Edgar C. Blackshear Homes and Fred Wessels Homes is a 280-unit existing scattered site rental community located in Savannah, Chatham County, Georgia. The project consists of two separate communities that have been combined into one mortgage. Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract. Utilizing HUD’s Section 221d4 program for insurance advances, AGM successfully obtained a HUD insured mortgage of $5,000,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term.
Equity of approximately $18,900,000 was provided through the sale of 4% low-income housing tax credits (LIHTC). Site control was achieved with an upfront ground and building lease payment from the partnership to the Housing Authority of Savannah, evidenced by a note.
