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Oct052019

Dino Papavero Senior Centre 

Dino Papavero Senior Centre is an existing 150-unit affordable senior rental property in Fontana, California.  The project is located on 3.78 acres of land and consists of one, eight-story elevator serviced building with surface/covered parking.  All of the property’s units are rent restricted based on a long-term Section 8 HAP contract.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $8,900,000 at a fixed interest rate and a 40-year term.  Equity of approximately $10,246,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).

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