HUD 202 Sale in PennsylvaniaKyle Shoemaker
In early March of 2022, AHIB, Inc. completed the sale of the Kime Apartments, a 50 unit, HUD 202, HAP contract property in Great Bend, Pennsylvania. While the property’s original HUD 202 was refinanced several years ago, the HUD 202 Use Agreement was still in place, restricting future ownership based on substantial non-profit participation.
The HUD 202 apartments are located on the northern boarder of Pennsylvania, between Scranton, PA and Binghampton, New York. Marketing produced multiple offers from regional and national affordable housing professionals. The local, non-profit seller ultimately choose to sell to an experienced, national non-profit developer, who was able to close on the price and terms originally negotiated.