of New Hampshire Housing, also commented on the project, highlighting the critical role of collaboration in these efforts. He said, "The transformation of Concord Royal Gardens stands as a testament to our commitment to ensuring access to quality, affordable housing for every resident." This affirmation reinforces the community-driven focus of The BLVD Group's efforts.
About The BLVD Group
The BLVD Group stands as a leader in multifamily investments and development, delivering innovative housing solutions that span various income brackets. With a track record exceeding $3 billion in investments, they currently manage a comprehensive nationwide portfolio valued over $1 billion. The firm prioritizes both community impact and investor returns, navigating the delicate balance between profitability and societal good.
Frequently Asked Questions
What is the purpose of the BLVD Group's project in Concord?
The purpose is to revitalize and enhance Concord Royal Gardens' affordable housing, making it accessible for families earning up to 60% of AMI.
How is the housing project being financed?
The project is financed through Low Income Housing Tax Credits (LIHTC) and tax-exempt bond financing, with additional funding from various partners.
What amenities will the new redevelopment feature?
The redevelopment will include a fitness center, community room, outdoor spaces, and new energy-efficient systems and appliances in each unit.
What long-term benefits does the project bring?
The project will preserve affordable housing for families through 2054 and improve the quality of living with modern amenities and sustainable upgrades.
Who are the key partners involved in this project?
Key partners include New Hampshire Housing, HUD, Boston Financial, and Citizens Bank, highlighting a collaborative approach to housing development.
