(L-to-R: Michael Chiappa, APAH; Derrick Perkins, BAML; Peter Engel, APAH; Crystal Jackson, BAML)
The Springs Apartments – an affordable, family-friendly, 104-unit, transit-oriented, located in the heart of Arlington – may not be scheduled to open until mid-2016, but this new mixed-use community is creating a lot of buzz within the region. With developer Arlington Partnership for Affordable Housing (APAH) and the rest of the development team on board, the property has already had a “topping out” and is well on its way to becoming a sound home for Arlington residents. As part the investment team, Bank of America Merrill Lynch (BAML) is one of the property’s proud funders and is excited that it has been able to help bring housing stability to this northern Virginia neighborhood.
“We are focused on helping local communities address critical housing needs and revitalize neighborhoods,” said Derrick Perkins, senior vice president of community development, BAML. “With our investment in The Springs, we are succeeding in our efforts in helping to create homes for families in this dynamic region.”
For nearly 30 years, BAML has fueled economic development and achieved national award-winning recognition by providing communities across the country with greater access to capital and credit. A leader in community development, the bank has achieved an extensive track record of success by dedicating itself to the financial needs of its clients and strategic partners – and the development needs of its communities.
Nationally, the bank is working diligently to achieve its community development lending and investment goal of $1.5 trillion within a decade. Launched in January 2009, BAML is on the right path in executing against this goal and is using financing tools such as LIHTC to reach its target. To date, it has placed more than $7.5 billion in equity in LIHTC-financed communities – which represent more than 5,000 apartment communities across the nation.
With The Spring, BAML invested more than $20 million in LIHTC equity; however that was not the banks only contribution. It also used an innovative funding source from the Department of Justice which allowed for a greater reduction on some of the targeted rents within the apartment community.
“Investing in projects like The Springs is a rewarding experience. In addition to helping to create homes close to employment centers and sound community amenities, it’s also gratifying to work with partners like APAH, who are truly committed to providing sustainable investment in our neighborhoods,” said Derrick. “Being a HAND member allows us to interact with strong affordable housing developers throughout the region – and at times, throughout the country.”
In addition to providing valuable networking opportunities, BAML also leverages the other benefits of being a HAND member. The training and capacity building series helps to refresh the skills of experienced associates, and affords educational opportunities to those who are new to the industry as well.
HAND is pleased to spotlight Bank of America Merrill Lynch as a member who certainly contributes to our organization’s COLLABORATION, INNOVATION and TRANSFORMATION within the metropolitan area!
The Catalogue for Philanthropy is now accepting applications for nonprofits to join the its network. Being part of the Catalogue network means you will be recognized as “one of the best” high-impact, community-based nonprofits in the region – something that means so much to supporters, both existing and new. The Catalogue’s track record shows that when nonprofits engage in a committed partnership with CFP, they receive both financial and other returns. (The Catalogue has helped raise over $30 million since 2003 for its network of over 300 charities.)
ABOUT THE CATALOGUE FOR PHILANTHROPY
The mission of the Catalogue for Philanthropy: Greater Washington is to create strong and vibrant communities by connecting caring citizens with worthy community causes. For donors‚ this means we take the guesswork out of giving by identifying the best community-based charities in Washington D.C. and nearby Maryland and Virginia counties. For nonprofits‚ it means we raise visibility through the distribution of our annual print Catalogue‚ events‚ and campaigns‚ and we create resources and run educational workshops throughout the year to help elevate their capacity to do good.
Applications are due by 11:59pm on Sunday, February 28th.
To support anyone using the 2015 Criteria, Enterprise Green Communities is releasing a series of newly developed resources to help you achieve your sustainability goals.
This live online event (February 25, 2016, from 2:00 p.m. to 3:30 p.m. ET), introduces new resources developed to accompany the 2015 Green Communities Criteria: The 2015 Criteria Cost Survey and the 2015 Criteria Specifications with Scopes of Work (SOW).
By attending this web event, participants will be able to:
– Understand the purpose of these resources, what they cover and how to access them.
– Estimate the incremental cost of meeting the individual measures of the 2015 Criteria as compared to standard construction practices.
– Edit our building specifications template for your multifamily or single-family affordable housing, to ensure that your construction documents are aligned with the 2015 Criteria.
– Customize a model SOW for your single-family project to ensure your contractors and trades are aligned around your sustainability goals.
Presenters will include: Jessica Pitts of Bridgewire Consulting (2015 Criteria Cost Survey) and Alistair Jackson of O’Brien and Company (2015 Criteria Specifications and Scopes of Work).
Recently, the President submitted to Congress his fiscal year (FY) 2017 budget request–the final budget request of his presidency.
Overall, the budget request provides a $2.1 billion increase in funding for affordable housing and community development programs. The budget proposes additional resources for the U.S. Department of Housing and Urban Development (HUD) to expand the number of Housing Choice Vouchers for homeless families with children, to increase funding for Homeless Assistance Grants, as well as to help revitalize distressed communities throughout the country. Moreover, the budget fully funds the U.S. Department of Agriculture (USDA) rural rental housing assistance program.
