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Living Our Values- Establishing a Community Reinvestment Area (CRA) in Columbus, Ohio

Just recently one of our team members had an excellent example of how we are creating value through real estate – the newly established Community Reinvestment Area (CRA) surrounding our Riverside Trail property in Columbus, Ohio! Riverside Trail will have 248 apartment homes on the East side of Columbus, and will serve 60% AMI families. We closed on it in March and construction is in progress.

The CRA
When Caroline Kimmel was in the development process for Riverside, she realized that the area would benefit from being declared a Community Reinvestment Area. Doing so would allow all newly constructed affordable housing (and rehabbed housing with an affordable component) to be allowed a 15 year tax abatement. This would not only benefit Riverside, it would hopefully spur other developers to work in the area, as they would also receive the abatement. Affordable housing is badly needed in the area- a recent study identified that Franklin County (Columbus) as having a shortage of 55,000 affordable units based on projected growth over the next five years.

After identifying the solution, Caroline worked with Ice Miller, a law firm, Councilwoman Shayla Favor, and Steve Shoeny, Director- Columbus Development Department, to craft legislation that would declare the area a CRA, thus making the area more desirable for revitalization efforts! This CRA is the first for affordable housing in the City of Columbus, and HKP is the first developer to create a new CRA under the “ready for revitalization” category. For more information on the CRA, you can read this article.

Our Values
This effort took Caroline, Ice Miller, and Steve Schoeny from the City of Columbus about 7 months to accomplish, and it was certainly time well spent. While HKP did not need the CRA in order to develop Riverside Trail, we appreciate Caroline’s ability to see the big picture in a solution that would benefit both the company and the community we will be working in! Her efforts exemplified our Culture, Community and Commitment values, and will provide value to the community for years to come (15 to be exact)!

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Welcome to Limestone Crossing, located in Bloomington, Indiana

Limestone Crossing 7

Limestone Crossing Apartments will be located in Bloomington, IN. The city of Bloomington is best known as the home of Indiana University and the storied tradition of IU Basketball! This project involves the acquisition and rehab of our existing Canterbury House Apartments- Bloomington property. Previously made up of 174 affordable and 34 market rate units, the community will now consist of 100% affordable apartment homes, all at 60% of area median income. The bedroom mix will remain the same with 1, 2, and 3 bedroom apartment homes. The main renovations include adding washers and dryers to each apartment, new carpeting, new outdoor entertainment equipment, new playground and dog park, new kitchen appliances, 12 ADA units, 12 new garages, and the addition of perimeter fencing.

Limestone Crossing will be financed with tax-exempt bonds and Low Income Housing Tax Credits (LIHTC). The bonds will be purchased by Cedar Rapids Bank & Trust Company, who in turn will provide the construction/permanent loan. Regions Bank is the investor limited partner and will also provide the taxable bridge loan during construction and up until conversion.

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Blake Blanch Joins Senior Management Team!

Blake Blanch will be joining HKP’s Senior Management team as Senior Vice President, Finance and Capital!

Blake has worked in the industry for over 20 years, including a leadership role at the Indiana Housing & Community Development Authority (IHCDA). He is experienced in leading large teams and the strategic implementation of organizational goals. His experience and expertise will no doubt bring a fresh perspective to the Senior Management team!

With each addition to our Senior Management team we become more dynamic and resilient, even more equipped to tackle the challenges in front of us. We look forward to Blake’s valued contributions!

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Heading West: River Bend in Idaho Springs, Colorado

River Bend Residences will be located in Idaho Springs, Colorado, 30 miles west of Denver. The city has an elevation of 7,725 ft. and is known to have some of the best whitewater rafting in the nation! This two-building community will consist of 47 apartment homes in this beautiful mountain setting.

The community is designed to support family/workforce housing and capitalizes on the unmet need for quality affordable housing in the area. River Bend Residences will offer one and two bedroom units for rent to those at 30%, 40%, and 60% of The Area Median Income (AMI).  Amenities include a clubhouse/community room, fitness room, computer lab, and a picnic and BBQ area.

This is HKP’s first development in Colorado and the first LIHTC project in the Clear Creek County! The project will be funded through a construction loan with Horizon Bank, subordinate loans from Clear Creak County and Credit Suisse, a permanent loan with the Colorado Housing Finance Agency and low income tax credits.

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New Senior Apartments Coming to Owasso, Oklahoma

Centennial Park Apartments will be located in Owasso, OK. This one-building community will consist of 56 multifamily senior apartment homes with rents affordable to households with incomes at or below 50% and 60% of area median income. The building will sit adjacent to another senior facility and will contribute to the growing senior-oriented community developing in the immediate area.

