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.
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AGM & NAHB on Capitol Hill
Last week, the National Association of Home Builders held its Spring Legislative Conference and Leadership Meetings in Washington, DC. The Legislative Conference saw more than
