M.C. Pepper Towers is a 150-unit 12 story high-rise elderly apartment community located in Miami-Dade County, Florida. Using HUD’s Section 221d4 Substantial Rehabilitation program for insured advances to rehabilitate this former Section 202 property, AGM obtained a HUD-insured mortgage of $4,175,000 with a 40-year term. Rehabilitation will cost $53,000 per unit. Additional funding was provided through the sale of Low Income Housing Tax Credits, a $2,300,000 grant from the State of Florida, and a seller take-back note.
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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
