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Department of Housing and Urban Development News Briefs - February 2015

Red Mortgage Capital, the mortgage banking division of Red Capital Group LLC, announced Dec. 8, 2014, the origination of an FHA 223(f) loan for the rehabilitation of Walnut Creek Village in Baltimore, Ohio. The $1.8 million mortgage provided to National Church Residences went to renovations and amenities for the 40-unit, Section 8 project-based rental-assistance property. National Church Residences also closed on a $3.3 million Service Enriched Housing grant awarded by the U.S. Department of Housing and Urban Development (HUD) under the Assisted Living Conversion program. Grant funds will provide modifications to kitchens and bathrooms, new finishes, new appliance and new lighting. In addition, therapy rooms will be constructed, as well as expansion and refurbishment of the existing common dining area, creation of a laundry facilities and construction of exercise and activity rooms. Walnut Creek Village is available to low-income seniors and those with disabilities.

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Greystone, a national provider of multifamily and healthcare mortgage loans, announced a $43.5 million HUD loan Dec. 29, 2014, for the acquisition ofShorefront Center for Rehabilitation and Nursing Care in Brooklyn, NY. The terms of the nonrecourse loan include a fixed low-interest rate for 35 years. Shorefront Center for Rehabilitation and Nursing Care is a 360-bed nursing home and rehabilitation center.

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On Dec. 23, 2014, HUD allocated nearly $5.3 million in grants from the 2014 Rhode Island Community Development Block Grant (CDBG) program. A total of 26 cities and towns will receive grants for housing rehabilitation, housing developments, public facilities improvements, economic development, public services and administration and planning. Grants ranged from $2,000 to Glocester to $550,728 to Central Falls. Additional amounts, not included in the current totals, may be committed in fiscal 2015 CDBG funds.

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The Ann Arbor, Mich., Housing Commission announced Dec. 20, 2014, a LIHTC award for the North Maple Estates redevelopment. Jennifer Hall, housing commission director, said in an article in Michigan Live that the primary funding source will be equity provided by a yet-to-be-determined private investor, who will purchase the tax credits from the commission, and she expects that to result in $7.9 million for the project, for which development costs are expected to total $10.1 million. North Maple Estates will feature 46 units, 42 of which will be new apartments and four that will be the rehabilitation of existing units. There will be eight one-bedroom units, four two-bedroom units, 12 three-bedroom units, 12 four-bedroom units and 10 five-bedroom units. All 46 apartments are expected to receive Section 8 project-based voucher subsidies from HUD. The Peace Neighborhood Center, Washtenaw County Community Support and Treatment Services and Avalon Housing will partner with the housing commission to provide on-site services to the residents at the new community center. Twelve of the apartments will be set aside for permanent supportive housing for households at or below 30 percent AMI, with four of the apartments reserved for chronically homeless households. The rest of the units will be available to residents earning at or below 60 percent of the area mean income (AMI). Redevelopment is expected to begin this summer and be complete by early 2017.

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City officials of Bend, Ore., announced $415,767 in HUD’s Community Development Block Grants (CDBG) Dec. 22, 2014. Of that award, $164,000 will go toward the acquisition, rehabilitation or provide down payment assistance on 288 affordable units in four developments. Awards ranged from $3,580 to $85,000.

Journal Category:

Department of Housing and Urban Development

Authors:

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