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Tag: HUD

ASL Closes on $25.18 Million Deal to Revitalize Three Alabama Communities

Posted on by Andrew Kaffes

FISHERS, IND.— AHEPA Senior Living (ASL), a nationwide nonprofit provider of affordable multifamily housing for older adults, is pleased to announce the closing of a $25.18 million RAD for PRAC conversion to rehabilitate and preserve three properties in Mobile, Ala., ASL President and CEO Steve Beck announced.

It is ASL’s first closing under HUD’s new RAD for PRAC conversion, a process that allows a nonprofit to rehabilitate an affordable senior housing community for the long term. The deal closed on Aug. 3, 2023.

AHEPA 310 Phases V, VI, and VII Apartments were originally funded by Project Rental Assistance Contracts (PRAC) administered by the U.S. Department of Housing and Urban Development (HUD) Section 202 program for very low-income older adults. HUD’s Rental Assistance Demonstration (RAD) allows the properties to convert their Section 202 PRAC contracts to project-based rental assistance (PBRA), which enables the properties to access financing through low-income housing tax credits (LIHTC), and other sources, to make significant repairs, improvements, and upgrades.

The project’s financing is comprised of a $11.8 million in tax-exempt bonds from the Alabama Housing Finance Authority, $7.39 million in low-income housing tax credit equity, and a $6 million HUD 221 (D)(4) mortgage loan.

“Thanks to our financing partners and the support we received from HUD and the AHFA, we will be able to provide our residents at three Mobile communities with an improved quality of life, a commitment we make every day to providing safe and dignified affordable housing and quality aging services to seniors,” Beck said. “The properties will be completely revitalized upon completion.”

According to Beck, extensive renovations will be made to the units and common areas. Construction will start in September.

“As an Alabamian, I am proud our first RAD for PRAC closing will help Alabama’s seniors for the long term,” ASL Chairman Ike Gulas said. “We plan to pursue more RAD for PRAC deals in Alabama and nationwide as part of a long-range strategy to preserve affordable housing for the betterment of our residents.”

The board president of AHEPA 310 Phases V, VI, and VII, is Attorney Christ Coumanis of Daphne, Ala.

“We’re thrilled for the residents,” Coumanis said. “When the project is completed, they will enjoy modern upgrades and updated amenities in their apartments and community areas.”

The 51-unit AHEPA 310 V Apartments is located at 100 AHEPA Lane.

AHEPA 310 VI, comprised of 65 units, is located at 5223 Cottage Hill Road.

The 59-unit AHEPA 310 VII is located at 6430 Cottage Hill Road.

ASL operates 18 affordable senior housing communities in Alabama, totaling 920 units.

AHEPA Senior Living affordable independent living communities offer very low-income older adults, 62 and over, residential apartment-home living with the voluntary supportive services they may need to continue to live independently as they age. Through service coordination, the services may include meal services, case management, transportation assistance, public benefits programs enrollment assistance, fitness and wellness programs, housekeeping assistance, and health services. As HUD Section 202 developments, they are subsidized and provide rental assistance for very low-income seniors.

About ASL

Serving more than 5,000 older adults across the United States, AHEPA Senior Living (ASL) is a mission-driven, nationwide provider of affordable independent and assisted senior living communities. Since 1980, it has developed and managed more than 90 affordable senior housing communities in 21 states administered by the U.S. Department of Housing and Urban Development’s Section 202 Supportive Housing for the Elderly program.

Through its subsidiaries, ASL owns and manages four affordable assisted living communities with 532 units in Indiana.

The mission of ASL is to provide older adults with safe, healthy, and enriching affordable residential communities and quality services that allow them to thrive and enjoy peace of mind.

To support our mission, please visit https://ahepaseniorliving.org/donate/

ASL is based in Fishers, Ind.

AHEPA Senior Living Breaks Ground on Fifth Des Moines Area Community

Posted on by Andrew Kaffes

DES MOINES, IOWA— AHEPA Senior Living (ASL), a nationwide nonprofit provider of affordable multifamily housing for older adults, held a groundbreaking ceremony for AHEPA 192 IV Apartments in Des Moines, Iowa, Aug. 18, 2023, announced ASL President and CEO Steve Beck.

The speaking program featured City Councilman Joe Gatto, Steve Eggleston, HUD Des Moines Field Office director; ASL Chairman of the Board Ike Gulas, and AHEPA 192 IV, Inc., Board President James L. Karthan, and AHEPA and Daughters of Penelope local chapter officers. Beck moderated the program, which also featured a ceremonial first shovel dig. Father Basil Hickman of Saint George Greek Orthodox Church performed the ground blessing. Attendees included representatives from the offices of U.S. Senators Charles Grassley (R-IA) and Joni Ernst (R-IA), and U.S. Rep. Zach Nunn (R-IA). Several ASL Executive Board officers and members also attended.  The event earned coverage from the Des Moines Register, McKnights Senior Living, The Business Record, Senior Housing News, and The National Herald.

AHEPA 192 IV will be a three-story, 90-unit affordable senior housing community located on 4.4 acres of the old Southridge Mall site. It will be the fifth Des Moines-area affordable senior housing community managed by ASL and administered by the U.S. Department of Housing and Urban Development Section 202 program.

According to Beck, AHEPA 192 Phase IV is the first HUD 202 community ASL is constructing since HUD began funding capital advances for new 202s in earnest a few years ago.

