249 Unit HAP Sale in Gary, Indiana

AHIB, Inc. is pleased to announce the closing of Gary NSA I/II, also known as the 5th Avenue Apartments, in Gary, Indiana. The property consisted of fourteen separate buildings, primarily along the 5th Avenue corridor in downtown Gary. All units are covered by a Mark to Market HAP contract. Mark to Market, FHA-insured debt was in place, but was fully paid at closing. The property owner engaged Kyle Shoemaker and AHIB to conduct a marketing effort after [...]

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Senior HAP Closing During Covid-19

In May of 2020, AHIB successfully closed on the sale of Mt Carmel and Mt Village II apartments in Waterloo, Iowa. The deals went under contract in the late fall of 2020. The buyer, an east coast based non-profit, AHIB, and KeyBank, the buyer’s Freddie Mac lender, worked together to keep the deal on track through the Covid-19 crisis. The closing occurred at the original sale price. A post-closing renovation is planned using LIHTC funds. The [...]

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Kensington-Village-Affordable Housing-Winston-Salem-North-Carolina

142-Unit Affordable Housing property sold in Winston-Salem, North Carolina

We are pleased to announce the sale of Kensington Village Apartments, a 142-unit multifamily apartment property in Winston-Salem, North Carolina.  The well-maintained, stabilized property was originally built in the 1970’s and completely renovated in 2009. The prior renovation was financed by various sources including a HUD Grant. The HUD Grant was accompanied by multiple affordable housing deed restrictions including limits on tenant income and rent maximums. The brokers deployed a targeted marketing effort to identify and engage [...]

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Civic Plaza-Section 8 Property-Rock Falls-Illinois

Senior Section 8 Sale in Western Illinois

In April of 2019, AHIB closed on the a senior section 8 sale in western Illinois. Civic Plaza is a 63 unit property with a full HAP contract, designated for independent senior living and located in Rock Falls, Illinois. After a marketing effort producing multiple offers, the owner chose to sell to a Chicago-based buyer who was using funds from a 1031 exchange. Furthermore, the buyer has ample experience working with both HUD and AHIB to give confidence [...]

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Sale of Chicago LIHTC Property for Over $260K a Unit

In early March, 2019, Affordable Housing Investment Brokerage, Inc., in partnership with the Kiser Group, completed the sale of a Chicago LIHTC property for over $260K a unit. The property, Renaissance North, consisted of 59 apartment units, 57 garage parking spaces, and retail space. The property was built in 2003 with funding from Low Income Housing Tax Credits, HOME funds from the city of Chicago, and an 18 unit subsidy agreement with the Chicago Housing Authority via [...]

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City Center Place - Section 42 LIHTC - Birmingham, AL

Senior Section 42 LIHTC Property sold in Birmingham, AL

In early October 2018, AHIB completed the sale of City Center Place Apartments, a senior designated, Section 42 LIHTC property in downtown Birmingham, Alabama.  The well-maintained property was originally constructed in 1998.  It was financed with a combination of Section 42 LIHTC funds and HOME Loans from the Alabama Housing Finance Agency (AHFA) and the City of Birmingham. The property operates under regulatory agreements for both the LIHTC funds and HOME funds.  The property’s non-profit board [...]

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HUD 202 Restricted Sale - ICARE - Section 8 - HAP Contract - Westmont Illinois

HUD 202 Restricted Sale of a HAP Property in Suburban Chicago

On October 1st, AHIB completed the HUD 202 Restricted Sale of a HAP Property in Suburban Chicago.  The building, known as ICARE (Illinois Chinese American Residence for the Elderly), is located in Westmont, Illinois, and is comprised of 60 units of which 59 are covered by a project-based Section 8 contract.  Though the property had previously been refinanced, there is still a HUD 202 Use Agreement in place, restricting ownership to a non-profit organization and limiting allowable distributions. The property’s non-profit [...]

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Oregon Senior Section 8 Sale - Roseburg - Oregon - HAP Contract

Oregon Senior Section 8 Sale

On September 14th, AHIB completed an Oregon senior Section 8 sale.  The property, Rose Senior Apartments, has 40 units covered by a HAP contract and a commercial space.  The building is a historic mid-rise in downtown Roseburg. After multiple bids were procured by regional buyers in an effort to complete the Oregon senior Section 8 sale, the owner opted to sell to a local non-profit.  As an entrepreneur involved in other businesses in the community, it was critical to the [...]

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Sneedville, Tennessee - Project-based Section 8 - LIHTC - Sold

Tennessee Project-based Section 8 property sold to LIHTC Developer

In August 2018, AHIB completed the sale of a 51-unit project-based Section 8 contract property located in Sneedville, Tennessee. The family property is fully-covered by the HAP Contract and went through the HUD Mark-to-Market restructuring in 2003. The property is made of 24 one-bedroom units, 21 two-bedroom units and 6 three-bedroom units. The buyer was a regional LIHTC developer who received an allocation of 9% Low Income Housing Tax Credits from the Tennessee Housing Development Agency [...]

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Green Farms Townhouses - Limited Distribution HAP Contract Sale - Section 8 - Belvidere - Illinois

Limited Distribution HAP Contract Sale

On March 15, 2018, Affordable Housing Investment Brokerage, Inc. closed on a limited distribution HAP contract sale known as the Green Farms Townhouses.  All 50 units in the development are covered by a HAP contract administered by the Illinois Housing Development (IHDA).  Furthermore, the property is encumbered by a limitation on distributions, further complicating an investor’s ability to make the deal work.  Through AHIB’s network of qualified investors and developers, a competitive market was quickly made, resulting in several [...]

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