Affordable Housing Preservation Transaction

In September 2012, affiliates of FCC acted as the affordable housing advisor for the refinancing of a 150 unit Section 8 assisted housing project in southwestern Pennsylvania. A new HUD insured mortgage in the amount of $5,112,000 for a term of 30 years bearing an interest rate of 2.38% was placed on the project. The refinancing provided funds for capital improvements, strengthened the project’s reserves, and a distribution to the owner. The refinanced mortgage loan also reduced debt service costs and increased cash flow from operations.