Local real estate firm secures funding for affordable housing portfolio

July 22, 2026 - 04:54

JWB Real Estate Capital, a long-established local firm known for its work in commercial and residential property, is shifting its focus to affordable housing. The company has secured funding for a portfolio of three developments, marking its first direct move into building and managing lower-cost rental units.

The projects are set to break ground in the coming months across different neighborhoods in the metro area. Together, they will add more than 200 units to the region's strained housing market. The units will be priced for households earning between 50 and 80 percent of the area median income, a range that often gets overlooked by private developers.

Company leadership said the decision came after years of watching rents climb faster than wages. "We saw a gap that kept widening," a spokesperson said. "We had the land and the capital, so we decided to act."

The funding package combines private investment with state tax credits and a federal low-income housing grant. No local government subsidies were used. The firm plans to keep management in-house, with a portion of each building's rent set aside for a tenant assistance fund.

Construction on the first site is expected to finish by late next year. The other two will follow in 2026.