Rooney Apartments is a 150-unit senior high-rise property in Bethlehem, Pennsylvania. The property includes 8,000 square feet of commercial space. Using HUD’s Section 231 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $5,088,100 with a 40-year term plus the construction period. The Pennsylvania Housing Finance Authority (PHFA) contributed $1,500,000 in PennHomes funds. PHFA awarded tax credits which generated $7,800,000. The project involves acquisition and $30,800 per unit in repairs to replace windows, roof, kitchen cabinets, dishwashers, lights, and carpets. New through-wall air conditioning units and two sun rooms will be added. The project includes 42 efficiencies, 105 one-bedrooms, and 3 two-bedrooms.
