- Due to increased loan volume and historically low interest rates available to borrowers, HUD has expanded its Interest Rate Reduction program, permitting borrowers of performing properties to reduce interest rates on FHA insured loans through a greatly abbreviated application process rather than requiring them to go through a complete, traditional refinancing. Now is the time for affordable housing borrowers to explore their refinancing options.
- With Baker Tilly’s assistance, Central Park Towers was able to assemble layered financing from many public and private sources for a complex construction and rehabilitation project. It is one of the largest and most complex RAD transactions closed to date, and ensures quality affordable housing for Elgin’s senior residents for years to come.
- Across the US, local efforts are emerging to address the lasting effect of the housing finance crisis on neighborhoods and accessibility to affordable housing.
- Baker Tilly helped Care Net Pregnancy Center of Dane County and Kothe Real Estate Partners secure a low-income housing tax credit award for new construction of a $5.7 million mixed-use building with 36 residential units and a child care facility.
- Recently, project sponsors have combined New Markets Tax Credits with EB-5 financing in order to strengthen the overall financing structure of the projects. While significant benefits can be achieved, several structuring challenges need to be overcome.
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