National Equity Fund

5000 Forest & 42 Magnolia

Columbia, SC

Jobs Created: 96
Jobs Year One: 392

Forest and Magnolia are two affordable housing properties in Columbia, South Carolina that were acquired under the NEF Preservation loan program in 2022. There are 322 residential units between 5000 Forest and 42 Magnolia with 65 of the units restricted at 50 percent of the Area Median Income (AMI) and 187 of the units restricted at 80 percent AMI. Amenities in the community include a coffee bar, outdoor fire pit, yard game lawn, tennis courts, and a swimming pool. 

Spain Companies, the sponsor of Forest and Magnolia, has a focus on the South Carolina region to provide quality affordable housing. NEF provided a $71.2 million 5-year loan to preserve these affordable housing properties.

Project Details:

Total Units:
Mix of Residences:
2 Bedroom (147),1 Bedroom (131),3 Bedroom (16),Efficiency (14)
Net Equity:
Spain Companies, LLC
Property Manager:

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Miriam Apartments

Miriam Apartments

Chicago, IL

Recognized on the National Register of Historic Places, the preservation of Miriam Apartments has not only preserved the building’s original classic Chicago front façade elements and floors, but also 66 homes for residents in Chicago’s Uptown community. Mercy Housing Lakefront took over from Lakefront SRO, which updated the property in 1990, to improve this four-story historical building that was built in 1925. The rehabilitation work transformed shared bathrooms and communal kitchens into private spaces.  

In the interest of long-term affordability, Rental Assistance Demonstration Program (RAD) secured 20-year project-based assistance contracts for all apartments. Mariam Apartments aims to improve the quality of life of residents coming out of homelessness. All 66 units are restricted to residents earning 30 percent of the Area Median Income (AMI) and benefits from a Section 8 contract. The rehabilitation also features a steam heating system, which provides the residents with air conditioning for the first time as well as access to a computer lab, fitness room, community room, and resident storage. 

Miriam Apartments has gained recognition as the 2020 Residential Development that Best Exemplifies Major Community Impact at the Novogradac Rehabilitation Awards and was a 2020 Affordable Housing Finance Readers’ Choice Awards Winner in the Preservation category. This community was developed by Mercy Housing Lakefront, and NEF invested over $9.4 million in LIHTC equity. 

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