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Knowledge Center 2018-03-28T20:07:26+00:00

Rehab and Refinance of Detroit Senior Community

Love Funding closed a $7 million loan for the refinance and rehabilitation of Central Towers Apartments, an affordable senior community in southwest Detroit, Michigan. Central Towers consists of 232 one-bedroom and two-bedroom apartments in two high-rise buildings. All but two of the units are currently covered by a Section 8 housing assistance payment (HAP) to help subsidize rents, and the borrower renewed their Section 8 contract as part of the transaction. The two remaining units are low-income housing tax credits (LIHTC) restricted at 60 percent AMI.

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Preservation Algebra: Working with PHAs on RAD deals

By Mark Olshaker April 2018 “I really like RAD projects,” declares Holly Bray, senior director of originations for Love Funding in Wash­ington, DC. “You’re in the weeds, helping authorities take their housing stocks and making them great. There are a lot of things to figure out and a lot of coordination. But the end result is truly rewarding.”

Industry News|

Refinancing of California Affordable Apartments

Love Funding closed three loans totaling $9.61 million for the refinancing of a group of affordable rental communities in California that are backed by low-income housing tax credits (LIHTCs). The three properties being refinanced are Comfrey Senior Apartments and Hudson Bay Apartments in Galt; and Shadowbrook Apartments in Redding. Comfrey Senior Apartments serves mixed-income seniors 55 and older, and Hudson Bay and Shadowbrook offer affordable units.

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RAD Caps Raised, LIHTC Allocations Increased

The recent passage of the 2018 omnibus spending bill included some positive changes for the affordable housing community. In addition to funding the Federal Government for the remainder of the 2018 fiscal year, the bill increased Low Income Housing Tax Credit (LIHTC) allocations, HUD funding and RAD unit caps.

Industry News|

South Dakota Market-Rate Apartment Construction

Love Funding closed a $24.2 million FHA-insured loan to provide construction and permanent financing for Moon Meadows Apartments, a market-rate apartment complex in Rapid City, South Dakota. The new community will offer 160 one-, two- and three-bedroom units in eight three-story garden-style buildings in the growing Rapid City Metropolitan Statistical Area (MSA). It will offer high-end amenities including climate-controlled hallways linking garages to unit entrances, a unique feature to provide protection during the Rapid City winters.

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