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Closing the Gap in Affordable Housing Development

June 29, 2015

Colorado Real estate Journal

by Peter Wessel

Over the past several years, market-based rental rates have crept up with construction costs. Not so for affordable rental units, though, because they are capped based on low and moderate incomes that have not risen commensurately. This mismatch has resulted in an increasing gap between the cost of developing a new affordable apartment project and the ability to finance its development.

Fortunately, there are a couple of new tools available to affordable housing developers to close the funding gap. They are not perfect but they can be viable solutions to help develop or preserve affordable properties – so long as you know how to navigate their complexities.
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NH&RA Summer Institute

June 23, 2015

The National Housing and Rehabilitation Association will be hosting their 2015 Summer Institute in Newport, Rhode Island from July 15-18, 2015. Senior Director Holly Bray will be attending.

WI Collaborative for Affordable Housing

June 22, 2015

Join Director David Hirsch July 15-16, 2015 at the Wisconsin Collaborative for Affordable Housing’s annual A Home for Everyone Conference in Wausau, Wisconsin. Stop by our booth to meet David and discuss your financing needs.

Love Funding Secures $9.1 Million Refinancing for Westhaven Manor in Westland, Michigan

June 22, 2015

Westhaven-ManorLove Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $9.1 million loan refinancing for Westhaven Manor, a 144-unit age-restricted apartment community in Westland, Michigan.

Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be used to enhance the property with further improvements and fund a replacement reserve.

Westhaven Manor was built in 1986 and designed for those 62 years and older who do not require assistance with their daily living needs. The units each have an emergency call system connected to a central monitoring station and 24-hour supervision to summon emergency assistance. Twenty-nine of the units are reserved for low-income residents and a portion of these receive a rent subsidy from the Michigan State Housing Development Authority.

For more information, contact Bruce Gerhart at (216) 583-0812.

NAA Education Conference & Expo

June 11, 2015

Senior Director Robyn Cunningham and Director Adrian Hartman will be attending the National Apartment Association’s Education Conference & Expo June 24-27, 2015 in Las Vegas, NV. Join Robyn and Adrian at booth #1528 to learn about the many financing options available through FHA’s multifamily finance programs.

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WI Collaborative for Affordable Housing

Join Director David Hirsch July 15-16, 2015 at the Wisconsin Collaborative for Affordable Housing’s annual A Home for Everyone Conference in Wausau, Wisconsin. Stop by our booth to meet David and discuss your financing needs.

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