City View Park is an existing 503-unit affordable rental property in Louisville, Kentucky. The project consists of three phases including 47 garden- and townhouse-style residential buildings. The development has an onsite management office, multiple playgrounds, splash parks, and a basketball court. A long-term Section 8 contract covers 468 units while the remaining 35 units are restricted to households earning at or below 60% of area median income (AMI). Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $34,250,000 at a fixed interest rate and a 40-year term. Equity of approximately $19,481,093 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include $2,000,000 from the Louisville Affordable Housing Trust Fund (LAHTF) and $800,000 in Louisville HOME funds.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
