Cameron Courts and Weldon Heights Apartments

Cameron Courts and Weldon Heights Apartments is a 190-unit existing multifamily rental property located in Gastonia, North Carolina.  Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract.  The project consists of two scattered site projects housed in 62 one and two-story apartment buildings and two community buildings on 24 acres of land.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $7,100,000 at a fixed interest rate and a 40-year term.  Equity of approximately $7,541,843 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Additional sources include a $500,000 Federal Home Loan Bank of Atlanta (AHP) loan and a $320,924 Capital Funds loan from the Gastonia Housing Authority.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.