Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of $12.6 million in loans to refinance a group of affordable senior housing properties in Texas.
The properties involved include Park Meadow Apartments in Fort Worth, Prairie Creek Apartments in Dallas and Lakeview Place Apartments in Houston. They are all owned and managed by a nonprofit subsidiary of Volunteers of America (“VOA”), a nonprofit organization that focuses on providing and preserving affordable housing options to the elderly and/or disabled, veterans, at-risk youth and other vulnerable groups. VOA has more than 377 affordable housing properties in 40 states and Puerto Rico.
Senior Director Tammy Tate of Love Funding’s Knoxville office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program for multifamily properties. The new loans replaced former loans obtain through HUD’s 202 program and allow the properties to fund extensive upgrades at each of the properties.
All three properties allocate 100 percent of their units to senior and/or disabled residents, who pay below-market rents pursuant to Section 8 HAP contracts. Refinancing through HUD will enable the owners to extend the Section 8 HAP contracts at each property for 20 years, thereby preserving affordable senior rental housing for Texas at a time when 10 seniors are on the waiting list for every elderly housing unit that becomes available in the U.S.
“This is a great example of what’s possible when the missions of two great organizations such as HUD and VOA are aligned,” Tate said. “VOA takes great pride in providing safe and affordable housing throughout America and Puerto Rico. And, in these transactions, FHA financing will not only continue to help preserve these affordable properties for a long time, but also make them more enjoyable to live in as well.”
Separately, Tate secured a $1.94 million loan refinancing for Allen Place Apartments and Columbine Townhomes in Waco, Texas.
For more information, contact Tammy Tate at (865) 386.4039.