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Love Funding announced the closing of a $12.7 loan Jan. 11 for the acquisition and rehabilitation of St. Peter Manor in Memphis, Tenn. St. Peter Manor comprises 283 apartments in one 10-story building. Apartments will remain affordable to seniors earning at or below 60 percent of the area median income (AMI). The community was awarded $10 million in 9 percent low-income housing tax credits (LIHTCs) through the Tennessee Housing Development Agency. The loan was secured through the U.S. Department of Housing and Urban Development’s (HUD’s) 223(f) loan insurance program.
The U.S. Department of Housing and Urban Development’s (HUD’s) Office of Community Planning and Development issued Feb. 25 a notice with instructions for when jurisdictions should submit their fiscal year 2019 national Housing Trust Fund (HTF) allocation plans. CPD-19-01 also includes revised submission dates for the Community Development Block Grants, Emergency Solutions Grants, HOME Investment Partnership and Housing Opportunities for Persons With AIDS programs. HUD will not execute a HTF grant agreement until it receives the agency’s HTF allocation plan with the actual HTF allocation. Fannie Mae and Freddie Mac recently announced that $245 million would be available for the HTF in 2019 and HUD anticipates announcing each state’s HTF allocation in April. The notice is available at www.hudresourcecenter.com.
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