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Connecticut
Subject Property: |
Laurelwood Place Apartments |
Description: |
100 units, HUD Section 202, Partial Project-Based Section 8 Rental Assistance |
Location: |
Bridgeport, CT |
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MCR Participation: |
HUD Processing Consultant to Owner for Section 223(f) Restructuring |
This attractive converted Mill building consists of 100 units of Section 8 Assisted housing. The General partner wished to continue the operation of the property after an initial partnership term, and contracted with MCR to compile and advocate for HUD's approval of a Transfer of Physical Assets (TPA). Under these procedures, the remaining partner was able to assume full responsibility for the remaining FHA mortgage loan balance and buy out the limited partners. In addition, MCR consulted with the General Partner regarding the already closed OMHAR Mark-Down-to-Market HUD restructuring whereby above-market rents had been lowered to local market levels as a condition of the renewal of the project's 100% Section 8 contract. In this way, this much needed affordable housing resource was preserved for future affordability.
Subject Property: |
Mill Pond Apartments |
Description: |
360 units, HUD Section 236 |
Location: |
East Windsor, CT |
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MCR Participation: |
Preservation Restructuring with Tax-Exempt Financing and 4% LIHTCs Consultant to Buyer |
For this transaction, MCR provided initial acquisition structuring advice critical to the buyer's purchase just prior to a foreclosure action by HUD. With the full cooperation of the seller, the local Housing Authority, and elected officials, this physically-distressed 360 unit property was brought back to life with a substantial rehabilitation utilizing new tax-exempt financing and 4% Low Income Housing Tax Credits (LIHTCs). In support of the transaction, MCR provided the buyer with a full scope of Preservation and Financing services for this transaction, including assistance in negotiating new local government use restriction modifications, assistance in formulating new financing structures, completion of a Tenant Profile report of household sizes and incomes, representation at HUD technical meetings, and completion of a specialized HUD rent increase submission.
Subject Property: |
Summer Brook Apartments |
Description: |
180 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance |
Location: |
Southington, CT |
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MCR Participation: |
Preservation Consultant to Owner |
MCR served as primary technical consultant for a restructuring for extended affordability of this property, formerly known as Flanders East Apartments. To accomplish this goal, the project owner obtained new, tax-exempt bond financing and corresponding 4% Low Income Housing Tax Credits (LIHTCs) to fund a substantial rehabilitation plan, stabilizing the project's physical plant for the long term. MCR compiled and tracked a special-purpose Budget-to-Market HUD rent increase, moderated multiple on-site tenant information meetings, and provided full technical support for an application to HUD for new Section 8 Enhanced Vouchers for all income-qualified unassisted residents.
Subject Property: |
Woodland Hills Apartments |
Description: |
176 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance |
Location: |
Torrington, CT |
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MCR Participation: |
Preservation Consultant to Owner |
This aging Section 236 project, formerly known as Highwood Apartments, faced the expiration of use restrictions after 25 years of operation. MCR served as primary technical consultant to the owner who restructured the property using HUD's Section 236 IRP Decoupling Program to help support replacement tax-exempt bond financing with the Connecticut Housing Finance Agency. The combination of new loan proceeds and an allocation of 4% Low Income Housing Tax Credits (LIHTCs) funded a substantial rehabilitation plan, extending the project's useful life as quality affordable housing. In support of this effort, MCR assisted with initial due diligence and transaction structuring, compiled and tracked a special-purpose IRP Decoupling form of HUD rent increase request, moderated multiple on-site tenant information meetings, and provided full technical support in all interactions with the HUD office throughout this successful Preservation transaction.
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