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Rhode Island

MCR provided a full scope of preservation services for the restructuring of this aged Section 236 property with Project-Based Section 8 Rental Assistance for only 75% of project units.  Facing the need to refinance in order to fund a modest repair program, the owner refinanced with HUD's Section 223(f) mortgage program as advised by MCR.  The refinancing was part of an overall strategy to extend affordability for low-income residents and fund repairs.  MCR succeeded in gaining an allocation of new project-based voucher Section 8 rental assistance for all previously unassisted units.  In addition, MCR processed the owner's Mark-Up-To-Market HUD rent increase request for approval simultaneously with HUD Section 223(f) financing.

Foreclosed by HUD due to long-term management and physical plant deficiencies, this 209 unit property was purchased by MCR's client via sealed bid for substantial rehabilitation and extended affordability using new tax-exempt bond financing and 4% Low Income Housing Tax Credits (LIHTCs).  The combination of new physical upgrades and improved management operations implemented by the client resulted in an award-winning affordable rental community for families.  MCR served as the primary technical consultant for the buyer, providing guidance on the proper procedures for purchase of HUD-foreclosed properties, conducting a full Tenant Profile report of resident incomes and household sizes, appearing at numerous tenant information meetings, and providing technical assistance for the issuance of new Section 8 Enhanced Vouchers for all income-qualified families not previously receiving rental subsidy.

MCR served as primary HUD-issues technical consultant for the close of new financing for this aged 201 unit rental community, located within one of the wealthiest communities in Rhode Island.  Our office was pleased to provide a full scope of Preservation and Financing services for this transaction, including the start-to-finish processing of new Section 8 Enhanced Vouchers with the local Newport Housing Authority, the design and negotiation of use restriction modifications, the compilation of a Tenant Profile report of household sizes and incomes, and the compilation of a specialized underwriting budget to facilitate new financing.  MCR worked closely with the project owner, with HUD, and with the Freddie Mac lending representative through all stages of the approval process to a successful closing.