Lincoln Westmoreland Apartments is a 110-unit affordable multi-family apartment community located in Washington, DC. Originally built in 1972, the property was refinanced in 2014 using HUD-insured financing along with a LIHTC transaction that provided funding for a substantial rehabilitation of the property. Eighty two of the units are covered by a project-based Section 8 contract, and all of the units have income restrictions for households earning up to 60% of area median income (AMI). Amenities include elevator service, a community room, laundry room, on-site day care and 25 on-site parking spaces. AGM obtained a new $17,481,900 HUD insured mortgage under the 223(a)(7) refinance program to reduce the fixed interest rate and mortgage insurance premium while extending the term to 40 years. The result was a significant savings in annual debt service for our borrower.
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February Pulse Check: Despite the Headlines, with FHA You Can Fix Your Rate & Forget It
The change in Administration brought with it a flood of news about agency closings, furloughs, buyouts, and the like. It’s been tough to keep up.
