Affordable Housing Preservation Transaction

In October 2011, affiliates of FCC acted as the affordable housing advisor for the refinancing of a 120 unit Section 8 assisted housing project in southwestern Pennsylvania. A new HUD insured mortgage in the amount of $3,035,200 for a term of 35 years bearing an interest rate of 4.4% was placed on the project. The refinancing provided funds for capital improvements and strengthened the project’s reserves. The refinanced mortgage loan also reduced debt service costs and increased cash flow from operations.