Five Communities in Four States Receive 2026 Novogradac Journal of Tax Credits Awards
SAN FRANCISCO, June 1, 2026 /PRNewswire/ — Five affordable housing communities in Oregon, California, Missouri and Massachusetts have won the Novogradac Journal of Tax Credits Developments of Distinction Awards for 2026.
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. The winning developments for 2026 are:
- Aldea & Beacon at Glisan Landing in Portland, Oregon, for Metropolitan Community Impact.
- Sundance Apartments in Bakersfield, California, for Rural Community Impact.
- St. Michael’s Housing Phase III in Kansas City, Missouri, for Special Needs Population.
- Mildred C. Hailey Apartments in Boston for Preservation of Existing Affordable Housing.
- Lexington Green Apartments in El Cajon, California, for Preservation of Family Housing.
Winners will be honored at the Novogradac 2026 Housing Tax Credit and Bonds Conference, Oct. 1-2 in Nashville, Tennessee.
Related Northwest developed the Aldea and Beacon properties at Glisan Landing in Portland, Oregon. Aldea features 96 rental homes aimed at families, including intergenerational families. Beacon is a 41-apartment permanent supportive housing development focused on serving unhoused individuals and/or those at risk of homelessness. Related Northwest partnered with The Immigrant Refugee Community Organization, Affordable Housing Access, Oregon Metro and the Portland Housing Bureau. The development received $27.4 million in 4% LIHTC equity from U.S. Bank. The property also received $37.5 million in private activity bonds (PABs).
Community Preservation Partners (CPP) preserved and rehabilitated the Sundance Apartments in Bakersfield, California. Built in 1981, Sundance Apartments was at risk of losing affordability in 2027, before CPP conducted a $32.5 million acquisition-rehabilitation. The community, which features 60 apartments spread across 10 buildings, underwent substantial interior and exterior renovations. Sundance Apartments received $16.9 million federal LIHTCs and $5.6 million in state LIHTCs, for which WNC provided $18.4 million in equity.
Yarco Development placed the third phase of the St. Michael’s Housing veterans-focused affordable housing development in Kansas City, Missouri. The development, which was placed in service earlier this year, features 62 apartments in one- and two-bedroom formats. Within 50 days of opening, St. Michael’s Housing reached 75% occupancy. Yarco Development designed and developed the third phase of the community in partnership with nonprofit St. Michael’s Veterans Center Inc. Approximately $50 million of public and private investment has gone into the development since 2012. The first two phases delivered a combined 117 apartments.
The Community Builders Inc. redeveloped two properties within the Mildred C. Hailey Apartments development in Boston’s Jamaica Plain neighborhood. The property was originally the Bromley-Heath Housing Development, built in the 1940s and 1950s. The first phase comprised the buildings at 2 Lamartine and 6 Lamartine and delivered 223 new apartments to replace 91 former public housing units. The development received a combined $78 million in federal LIHTCs and $26 million in state LIHTCs. Raymond James and Dorfman Capital provided a combined $104 million in tax credit equity.
CPP and The Hampstead Companies acquired and rehabilitated the Lexington Green Apartments in El Cajon, California. Lexington Green features 144 rental homes spread across 18 two-story buildings. The community was built in 1970 and had not been renovated since 2007. The acquisition-rehabilitation secured affordability for the community through 2044 due to the renewal of the Section 8 Housing Assistance Payment contract. Financing included PABs and $31.3 million in federal 4% LIHTCs. WNC provided $27.9 million in LIHTC equity.
Additional details about the award winners and information on how to nominate a development for the 2027 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 clean energy. For additional information on Novogradac’s personnel and areas of expertise, visit www.novoco.com or call (415) 356-8000.
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SOURCE Novogradac & Company LLP
