New Hope Properties

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.