Woods at Victoria Park is an existing 48-unit affordable elderly apartment community located in Woodbridge, Virginia. The community consists of a single four-story elevator-served building with a lounge and community room. The project serves seniors with incomes at or below 40% and 50% of area median income (AMI). Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $3,845,000 with a 35-year term at a fixed interest rate.
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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
