Linwood Terrace Apartments is a 100-unit existing senior rental property located in Gastonia, North Carolina. Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract. The project consists of 26 one-story quad and duplex apartment buildings and two community buildings on 11.46 acres of land. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $3,160,000 at a fixed interest rate and a 40-year term. Equity of approximately $3,187,417 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include a $500,000 Federal Home Loan Bank of Atlanta (AHP) loan and $2,634,080 in Gastonia Housing Authority (GHA) Reserves.
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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
