Affordable Housing Refinancing Transaction

In March 2011, FCC completed the refinancing of a 78 unit Section 8 assisted housing project in Findlay, PA. A new HUD insured mortgage in the amount of $3,539,300 for a term of 32 years bearing an interest rate of 4.42% was placed on the project. The refinancing provided funds for capital improvements and strengthened the project’s reserves. The refinanced mortgage loan will also reduce debt service costs and increase cash flow from operations.