AHEPA 192 IV is a $23.5 million project.  Its financing is comprised of a $8.3 million HUD Section 202 capital advance, a $9.4 million low-income housing tax credit allocation, a $1.25 million Polk County Housing Trust Fund award, a $3.7 million HUD 223(f) mortgage loan, and $400,000 from the City of Des Moines.

“The need for affordable housing, especially for very low-income seniors, is great, and in the Des Moines area, each of our four existing communities has a waitlist,” Beck said. “We are excited and proud to be able to help seniors in need of safe and dignified housing with 90 new units thanks to our financing partners and the support we have received from the City of Des Moines, Polk County Housing Trust Fund, and HUD, and special thanks to our development team.”

ASL also manages AHEPA 192 Phase I Apartments in Johnston; AHEPA 192 Phases II and III Apartments, and Penelope 38 Apartments, in Ankeny. These four communities total 196 units.

AHEPA Senior Living affordable independent living communities offer very low-income older adults, 62 and over, residential apartment-home living with the voluntary supportive services they may need to continue to live independently as they age. Through service coordination, the services may include meal services, case management, transportation assistance, public benefits programs enrollment assistance, fitness and wellness programs, housekeeping assistance, and health services. As HUD Section 202 developments, they are subsidized and provide rental assistance for very low-income seniors.

About ASL

Serving more than 5,000 older adults across the United States, AHEPA Senior Living (ASL) is a mission-driven, nationwide provider of affordable independent and assisted senior living communities. Since 1980, it has developed and managed more than 90 affordable senior housing communities in 21 states administered by the U.S. Department of Housing and Urban Development Section 202 Supportive Housing for the Elderly program.

Through its subsidiaries, ASL owns and manages four affordable assisted living communities with 532 units in Indiana.

The mission of ASL is to provide older adults with safe, healthy, and enriching affordable residential communities and quality services that allow them to thrive and enjoy peace of mind.

To support our mission, please visit https://ahepaseniorliving.org/donate/

ASL is based in Fishers, Ind.

U.S. Senator Braun Visits Indianapolis Community

Posted on by Andrew Kaffes

INDIANAPOLIS, IND.—U.S. Sen. Mike Braun (R-IN) visited AHEPA 232 Phases I and II Senior Apartments of Indianapolis, Ind., November 9, 2022.

“We are thrilled to welcome Senator Braun to our affordable senior living community in Indianapolis,” AHEPA Senior Living (ASL) President and CEO Steve Beck said. “We applaud his commitment to Indiana’s older adults, and his interest to learn about our mission to provide seniors with the safe and dignified affordable housing and quality supportive services they need to thrive. We thank Senator Braun for choosing to visit our community and for spending time with our residents, board members, and personnel.”

“What a pleasure it was to get a behind the scenes look at the operations of the AHEPA Senior Apartments in Indianapolis,” Senator Braun said, following the visit. “It was really heartwarming to see such a special group of people operate a fantastic community for Hoosier seniors. Taking care of our elders is an essential piece to ensuring a prosperous society. Thanks for the tour!”

AHEPA 232 Phases I and II are a 122-unit community located at 7355 Shadeland Station Way. It is owned by AHEPA 232, Inc., and managed by ASL, both nonprofits. Angelo Kostarides is the AHEPA 232, Inc., board president.

ASL manages four affordable independent senior living communities in Indianapolis, totaling 272 units, administered by the U.S. Department of Housing and Urban Development’s Section 202 Supportive Housing for the Elderly program.

“On behalf of our Board of Directors and local housing boards, we have been delighted to welcome many public officials to our communities, and we are most pleased to welcome Senator Braun,” AHEPA Senior Living Chairman Ike Gulas said. “Celebrating its centennial anniversary, AHEPA is at its heart a service organization comprised of volunteer Greek Americans and Philhellenes who aspire to give back to their communities. Their visits mark a special moment for our mission-driven company, and it contributes to the bold vision of our founders who chose to give back by sponsoring quality affordable housing for seniors.”

In addition to U.S. Senator Braun, ASL has welcomed several U.S. government officials to its communities recently. In May 2022, U.S. Rep. Frank Mrvan (D-IN) visited AHEPA 78 VI in Merrillville, Ind. In March 2022, U.S. Secretary of Housing and Urban Development Marcia Fudge, U.S. Reps. Al Green (D-TX), Sheila Jackson Lee (D-TX), and Lizzie Fletcher (D-TX) toured AHEPA 29 Senior Apartments campus of Houston. Last year, U.S. Rep. Victoria Spartz (R-IN) also visited AHEPA 232 Phases I and II in Indianapolis, and the late U.S. Rep. Jackie Walorski (R-IN) visited Hellenic Senior Living of Elkhart, an affordable assisted living community.

AHEPA Senior Apartments communities offer very low-income older adults over the age of 62 residential apartment-home living with voluntary supportive services they may need to continue to live independently as they age. Through service coordination, the services may include meal services, case management, transportation assistance, public benefits programs enrollment assistance, fitness and wellness programs, housekeeping assistance, and health services.

About ASL

Serving more than 5,000 older adults across the United States, AHEPA Senior Living (ASL) is a mission-driven, nationwide provider of affordable independent and assisted senior living communities. Since 1980, it has developed and manages 87 affordable independent senior living communities in 19 states administered by the U.S. Department of Housing and Urban Development’s Section 202 Supportive Housing for the Elderly program.

Through its subsidiaries, ASL owns and manages four affordable assisted living communities with 532 units in Indiana.

ASL is based in Fishers, Ind.

PHOTO CREDIT: John Kofodimos