Limited Distribution HAP Contract SaleKyle Shoemaker
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 buyers bidding until a deal was reached at a price above the Seller’s original target.
The limited distribution HAP contract sale closed promptly upon IHDA approval of the HAP assignment and debt pay-off.