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Pennsylvania
| Subject Property: |
Allegheny Commons East |
| Description: |
136 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance |
| Location: |
Pittsburg, PA |
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| MCR Participation: |
Development Consultant to Buyer for Preservation Restructuring using Section 236 Transfer of Physical Assets (TPA) and New State Financing |
The buyer of this FHA Section 236 property utilized new tax-exempt financing and 4% Low Income Housing Tax Credits (LIHTCs) awarded by the Pennsylvania Housing Finance Agency to fund a substantial rehabilitation and extended affordability plan. MCR provided the buyer with initial due diligence, ongoing HUD program assistance, and compiled a Transfer of Physical Assets (TPA) for the loan assumption. In addition, MCR compiled the special-purpose Section 236 IRP form of rent increase required to support increased debt service.
| Subject Property: |
East Hills Park |
| Description: |
91 units, HUD Section 221(d)(3), Full Project-Based Section 8 Rental Assistance |
| Location: |
Pittsburg, PA |
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| MCR Participation: |
Development Consultant to Buyer for Preservation Restructuring using 9% Low Income Housing Tax Credits (LIHTCs) and new State Financing |
The buyer of this FHA Section 236 property utilized new taxable-rate financing and 9% Low Income Housing Tax Credits (LIHTCs) awarded by the Pennsylvania Housing Finance Agency to fund a substantial rehabilitation and extended affordability restructuring plan for this aging rental community. MCR provided the buyer with initial due diligence, ongoing HUD program assistance, and specialized rent increase processing through to a successful close of this Preservation transaction.
| Subject Property: |
Grant Towers |
| Description: |
60 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance |
| Location: |
Duquesne, PA |
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| MCR Participation: |
Development Consultant to Buyer for Preservation Restructuring |
The buyer of this FHA Section 236 HUD-Held property utilized new tax-exempt financing and 4% Low Income Housing Tax Credits (LIHTCs) awarded by the Pennsylvania Housing Finance Agency to fund a substantial rehabilitation and extended affordability plan. MCR provided the buyer with initial due diligence, ongoing HUD program assistance, and compiled a special-purpose 236 IRP form of rent increase required to support increased debt service.
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