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Judd Roth Real Estate Development has been extremely successful securing funds from a wide variety of funding sources on behalf of our clients. Here are just a few of our many project and program success stories.
FEDERAL HOME LOAN BANK OF ATLANTA
AFFORDABLE HOUSING PROGRAM (FHLB ATL AHP)
Since 1999, Judd Roth Real Estate Development has secured over $150 million in Affordable Housing Program (AHP) grant funds from FHLB Atlanta for our clients. The awardees come from many states including North Carolina, South Carolina, Virginia, Florida, Maryland, and Tennessee to name a few. A wide range of projects serving a variety of communities were awarded including:
"We have a proven track record working with the Federal Home Loan Bank of Atlanta’s Affordable Housing Program. AHP funds are essential to keep projects affordable to the target population. Without AHP funds, many of these projects could not be completed," said Judd Roth. “AHP grants are an integral component in rehabilitating, preserving and creating much needed affordable housing. These awards will provide long-term affordability and much-needed supportive services," added Mr. Roth.
FEDERAL HOME LOAN BANK OF CINCINNATI
AFFORDABLE HOUSING PROGRAM (FHLB CIN AHP)
Judd K. Roth Real Estate Development has secured millions of dollars for clients from the FHLB Cincinnati’s Affordable Housing Program.
Among the many successful AHP projects is the Historic Ashe Hospital, a 46-unit rental project in Jefferson, North Carolina. The non-profit sponsor is Northwestern Housing Enterprises Inc. and the member bank is Bank of Tennessee.
In 2020, the U.S. Department of Housing and Urban Development (HUD) and the Advisory Council on Historic Preservation (ACHP) announced Historic Ashe Hospital as the recipient of the 2020 ACHP/HUD Secretary’s Award for Excellence in Historic Preservation. Historic Ashe Hospital, a building that dates to the 1940s, was rehabilitated and opened in the beginning of 2019 with 46 apartments, a mix of studio, one-, and two-bedroom units for low-income senior citizens and people with disabilities. There are 19 units in the historic building and 27 in a new, complementary addition, along with a library, computer room, and three meeting rooms that are available to the community. The front lobby of the historic building features a memory room, displaying artifacts from the old hospital and telling its story. “Historic Ashe Hospital has deep meaning to the surrounding residents. The whole community joined together to not only save it but utilize the space to provide much-needed affordable housing for senior citizens and those with disabilities,” ACHP Chairman Aimee Jorjani said. “Throughout the building, the project focused on retaining the historic touches and recognizing it was once a hospital. Many people, organizations, and government agencies saw the value of preserving Ashe Hospital and now, it has become a community gathering place and a home to dozens of people.” “Historic Ashe Hospital is a prime example of the innovation that comes from public-private partnerships, not only preserving a historic structure but reutilizing it to create more affordable housing for seniors,” said then HUD Secretary Ben Carson. “This historic hospital holds a special place in the hearts of the Jefferson, NC community, and it will continue to serve its residents for years to come.”
COMMUNITY ECONOMIC DEVELOPMENT (CED) & THE COALFIELD DEVELOPMENT
CORPORATION – A REMARKABLE SUCCESS STORY
Since 2015, Judd Roth has led a team on behalf of the Coalfield Development Corporation in Wayne, West Virginia, securing four CED grants. These grants, totaling over $3,100,000, helped fund innovative projects in Appalachia and provided the community with a variety of invaluable resources. Each project is part of a larger vision to provide jobs, skills, higher wages and self-sufficiency for the people of the Appalachian community.
2019: SUSTAINU
The U.S. Department of Health & Human Services Office of Community Services awarded Judd K Roth client, The Coalfield Development Corporation (CDC) $800,000 in CED funding to launch SustainU, which expanded an existing fashion business based in Southern West Virginia. So far, the grant has created 27 full-time positions, mostly for low-income individuals. This business has an impressive national reach of customers, having sold product in 47 different states. There is a robust online store and hundreds of business-to-business clients. More than half of those employed by this business are people in recovery from Substance Use Disorder (SUD).
