Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $7.28 million loan refinancing for Ontario Townhouses, a Section 8 multifamily community in Ontario, California.
Senior Director Holly Bray of Love Funding’s Washington, D.C. office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Using the program enabled the owners to lock in a low, fixed interest rate for a 35-year term, helping to preserve affordable housing options in a state facing acute shortages of housing for low-income families.
A combination of rising rents and falling government aid for affordable housing has left nearly 1 million extremely-low-income California households without affordable, habitable homes, according to a recently issued report from the California Housing Partnership Corp. Ontario Townhomes, located in the Los Angeles suburb of Ontario, consists of 86 two- and three-bedroom townhouses, 84 of which are rented to people with incomes that do not exceed 50 percent of the area median income.
“The almost two-year long waiting period for a unit at Ontario Apartments is a testament to the great need for affordable housing options in southern California,” said Bray. “FHA financing will help keep the property’s costs down and help preserve these units as affordable rental housing.”
For more information, contact Holly Bray at (202) 887-1849.