Love Funding Secures Refinancing for LIHTC Apartment Properties in Boise, Idaho


Davis-ParkLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of two loan refinancings totaling $5.16 million for low-income housing tax credit (LIHTC) properties owned by a nonprofit corporation focused on providing affordable housing solutions in Boise, Idaho.
 
The apartment properties involved are Northwest Pointe Apartments, Davis Park Apartments and Stewart Avenue Apartments. All three are owned by holding companies of Neighborhood Housing Services Inc., an Idaho-based non-profit founded in 1982 that currently owns 364 apartment units of affordable housing, mostly developed with LIHTCs.

Love Funding Director Chad Ricks of the Dallas office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The refinancing will allow Neighborhood Housing Services to pay for needed repairs at the facilities, and establish a healthy cash reserve account.
 
Under separate agreements with the Idaho Housing and Finance Agency, Neighborhood Housing Services must guarantee that a certain portion of the units at each site will be reserved for households earning 60 percent or less of the area media income. That pledge applies to 67.5 percent of the 77 units at Northwest Pointe, 100 percent of the 41 residential units at Davis Park, and 100 percent of the residential units at Stewart Avenue. Davis Park and Stewart Avenue are considered a scattered site development.
 
For more information, contact Chad Ricks.

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