Novogradac Celebrates Affordable Housing Excellence with Awards Recognizing 2026 Developments

Novogradac's 2026 Developments of Distinction Awards

In a momentous celebration of affordable housing, Novogradac recently announced the winners of the 2026 Developments of Distinction Awards. This annual recognition highlights communities that exemplify excellence in providing affordable housing solutions. This year, five deserving developments across four states—Oregon, California, Missouri, and Massachusetts—have been honored for their outstanding contributions to the sector.

The Winning Developments

The awarded communities have significantly impacted their respective neighborhoods, demonstrating a commitment to excellence in affordable housing. The winners include:
1. Aldea Beacon at Glisan Landing - Portland, Oregon
Recognized for its metropolitan community impact, Aldea features 96 rental homes aimed particularly at families, including intergenerational ones. The adjacent Beacon development offers 41 permanent supportive housing units, catering to homeless individuals or those at risk of homelessness. Constructed with around $27.4 million in low-income housing tax credit (LIHTC) equity secured from U.S. Bank and $37.5 million in private activity bonds, this inclusive project is a collaborative effort between Related Northwest and several community partners.

2. Sundance Apartments - Bakersfield, California
The Sundance Apartments, originally built in 1981, were at risk of losing affordability. Under the direction of Community Preservation Partners (CPP), a $32.5 million renovation project was undertaken to safeguard its future. The community now boasts 60 apartments after an extensive rehabilitation that received $16.9 million in federal LIHTCs and $5.6 million in state LIHTCs, with equity support of $18.4 million from WNC.

3. St. Michael's Housing Phase III - Kansas City, Missouri
Focused on veterans, this development by Yarco Development is part of an ongoing commitment to affordable housing for those who have served. Featuring 62 one- and two-bedroom apartments, the community achieved a remarkable 75% occupancy within just 50 days of opening. With significant public and private investments totaling around $50 million since 2012, this project exemplifies dedication to serving special needs populations.

4. Mildred C. Hailey Apartments - Boston, Massachusetts
The revitalization of the Bromley-Heath Housing Development, now known as Mildred C. Hailey Apartments, involved a multifaceted project that delivered 223 new apartments, replacing 91 outdated public housing units. This ambitious transformation was facilitated through combined LIHTC funding of $78 million, in conjunction with private sector investments of $104 million from Raymond James and Dorfman Capital.

5. Lexington Green Apartments - El Cajon, California
The Lexington Green project, which houses 144 rental homes, underwent a much-needed renovation to ensure its affordability through 2044. Built in 1970, the community had not seen renovations since 2007. This acquisition-rehabilitation project secured approximately $31.3 million in federal LIHTC financing and $27.9 million in equity, helping to preserve family housing.

Upcoming Celebrations

These remarkable developments will be recognized during the Novogradac 2026 Housing Tax Credit and Bonds Conference, scheduled to take place from October 1-2 in Nashville, Tennessee. The conference will bring together industry leaders, highlighting the importance of affordable housing across the nation.

About Novogradac

With a rich history spanning over 35 years, Novogradac has grown to include more than 850 employees across various locations. The firm specializes in tax, audit, and consulting services, focusing on sectors such as affordable housing, community development, and clean energy initiatives. For more information regarding Novogradac and their contributions to the industry, visit their official website.

Overall, the 2026 Developments of Distinction Awards shines a spotlight on significant efforts in the affordable housing arena, serving both individuals and families in need across the United States.

For those interested in future opportunities, details about the nomination process for the 2027 awards round can be found on the Novogradac website.