Novogradac Celebrates Greatness in Affordable Housing Nationwide with 2025 Developments of Distinction Awards

Five Properties in Three States, U.S. Virgin Islands Awarded Company's Annual Awards

SAN FRANCISCO, July 1, 2025 /PRNewswire/ -- Properties in California, Massachusetts, New York and the U.S. Virgin Islands won Novogradac Journal of Tax Credits Developments of Distinction Awards for 2025.

The awards go to participants who strive for excellence in affordable housing. Eligible properties are financed by equity from low-income housing tax credits (LIHTCs) or U.S. Department of Housing and Urban Development (HUD) funding. This year's winning developments are:

• Renaissance at Lincoln Park in New Rochelle, New York, for Metropolitan Community Impact.
• Walter I.M. Hodge Pavilion in Frederiksted, St. Croix, U.S. Virgin Islands, for Rural Community Impact.
• The Lyndia in Boston for Special Needs Population.
• Williamsburg Houses in New York City's Brooklyn borough for Preservation of Affordable Housing.
• Rancho Las Bolsas in Temecula, California, for Preservation of Family Housing.

Winners will be honored at the Novogradac 2025 Housing Tax Credit and Bonds Conference, Sept. 25-26 in Nashville, Tennessee.

Renaissance at Lincoln Park expanded an aging Boys & Girls Club facility in New Rochelle, New York, adding 179 affordable apartments in a new, $96.7 million expansion of the property. The NRP Group, Forward Thinkers Development and Lincoln Renaissance HDFC developed the property, which opened in May 2024. It is adjacent to a new, state-of-the-art, 22,000-square-foot Boys & Girls Club of New Rochelle. The development received a $33.3 million LIHTC allocation, with Redstone providing $31.5 million in tax credit equity.

Walter I.M. Hodge Pavilion in Frederiksted, St. Croix, U.S. Virgin Islands, undertook a conversion through HUD's Rental Assistance Demonstration (RAD) program after a pair of 2017 hurricanes left more than 100 apartments uninhabitable. MDG Real Estate Partners and Virgin Islands Housing Authority preserved and renovated 248 apartments, providing modern upgrades, appliances and green/clean energy features. The rehabilitation effort combined several federal financing sources, including Community Development Block Grant-Disaster Recovery funding, multiple Federal Emergency Management Agency sources and $27.4 million in LIHTC equity from Goldman Sachs Bank along with $300,000 in solar tax credit equity.

The Lyndia in Boston brought The Community Builders and Pine Street Inn (PSI) together to construct one of the largest permanent supportive housing (PSH) properties in New England. The 202-apartment development in Boston's Jamaica Plain neighborhood adds to a site that already included PSI's office and warehouse space. The five-story, 144,400-square-foot, mixed-use site includes 202 apartments, 140 of which are PSH. Bank of America invested $51.8 million in LIHTC equity for the $123.4 million property.

The Williamsburg Houses, one of the oldest properties in the New York City Housing Authority's portfolio, was rebuilt with a combination of historic tax credits and HUD's RAD program. The massive, 1,621-home property was in a gentrifying area and needed urgent repairs. A joint venture between MDG Real Estate Partners LLC and Wavecrest Management Group known as RDC Development redeveloped the 20 four-story residential buildings and community center, delivering home renovations as well as an Inspired Path Forward Scholarship exclusive to residents of up to $5,000 for 15 recipients annually for education-related support. The developers were awarded $141 million in state and federal HTCs, for which JPMorgan Chase was the investor.

Rancho Las Bolsas in Temecula, California, incorporated a 55-home development into a larger 270-apartment market-rate development. Jamboree Housing Corporation developed the property, a three-building site designed to offer on-site services that support long-term success. Jamboree partnered with The Riverside University Health System to provide extensive case management services for all homes. The property received $15 million in federal and state LIHTC equity from U.S. Bank.

Additional details about the award winners and information on how to nominate a development for the 2026 round of awards can be found at www.novoco.com/events/awards.

About Novogradac
Novogradac, which has been in business for 35 years, has grown to more than 850 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. For additional information on Novogradac's personnel and areas of expertise, visit www.novoco.com or call (415) 356-8000.

SOURCE Novogradac & Company LLP