Mix of Affordable Housing Properties Capture Novogradac Honors

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Five Properties Earn Development of Distinction Awards; Will be Honored in Nashville

Three properties that provide affordable housing for hundreds of residents and two developments that serve smaller, more targeted groups of residents are the winners of the 2021 Novogradac Journal of Tax Credits Developments of Distinction Awards.

The awards go to participants who strive for excellence in affordable housing, with properties financed by low-income housing tax credit (LIHTC) equity or with U.S. Department of Housing and Urban Development (HUD) funding.

This year’s awardees are:

  • Redevelopment of Poindexter Village in Columbus, Ohio, for Metropolitan Community Impact.
  • The Retreat at Harbor Pointe in Norfolk, Virginia, for Family Housing.
  • Culpepper Garden I in Arlington, Virginia, for Preservation of Existing Affordable Rental Housing.
  • Main Street Apartments in Rockville, Maryland, for Special Needs Populations.
  • Miramonte in Durango, Colorado, for Rural Impact.

“We continue to be impressed with how affordable housing developers find ways to creatively meet the needs in their communities,” said Michael J. Novogradac, managing partner of national accounting and consulting enterprise Novogradac. “This year’s Development of Distinction Award winners provide great examples of how an important tax incentive, combined with motivated developers, can benefit people in need.”

Redevelopment of Poindexter Village was developed by the Columbus Metropolitan Housing Authority and McCormack Baron Salazar, transforming the Near East Side neighborhood of Columbus, Ohio, into one of the most desirable places in the city to live. The redevelopment began in 2014 and now features Poindexter Place (seniors), Legacy Pointe at Poindexter (multifamily) and The Harris (historic renovation).

The Retreat at Harbor Pointe provides 246 families with affordable housing in a new, modern community boasting class-A amenities and a boardwalk on the Elizabeth River waterfront. Developer Lawson ensures The Retreat complements the site with EarthCraft certified energy-efficient buildings and a living shoreline featuring salt-tolerant native reeds, riprap, and oyster castles to naturally cleanse the river, along with the housing.

Culpepper Garden I is an eight-story, 210-apartment senior property that had its first substantial renovation since it was built in 1975, as nonprofit owner Arlington Retirement Housing Corporation paired with developer Wesley Housing. The upgrade includes the replacement of major mechanical, electrical and plumbing systems; an upgrade to interior finishes; new energy-efficient windows; repair of the skin on exterior walls and six new apartments.

Main Street Apartments was conceived, designed and developed by RST Development LLC and Main Street Connect Inc., providing a 70-home mixed-income, mixed-use property that reserves 25% of apartments for special-needs individuals. The property also includes a 10,000-square-foot community center where Main Street Connect will provide a range of programming and events for the building’s residents and other community members.

Miramonte is a 53-apartment senior property in Durango, Colorado, developed by Volunteers of America National Services (VOANS). VOANS paired with the Durango Senior Center and with Housing Solutions of the Southwest to provide the best possible health outcomes for the residents and connect them with the nature center and medical center.

The winners will be honored at the Novogradac 2021 Credit and Bond Conference, Sept. 30-Oct.1 in Nashville.

Additional details about the awards winners and information on how to nominate a development for the next round of awards can be found at http://www.novoco.com/events/awards.

About Novogradac
Novogradac, which has been in business for more than 30 years, has grown to more than 650 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, community development, historic rehabilitation and renewable energy.

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