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 [...]

Read more...
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 [...]

Read more...
OK Tax Credit Portfolio - LIHTC - Section 42 - Pauls Valley - Seminole - Oklahoma

187-Unit Oklahoma Tax Credit Portfolio Sale

On May 31, 2018, Affordable Housing Investment Brokerage completed the transaction of a 187-unit Low-Income Housing Tax Credit portfolio located in Oklahoma.  The deal, owned by an Oklahoma City-based non-profit organization, included a 124-unit multi-family complex located in Pauls Valley and 63 single family rental homes split between Pauls Valley and Seminole. The purchaser, a regional owner operator had no financing contingencies and placed a non-refundable earnest money deposit at execution of the LOI and again at execution of the [...]

Read more...
Eastbrook Apartments - Exception Rent HAP Contract - Section 8 - HAP - Cushing - Oklahoma

Oklahoma Exception Rent HAP Contract Sale

On May 15th, 2018, Affordable Housing Investment Brokerage completed the sale of a 30-unit Exception Rent HAP contract property in Cushing, Oklahoma. Cushing is an hour drive northwest of Oklahoma City and is home to the nations largest commercial oil hub. Multiple offers from an assortment of local, regional, and national buyers were procured.  The purchaser, a real estate investment firm based out of California, used Fannie Mae debt to acquire the property.  The transaction closed in just over four months including required HUD [...]

Read more...
Windsong Apartments - Section 8 - HAP - Mark-to-Market

Oklahoma Mark-to-Market HAP Property Sold to National LIHTC Developer

On December 29, 2017, AHIB closed on the $8,200,000 sale of 202 unit Mark-to-Market Project-Based Section 8 property.  Windsong Apartments, located at 3131 S Mingo Rd in Tulsa, Oklahoma, is approximately ten miles east of downtown.  The property was purchased by a California-based national affordable housing investor from the Denver based Windsong Housing Associates. Windsong Apartments went through Mark-to-Market debt restructuring in 2003 and is subject to cash flow and rent restrictions for the remainder of its 30-year Mark-to-Market Use Agreement.  [...]

Read more...
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 [...]

Read more...

360-Unit LIHTC Property Sale near Atlanta, GA

In February 2018, Affordable Housing Investment Brokerage, Inc. (“AHIB”) closed on the sale of The Park at Hairston, a 360 Unit LIHTC property in Stone Mountain, Georgia.  Stone Mountain is a near suburb of Atlanta located about 20 miles northeast of Downtown Atlanta. The property was originally built as a market rate property in the late 1980’s.  In 2006/2007 the property was went through a full rehabilitation financed by equity generated from an allocation of 4% LIHTC’s and Georgia state [...]

Read more...
Kansas City Missouri MSA HAP Property Sale -Little Village-Buckner-MO-Section 8-HAP Contract

Kansas City Missouri MSA HAP Property Sale

On November 21st, 2017 Affordable Housing Investment Brokerage, Inc. (AHIB) completed a Kansas City Missouri MSA HAP property sale. The 42-unit apartment community, Little Village, is located approximately 25 miles from Kansas City, Missouri, just east of Independence. Little Village is covered 100% by a Project-Based Section 8 (HAP Contract) and is located in Buckner, Missouri.  The property is made up of one, two and three bedroom floor plans. Of the 42 total units, 34 units are designated for [...]

Read more...
Michigan HAP Property - Milan Village-Section 8- HAP Contract-Milan-Michigan

Michigan HAP Property Sold to a National LIHTC Developer

On November 16, 2017, a Michigan HAP property sold to a national LIHTC developer.  The apartments, known as Milan Village, are a 36-unit multifamily community near Ann Arbor, Michigan.  The property is within walking distance to downtown Milan, and all units are covered by an Option 4 project-based Section 8 contract.  The property is made up of 16 one-bedroom units and 20 two-bedroom units spread between three buildings. Select units within each building also have updated cabinets and vanities within. Multiple [...]

Read more...

Tax Reform – Private Activity Bonds

Private Activity Bonds are one of the most efficient tools our government has.  They fund public projects with private money and create hundreds of thousands of jobs annually.    Their “cost” is marginal relatively, and the gains they bring us by housing seniors and those less fortunate, by building hospitals, airports and schools, is essential to advancing our society.  Nearly 96,000 jobs a year are created alone by the Low Income Housing Tax Credit, which will be dramatically damaged [...]

Read more...