Affordable Section 8 202 property, NY, Senior Low Income Apartments

Background

The affordable housing 202 project consists of one-bedroom units, a leasing office, a community room and a laundry

The Challenge

The project has had some difficulty meeting expenses, primarily due to its large debt service costs and age of the property. Capital improvements were also becoming necessary as the project was built over 15 years ago.

The solution:

The partnership turned to Carmen Capital to utilize FHA’s 223(f) program to provide 35 year, fixed rate financing for the properties. The loan funded repairs, a development fee and reduced debt service costs. As part of the financing, funds were raised to address several long-term capital replacement issues identified by project management and to increase the project’