Senior HAP Closing During Covid-19Kyle Shoemaker
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 two properties are adjacent, operating as one with a central management office. Two separate HAP contracts provide project-based Section 8 coverage to all 80 units.