New Hope Properties is an existing 454-unit affordable multifamily apartment community located in Hopkinsville, Kentucky. The project consists of 144 one- and two-story residential buildings containing 1-, 2-, 3-, 4-, and 5-bedroom units across nine scattered sites. All of the community’s units are covered under a long-term Project-based Section 8 contract and will be restricted to households earning either 50% or 60% of area median income (AMI). Utilizing HUD’s Rental Assistance Demonstration (RAD) Section 18 Demolition/Disposition Blend program and Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $28,650,000 at a fixed interest rate and a 40-year term. Equity of approximately $27,544,890 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include a Kentucky Housing National Housing Trust Fund loan, and a Capital Funds Loan from the Housing Authority of Hopkinsville.
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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
