Riverbend Apartments is a 130-unit new construction affordable multifamily community located in Gloucester, Virginia. Of the 130 units, 13 will be restricted at 40% of AMI covered by a project-based voucher contract, 52 will be restricted at 50% of AMI, and 65 will be restricted at 60% of AMI. The property is located on 16.25 acres of land and will consist of six, three-story, garden apartment buildings, a 4,825 SF clubhouse and a separate maintenance building. Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $9,000,000 at a fixed interest rate with a 40-year term. Equity of approximately $16,275,472 was provided through the sale of 9% low income housing tax credits (LIHTC).
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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
