Glen Arbor Apartments is an existing 209-unit family apartment community located in Woodbridge, Virginia. Formerly market rate, the project converted 100% of its units to affordable. All units are now restricted to tenants with incomes at 60% of average median income (AMI) or below. Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $31,755,000 with a 35-year term at a fixed interest rate. Equity of approximately $10,218,729 was provided through the sale of 4% low-income housing tax credits (LIHTC).
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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
