Mark Dellonte, President and Chief Executive Officer of Love Funding, today applauded the U.S. Departments of Housing and Urban Development (HUD) and Veterans Affairs (VA) for awarding $62 million to help thousands of homeless veterans find permanent housing.
HUD today announced the department would grant $57 million to support 8,276 Tenant-Based Vouchers for privately-owned rental units, and $5 million for 730 Project-Based Vouchers (PBV) for existing newly constructed units in specific developments.
“The shortage of affordable housing in the U.S. has reached crisis mode, and homeless veterans are some of the hardest hit, and most deserving of help from the federal government,” Dellonte said. “Fortunately, we have two federal agencies hard at work to help provide veterans with better access to affordable housing alternatives.”
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, is committed to preserving affordable housing across the U.S. amidst a nationwide affordable housing shortage. The company has played an active role in helping preserve affordable housing rental units through HUD’s popular loan insurance programs.
In recent years, Love Funding was approved to participate in the agency’s pilot program focused on properties financed with low income housing tax credits (LIHTCs), as well as its Rental Assistance Demonstration (RAD) program, which allows proven financing tools to be applied to at-risk public and assisted housing.
Recently, Love Funding secured FHA funding for the construction and permanent financing of Viera Manor Assisted Living Facility, a new assisted living center in Viera, Florida, that gives veterans priority admission and rent discounts. The project was developed under a 1991 law that authorizes the VA to lease its own property to help develop facilities, goods and services that benefit veterans.