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Real Estate Services DEVELOPMENT Through new construction and rehabilitation, WEHDC's primary goal is creation of affordable housing for low and moderate income families. WEHDC is a developer and current projects range in size from single family homes to multifamily development. WEHDC's commercial development focus is mixed used developments that would have affordable housing component mixed with retail/commercial uses. FINANCE Locating and securing all sources of debt and equity to finance real estate development. WEHDC has long standing relationships with lenders, and state and city funding agencies. WEHDC's experience includes historical redevelopment financed with state and federal historical tax credits and affordable development financed with low income housing tax credits. ASSET MANAGEMENT Third party property management is engaged to run the operations of our rental development, but WEHDC is responsible for the overall asset management. Asset management includes overseeing property performance, refinancing, budget review, loan covenance compliance and maintaining the overall stability of the asset. PAST PROJECTS
WEHDC has developed and sold single and two family homes within the West End neighborhood of Providence beginning in 1990. Here are some pictures from our 2006 production.
WEHDC has successfully completed three Low Income Housing Tax Credit Projects. Our first project, Bellevue Avenue, was completed in 1996, and consists of the rehabilitation of seven two and three family homes creating 19 affordable rental units. Amenities include intercom system, storage units and on-site laundry. This project led to eight additional homes being built or rehabbed on the street, one of which was the first Youth Build project in Providence.
Stephens Apartments, located on Elmwood Avenue, was completed in 2001, and consists of the rehabilitation of a Johnson & Wales dormitory into 32 affordable rental units. Additionally, Stephens Apartments has a community room available for use by residents, tot lot, storage and off-street parking.
Westfield Lofts, completed in 2005, is the historic rehabilitation and transformation of two brownsfield mill building into 69 mixed income loft style apartments. Westfield Lofts also provides community space, off street parking and on-site laundry. A video and narrative of the project can be viewed on the FHLBBoston website at www.fhlbboston.com/index.jsp.
Homeownership 173 Bellevue Avenue: Single-family new construction providing 3 bedrooms, 11/2 baths and washer/dryer hooks-ups. Diamond Street: Two two-family and one single-family new construction homes expected to begin in early 2007. Westfield Townhouses - The construction of 20 townhouses expected to begin in early 2007. All units include 3 bedrooms, 2 baths, living and dining rooms, washer/dryer hook-ups and storage. The twenty homeownership opportunities will be sold to a range of buyers within different income levels. Rental 503 Elmwood Avenue: Includes the rehabilitation of a fire stricken three-family home on Elmwood Avenue. Each completed unit will provide 3 bedrooms, 1 bath and will be rented to clients of the International Institute. WEHDC will retain ownership and add these units to its Scattered Site rental portfolio. Commercial Westfield Commons - A subsequent phase of the Rau Fastener Mill Complex, Westfield Commons will allow for 10,000 square feet of commercial space and 9 affordable rental units. We currently looking for tenants for the commercial space. Anyone interested should contact Betsy Morrison at 401-453-3220 ext. 21. Houses for Sale 173 Bellevue Avenue- Single family new construction, 3 bedrooms, 11/2 baths, washer/dryer hook-ups located in full-basement. This house provides 1200 sq. ft. of living space on 4250 sq. ft. lot. Contact our housing counselor to learn more about the home and down-payment and closing cost assistance. Income restrictions may apply. 173 Bellevue Avenue, Providence RI 02907
Apartments for rent Bellevue Avenue- The 19 units scattered site development has affordable units ranging between 2 to 4 bedrooms. Now accepting Pre-Rental Applications. Contact Ferland Property Management at 401-781-8108. Stephens Apartments- Located on Elmwood Avenue, re-development of a dormitory into 32 affordable rental units ranging between 1 to 3 bedrooms. Now accepting Pre-Rental Applications. Contact Ferland Property Management at 401-781-8108. Westfield Lofts- Located on Dexter Street, historic mill conversion into 69 mixed income loft style apartments. Now accepting Pre-Rental Applications. Contact First Realty Management at 401-272-5638.
Opportunities in gifts of real estate When considering ways to make charitable gifts more effectively, many have discovered that gifts of real estate can have special benefits for both the donor and the recipient. Whether property has increased or decreased in value, real estate can be a practical and beneficial gift. Below there are some ways you can use to make gifts of real estate complement your overall financial plans and perhaps enhance your security now and in future years. If you are reviewing your plans in light of changes in federal tax laws or current economic conditions, the real estate you own can offer a number of opportunities. More information on making gifts of real estate is available upon request. We will be pleased to work with you and your advisors as you explore the benefits that may be available through an advantageous gift of real estate.
If you own a home or other property you no longer wish to occupy or manage and you would like to make a charitable gift. You may find that a gift of real property can be a very efficient way to use your property to meet both goals.
If you sell real estate you have owned for a number of years, it is likely you will be faced with a sizable capital gains tax, especially if the property is not your residence. Through an outright gift of such a property, double tax savings is possible. First, in most cases you will receive a charitable income tax deduction for the full value of the property a savings of as much as 40% or more of the property's value. In addition, you will not be liable for capital gains tax on the transfer since the property was given rather than sold. If you give property that has not been producing an income (and which may be incurring annual expeses), your gift does not adversely affect your current income. |
