Love Funding Secures $6.17 Million in Financing to Help Preserve Low-Income Housing Apartments in Los Angeles
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.17 million refinancing for Imani Fe Apartments, a 92-unit low-income housing community in Los Angeles. Love Funding Senior Director James Vanar of the Los Angeles office secured the financing through the U.S. Department of Housing and Urban Development’s Section 223(f) loan insurance program. The loan proceeds will be used to pay off the existing debt, fund a replacement reserve and provide a permanent financing solution for the borrower. The term of the non-recourse, fixed-rate loan is 35 years. Imani Fe was built in 2009 with federal low-income housing tax credits (LIHTCs) and financial support from the City of Los Angeles. The refinancing will help preserve the affordable nature of the apartments, which are restricted to residents earning less than 30-60% of the area median income. Many of the residents are beneficiaries of Section 8 housing vouchers. For more information contact James Vanar at (949) 215-1682.