Victory Terrace is an existing 72-unit senior mixed-income multi-family apartment community located in Potomac, Maryland. Originally built in 2003 with HUD insured financing and Low Income Housing Tax Credits (LIHTC), the property consists of one, four-story elevator-serviced apartment building. The community’s units are age-restricted and have mixed affordability with the majority of units income restricted based on LIHTC requirements with the remaining units unrestricted market rate. The amenity package includes a resident lounge, recreation area, computer room, meditation room, salon, library, fitness room, and laundry facilities. AGM obtained a HUD insured mortgage of $5,666,200 under the 223(a)(7) refinance program. The refinance of the existing mortgage reduced the fixed interest rate while extending the mortgage term.
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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
