Affordable Housing Preservation Transaction

In July 2011, affiliates of FCC completed a long term preservation transaction for a 100 unit apartment complex located in the greater Western Pennsylvania region. The preservation transaction included the securing of a new project based Section 8 contract for a term of 20 years and the placement of new debt provided by the Federal National Mortgage Association for a corresponding 20 year term. The financing provided a substantial cash distribution to the owners and a reduction in annual debt service. FCC and its affiliates have refinanced $185,000,000 in mortgage debt over the past decade.