Community amenities include a community room, courtyard and picnic area, computer room, and an exercise room. In addition, local on-demand transit is available and will be beneficial to the targeted senior population.

While HKP has previously acquired one property in the state of Oklahoma, this will be our first newly constructed community in this state. The community will be funded primarily with a construction loan from Horizon Bank and a permanent loan from Cedar Rapids Bank & Trust.

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Vireo Apartments in Houston Will Bring Needed Housing

HKP is pleased to announce closing on Vireo Apartments! The process of developing this 264 apartment home community was a perfect example of HKP’s commitment to affordable housing. While having the land under contract for over 2 years and working around a natural disaster, tax reform, and design changes, our team was able to execute on what will be a strong asset for HKP.

The site on which the community will be constructed consists of 2 adjacent parcels at the intersection of Tidwell Road and C. E. King Parkway in Houston, Texas. The apartment homes will be a mix of 1, 2, and 3 bedroom units at 60% Area Median Income (AMI). Amenities will include a playground, leasing office, outdoor entertainment area, large exercise room, swimming pool, and bark park.

This is first new construction 4% bond deal HKP has closed in Texas. The project will be funded primarily from tax-exempt mortgage revenue bonds and low income tax credits through the Texas Department of Housing and Community Affairs (TDHCA). Regions Bank is the investor limited partner, construction lender, and permanent loan servicer.

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Senior Management Growth!

HKP is very excited to officially announce that Robyn Eaton, Angie Hug and Keisha Underwood will be joining our Senior Management team as Senior Vice Presidents!

Each has distinguished themselves as being experts in their field, dedicated to HKP and well-equipped to help guide HKP in our strategy and growth. We are looking forward to their contributions and new points of view being present on the leadership team, and have every confidence that they will bring energy, leadership, and good ideas to HKP!

​​Robyn Eaton, Senior Vice President- Portfolio Management & Analysis

Robyn joined HKP in 2014. In her current role as Senior Vice President, Portfolio Management & Analysis, Robyn’s primary responsibilities include managing relationships with third party managed assets, supporting revenue management, management of annual utility allowances & energy initiatives, monthly financial statement review, annual operating budget processes, identifying and implementation of portfolio initiatives and management of dispositions.

Robyn has worked in the Multi-family Real Estate industry since 1992 and has managed assets and portfolios in Georgia and Indiana. She holds an Indiana Real Estate Sales and Brokers License.

Robyn graduated from Purdue University in West Lafayette, Indiana with a Bachelor of Arts Degree in Communication. Robyn has been an active participant with the Ball State Residential Property Management School Advisory Board and is a member of the 2012 Hamilton County Leadership Academy and has served on the organization’s Board of Directors since 2013.

Angie Hug, Senior Vice President of Operations

Angie joined the HKP Team in 2014.  As the Senior Vice President of Property Operations she oversees the Operations Support Team.  Her team works to improve engagement through creative virtual classroom experiences and webinar training, to maximize revenue and team member minutes by streaming and automating processes and seeking out the largest gap opportunities.  She also oversees the daily protection of the assets through the EPP’s, preventative maintenance and maintenance best practices.  Her diverse team includes the Director of Maintenance, Receivables Specialist, Lead Management Specialist and Operations Trainer.

Angie has over 20 years of property management experience. Her background includes overseeing a vast portfolio of communities ranging in size from 330 to 850 units, in addition to training, auditing and analyzing systems and procedures.

Angie received a Bachelor of Science in management from Purdue University, graduating with distinction. She also actively supports Pathway to Recovery, an organization who has a mission to end homelessness and transform lives.

Keisha Underwood, Senior Vice President- Human Resources

Keisha joined HKP in 2014. In her role as Senior Vice President of Human Resources, Keisha is responsible for leading the HR and Office Operations teams in the design, planning and roll-out of all HR initiatives. She leads a team of HR professionals in the areas of talent acquisition; employee relations; payroll and benefits; and learning and development.

Prior to HKP, Keisha served as the Manager of HR and Office Operations for Suburban Health Organization for 14 years. The position required her to collaborate with the HR leaders at more than ten suburban hospitals in Central Indiana.

Keisha is a graduate of Indiana University. She is also a SHRM Certified Professional (SHRM-CP). Outside of work, Keisha volunteers for several HR associations in Indianapolis such as IndySHRM, Indiana State HR Counsel and the Indiana HR Conference Committee.

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2018 Rankings

We are so proud to have made AHF’s Top 10 Affordable Housing Developers of 2018! It’s takes our whole team working together to make this happen!

Our 2018 Rankings:

  • 9th Largest Affordable Housing Developer
  • 11th Largest Affordable Housing Owner

You can read the article in Affordable Housing Finance here.

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