Victoria Park at North East is a 50-unit senior LIHTC apartment building located in North East, Maryland. The property was originally financed in 2005 pursuant to HUD’s Section 221(d)(4) new construction program. Using HUD’s Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $2,255,000 and extended the term to 40 years. The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual savings.
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February Pulse Check: Despite the Headlines, with FHA You Can Fix Your Rate & Forget It
The change in Administration brought with it a flood of news about agency closings, furloughs, buyouts, and the like. It’s been tough to keep up.
