Terrace Lane is a 138 unit existing community consisting located in Lexington, North Carolina. The community was initially constructed in 1983 and 1984 as a public housing project. Under HUD’s Rental Assistance Demonstration (RAD) program, the project converted its existing public housing subsidies into a long term Section 8 contract. AGM obtained a HUD insured mortgage of $5,100,000 at a fixed interest rate by utilizing HUD’s Section 221d4 program for insurance advances. The Lexington Housing Authority (LHA) issued $5,100,000 in tax exempt bonds. Equity of approximately $3,212,000 was provided through the sale of 4% low income housing tax credits. Additional sources include $350,000 in Capital Funds loaned to the partnership from LHA. There was $2,300,000 upfront ground lease payment from the partnership evidenced by a note from LHA.
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When the ball stops rolling…
The way to catch a knuckleball is to wait until it stops rolling and then pick it up. – Bob Uecker In baseball, the knuckleball