The budget request contains a number of proposals related to tax policy and other federal agencies that directly impact housing and economic opportunities for low-income families. For more details, see Enterprise’s comprehensive overview of the President’s FY 2017 budget and our updated FY 2017 budget chart. For a version of this Action Alert that you can share on social media, see Enterprise’s blog post.
Now that the President’s budget has been released, it is time for affordable housing and community development organizations to take action.
Here are 3 things you can do TODAY to help protect affordable housing and community development programs:
1. Sign the national letter urging Congress to make funding for affordable housing and community development a top priority. Enterprise and other leaders of the Campaign for Housing and Community Development Funding launched this letter to bring together housing, community development, and transportation organizations to ensure that the Transportation, Housing and Urban Development (THUD) Appropriations Subcommittee gets the highest allocation possible. With this investment, communities across the nation can access the federal resources they need to thrive and meet the needs of their most vulnerable residents. The deadline to sign on is February 19.
2. Sign the national letter to protect and fully fund Section 4 in FY 2017. Section 4 strengthens communities across the nation by providing critical support to local nonprofit organizations that develop affordable housing, finance small businesses, revitalize commercial corridors, and help address local healthcare, childcare, education and safety needs. Despite this successful track record, the Obama Administration proposes to essentially eliminate Section 4 in his FY 2017 budget request. In response, Enterprise, LISC, and Habitat for Humanity are leading an effort to fully fund Section 4 at no less than $35 million in FY 2017. The deadline for organizations to sign on is February 18.
3. Sign the national HOME letter to restore funding to at least $1.2 billion in FY 2017. For over 20 years, HOME has proven to be one of the most effective, locally driven tools to help states and communities address their most pressing housing needs. In recent years, HOME funding has been cut in half, making it more difficult for low-income seniors, people with disabilities, veterans, families with children, and homeless populations to access the housing they need. That’s why Enterprise and other members of the HOME Coalition are urging Congress to restore HOME funding to at least $1.2 billion.The deadline for organizations to sign on is March 1. For more information, see Enterprise’s recent blog post and their #SaveHOME campaign site.
If you have any questions about the President’s budget request–or how you can help protect funding for affordable housing programs–please contact Diane Yentel (dyentel@enterprisecommunity.org) or Sarah Mickelson (smickelson@enterprisecommunity.org).
The Community Foundation in Prince George’s County is pleased to announce the 2016 Request for Proposals for the Transforming Neighborhood Initiative (TNI) Fund for Community Innovation. Created by The Office of the Prince George’s County Executive and Prince George’s County Public Schools, the TNI Fund will offer program and general operating support of up to $15,000 for organizations serving youth, ages 0-18, in the TNI communities of East Riverdale/Bladensburg, Glassmanor/Oxon Hill, Hillcrest Heights/Marlow Heights, Kentland/Palmer Park, Langley Park, and Suitland/Coral Hills.
For more information, please view the full set of application guidelines here.
Technical Assistance
The Community Foundation will offer a pre-proposal webinar to review the RFP Guidelines and online application system on Thursday, February 18, 2016 from 10:00 – 11:30AM. Pre-registration is required. To register for the webinar, click here.
Apply Online
Before applying, please carefully review the eligibility requirements and the program objective defined in the application guidelines document to ensure your proposal will be accepted and reviewed by the Foundation. All applications must be submitted online on Tuesday, March 8, 2016 at 5pm. Final grant decisions will be announced by July 1, 2016.
To begin the online application, click here.
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Payments: Orders placed on the event registration page are not confirmed until payment is received. A confirmation email will be sent to the email address listed in your registration. If you paid by credit card, a receipt will be sent to the email address listed in your registration. If you mail a check, all payments must be received within seven days of completing your registration form. Checks should be remitted to: HAND, PO Box 48386, Washington, DC 20002
Guest List & Dietary Preference: If your registration includes a luncheon table or multiple guests, please submit guest names and menu choices by May 1, 2020. Submit guest names here.
Housing Expo: Plan to exhibit? Download the Housing Expo FAQs here.
Omni Shoreham Hotel Room Block: For attendees looking to secure overnight accommodations on May 25th, HAND has secured a rate starting at $189 for conference attendees. There are a limited amount of rooms available, so visit this link today to reserve your room. May 10th is the last day to secure a room at the discounted rate.
Ad Submission: The artwork for advertisements should be submitted to annualmeeting@handhousing.org. You can download the ad spec sheet here. Deadline for ad submission is April 13, 2020.
Cancellations & Changes: If you wish to cancel or change your registration for the Annual Meeting & Housing Expo, please send a request in writing to annualmeeting@handhousing.org. All cancellation requests made prior to April 27th will receive a 50% refund. For cancellation requests made after April 27th, no refund will be provided.
Door Prizes: Are you interested in donating a door prize to this year’s Annual Meeting? Email annualmeeting@handhousing.org to coordinate with our team.
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