Hudson Valley Property Group Expands Affordable Housing Footprint with Major Acquisition

Hudson Valley Property Group Expands Its Portfolio

Hudson Valley Property Group (HVPG), a recognized leader in the domain of affordable housing preservation, has recently made headlines with its acquisition of a substantial 22-property portfolio in the western United States. This strategic move not only bolsters HVPG's presence but also underlines its unwavering commitment to enhancing the living standards of residents in these affordable housing units.

The newly acquired buildings house a total of 4,768 units spread across four states: California, Colorado, Idaho, and Washington. Notably, thirteen properties are located in Washington, seven in Colorado, with one each in both California and Idaho. A significant concentration of these residences can be found in metropolitan areas such as Denver, Seattle, and Spokane.

In a landscape marked by rising housing costs, HUD's initiative safeguards these properties through low-income housing tax credit (LIHTC) rent restrictions. Tenants qualify for these homes based on their income, which must not exceed 60% of the area median income (AMI). This criterion ensures accessibility for low and moderate-income families, fostering community diversity and stability.

HVPG is set to introduce a comprehensive enhancement strategy often referred to as the Community Enhancement Program at these acquisitions. This initiative will entail physical improvements to the properties while mobilizing local resources to strengthen community safety. Noteworthy measures include developing site-specific emergency plans, collaborating closely with local police departments, and enhancing surveillance systems to provide extensive site coverage.

The organization aims to integrate these outlined improvements while working with local Housing Authorities including the Washington State Housing Finance Commission and Colorado Housing and Finance Authority, alongside various nonprofit organizations like Hearthstone Housing Foundation and Horizon Housing Alliance. Through these partnerships, HVPG aims to improve both safety and quality of life for residents while ensuring ongoing affordability.

In a statement regarding this acquisition, Jason Bordainick, co-founder and managing partner of HVPG, remarked, "This acquisition not only underscores our firm's dedication to expanding our residential footprint but also reinforces our core mission—to elevate and preserve the nation’s affordable housing stock. We strive to foster relationships built on collaboration and trust, laying the groundwork for successful community engagement."

This acquisition marks the second collaboration between HVPG and Wheelock Street Capital, a private real estate investment firm. Wheelock's involvement provides the majority of equity capital needed to support long-term rental affordability for the properties involved. Jeffrey Laliberte, partner at Wheelock Street Capital, emphasized that their stable capital will be crucial in maintaining affordability for the residents in these units.

With this latest addition, HVPG has broadened its reach significantly, now managing 87 communities with a cumulative total of 15,414 units across multiple regions, from the Northeast to the West. Their operational goal is to streamline processes and enhance living standards for all residents in their care. Additionally, HVPG successfully preserved a total of over 17,170 units across more than 97 properties to date, a feat that illustrates their impact on affordable housing in America.

As housing affordability remains a pressing challenge in the U.S., HVPG continues to promote the development of sustainable and welcoming communities while working diligently to bridge gaps in housing access. The firm’s expansion reflects a concerted effort to address the national housing shortage, providing essential community assets that individuals and families can proudly call home.

For more information on Hudson Valley Property Group and their ongoing initiatives, please visit HVPG's website.

This acquisition not only exemplifies HVPG's commitment to its mission but also serves as a beacon of hope for many families in need of affordable housing solutions. With ongoing partnerships and enhancements on the horizon, the residents of these newly acquired properties can look forward to an improved quality of life in the years to come.