2018: REGEAR APPALACHIA
The U.S. Department of Health & Human Services Office of Community Services awarded Judd K Roth client, The Coalfield Development Corporation (CDC) $780,000 in CED funding to launch Regear Appalachia, which focuses on freight transportation, logistical support, hauling of recyclables and disposables, vehicle maintenance and repair, and automobile refurbishment and resale. Regear Appalachia has hired low-income people living in distressed counties. To date, CDC has created 40 new full-time jobs. The jobs are for production, marketing, and transportation jobs in a variety of industries, with an average hourly wage of $13.25, and include health, dental, and vacation benefits. All 22 are currently filled. Coalfield achieved its goal of 40 full time jobs within the grant period. The business unit is operational and has demonstrated long-term sustainability.
2016: REFRESH APPALACHIA
The U.S. Department of Health & Human Services Office of Community Services awarded Judd Roth client, The Coalfield Development Corporation (CDC) and $800,000 CED grant to launch Refresh Appalachia Business Expansion, to focus on creating a food hub that aggregates and processes food sources from farmers participating in an existing regional network, earning revenues through wholesale, retail and direct-to-consumer channels. Refresh Appalachia mission included hiring low-income people living in distressed counties. To date, 32 new full-time jobs have been created. The jobs are for agricultural production workers, aggregators, packagers, drivers, and sales people, with an average hourly wage of $12.50 an hour, and include health, dental, and vacation benefits.
2015: RECLAIM APPALACHIA
The U.S. Department of Health & Human Services Office of Community Services awarded Judd Roth client, Coalfield Development Corporation (CDC) $800,000 in CED funding to launch Reclaim Appalachia, which focuses on deconstructing older buildings with no further economic life. Reclaim Appalachia will hire low-income people living in three distressed counties (Wayne, Mingo and Lincoln, WV) to deconstruct area buildings and reuse some of the resulting materials into furniture and home decor accessories and selling the rest as architectural salvage or donating it to Habitat for Humanity. The project created 42 new full-time jobs for carpenters, woodworkers, and solar installation professionals with an average hourly wage of $14.35 an hour, and include health, dental, and vacation benefits. All 42 positions are currently filled. The business unit is operational and has demonstrated long-term sustainability.
FLORIDA HOUSING FINANCE CORPORATION (FHFC) ELDERLY HOUSING COMMUNITY
LOAN PROGRAM (EHCL) Judd K. Roth Real Estate Development has recent success with the Elderly Housing Community Loan (EHCL) program through FHFC in Florida. The EHCL program provides loans of up to $750,000 to developers that are making substantial improvements to elderly housing. These funds are available for the purpose of making building preservation, sanitation repairs or improvements required by federal, state or local regulation codes, or life safety or security related improvements. Examples of EHCL projects receiving the maximum award of $750,000 include:
HUD TITLE VI
HUD granted a Title VI loan in the amount of $6,000,000 to Judd Roth Real Estate Development client, the Lumbee Tribe of NC. The loan funded the development of three vacant development lots owned by the tribe and the construction of 50 new single-family rental dwelling units. The project is known as Dreamcatcher Phase I. The target population includes low- and moderate-income family households with income at or below 60% AMI. "The Lumbee Tribe is very near and dear to our hearts" Judd Roth remarked. "Our involvement with the tribe is a great source of pride and we are truly honored to assist with providing much needed housing to its members," Roth added.
HUD RENTAL HOUSING ASSISTANCE INITIATIVE (RAD)
Judd K. Roth Real Estate Development consulted to Lexington Housing Authority (LHA) and the developer on a HUD RAD (Rental Assistance Demonstration) initiative. The Rental Assistance Demonstration (RAD) allows public housing agencies (PHAs) and owners of HUD-assisted properties to convert units to project-based Section 8 programs, providing an opportunity to invest funds into properties at risk of being lost from the nation's affordable housing inventory. The Lexington Housing Authority (LHA) converted all 268 of its public housing units to project-based Section 8. Total development cost for the 268 units is over $21 million. |