Suburban Chicago Project-Based Section 8 (HAP Contract) and Conventional Apartment Sale

In January, 2017, AHIB completed a suburban Chicago project-based Section 8 (HAP Contract) and conventional apartment sale in Woodridge, Illinois. The 176 unit family property had 40% of the units covered by a project-based Section 8 (HAP Contract) contract administered by IHDA and the remaining units operating as market rate. Ownership had recently placed an FHA-insured, HUD 223f loan, which had an attractive interest rate at 3.58%, but high reserve requirements and a low loan-to-value at the target pricing, [...]