Over the past few years, FCC and its affiliates have engaged in greening of its portfolio.  This initiative has focused on reducing energy usage and conserving water.  By working with various funding sources including utility firms, this initiative has improved sustainability and reduced carbon dioxide emissions.  A recent example is a 191 unit high rise apartment complex which replaced over 200 interior and exterior lighting fixtures which now use over 400 LED energy saving light bulbs.  Occupancy sensors were also installed in some common areas.  Water conservation measured included new low flow toilets, aerators and showerheads in each apartment unit.  These action items are now paying dividend with annual reduction of over 100,000 kwh of electricity and a reduction almost 200,000 gallons in water per month.

In 2014, FCC and its affiliates obtained over $17,000,000 for the refinancing of 4 properties containing 616 affordable housing units.  Proceeds from the refinancings were used for capital improvements, strengthening replacement reserves and providing cash distributions to investors.  Some of the transaction also made use of HUD’s enhanced vouchers and Mark-up-to-Market program thereby assuring long term rental subsidies for tenants.

In 2013, FCC and its affiliates completed 10 refinancing transactions comprised of ten properties containing 923 affordable apartment units in the greater Mid-Atlantic region.  These transactions provided new fixed rate fully amortizing long term mortgage loans in excess of $25,000,000.  These transactions provided proceeds for capital improvements and the establishment of long term reserves at each property.  Significant annual debt service savings were also obtained and many of these transactions also provided cash distributions to owners.  Over the past decade, FCC and its affiliates have participated in over $300 million in real estate transactions.

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.

In July 2012, FCC completed the disposition of a USDA Rural Development assisted housing property in Sugarcreek, Ohio. The property was sold to a buyer who used low income tax credits to rehabilitate and preserve the property as low income housing for the next 30 years.

In April 2012, FCC completed the disposition of a USDA Rural Development assisted housing property in Corbin, Kentucky. The property was sold to a buyer who used low income tax credits to rehabilitate and preserve the property as low income housing for the next 30 years. This disposition provided an after tax internal rate of return of approximately 12% per annum.

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.

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.

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.

In December, FCC completed a long term preservation transaction for a 128 unit apartment complex located in the greater Pittsburgh area. 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 placement of new debt provided for significant proceeds for capital improvements and the establishment of long term reserves. Significant annual debt service savings were also obtained and a substantial cash distribution was made to the partners of the owning partnership.