Multifamily Capital Resources, Inc.
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Subject Property: Courtyard Apartments
Description: 100 units, HUD Section 221(d)(4), Full Project-Based Section 8 Rental Assistance
Location: Winooski, VT
MCR Participation: Transfer of Physical Assets (TPA), OMHAR and HAP Renewal Consultant to Buyer

This attractive converted Mill building consists of 100 units of Section 8 Assisted housing. The General partner wished to continue the operation of the property after an initial partnership term, and contracted with MCR to compile and advocate for HUD's approval of a Transfer of Physical Assets (TPA). Under these procedures, the remaining partner was able to assume full responsibility for the remaining FHA mortgage loan balance and buy out the limited partners. In addition, MCR consulted with the General Partner regarding the already closed OMHAR Mark-Down-to-Market HUD restructuring whereby above-market rents had been lowered to local market levels as a condition of the renewal of the project's 100% Section 8 contract. In this way, this much needed affordable housing resource was preserved for future affordability.