Heritage Forest Apartments

Heritage Forest Apartments is an existing affordable multi-family apartment community located in Newport News, Virginia.  Originally built within two phases in 2011 and 2014 with HUD insured financing and Low Income Housing Tax Credits (LIHTC), the community consists of 248 total units within garden apartment buildings and a freestanding clubhouse.  All of the community’s units have income restrictions ranging from households earning up to 60% of area median income (AMI) and below.  The amenity package includes a resident clubhouse, swimming pool, splash park, and playground.  AGM obtained HUD insured mortgages for both Phase I and Phase II under the 223(a)(7) refinance program.  Phase I had a mortgage amount of $8,609,900 and Phase II had a mortgage amount $6,339,600.  The refinance of the existing mortgages reduced the fixed interest rate while extending the term of each mortgage back to the original term of 40 years.