St. Paul’s Apartments is a 126-unit new construction affordable multifamily community located in Norfolk, Virginia. St. Paul’s Apartments will consist of seven, three-story walkup buildings and a separate clubhouse with a swimming pool. Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $8,700,000 at a fixed interest rate with a 40-year term. Equity of approximately $12,598,742 was provided through the sale of 9% low income housing tax credits (LIHTC).
Blog Articles
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
