On August 10, 2022, Atlantic Housing Foundation (AHF) secured $300 million in funding from Fundamental Capital Advisors for the renovations of AHF’s existing workforce housing communities and for the development of new workforce and affordable senior communities in Texas, Florida and South Carolina. Fundamental has committed to purchase tax-exempt 501(c)3 bonds to be issued by Public Finance Authority of Wisconsin.
These workforce housing properties will be positioned near job centers, community services, schools, parks and transportation corridors and will meet a significant need for working families. The renovation projects will include green initiatives with the use of water-saving features, LED lighting and energy efficient appliances and windows. AHF will help to modernize and beautify these communities while adding amenities that residents can use and enjoy.
AHF closed and funded the initial transaction of $77 million for the rehabilitation of four communities throughout Texas: Hillcrest Apartments in Euless, Covington Creek Apartments in Irving, Heather Ridge Apartments in Irving and Tall Timbers Apartments in Houston. The direct private placement of capital was facilitated by Stifel, Nicolaus & Company investment bank. AHF anticipates drawing on the remainder of the $300 million commitment by the middle of 2023, including the construction of new workforce housing in Charleston, SC, and in Northport, FL. In conjunction with Fundamental’s commitment, AHF will invest up to $22 million in equity capital towards these projects.