Elderly RAD II HAP Sale 60 Miles From ChicagoKyle Shoemaker
On September 1st, AHIB closed on an elderly RAD II HAP sale 60 miles from Chicago. The Eastcourt Village apartments in Kankakee, Illinois, have 133 units designated for elderly tenants, with a Project-Based Section 8 Contract (HAP contract) covering 90% of the property. AHIB worked with the seller over a period of several years, helping to convert the original Rent Supplement contract through a RAD II conversion to the Section 8 program. Legal counsel from Nixon Peabody prepared the successful application, which expanded the subsidy from 40% of the units to 90%. Multiple offers were produced from buyer around the country. The successful purchaser closed the deal all-cash with plans to place 501(c)(3) revenue bonds post closing.