Central PA Portfolio, Various Locations PA

Project:

Central PA Portfolio

Completed:

In rehab

Project Type:

Acquisition/Rehabilitation

Location: 

Various locations in PA

The Central PA Portfolio consists of 15 existing USDA-RD 515 financed rural apartment communities containing a total of 485 units.  All of the communities will undergo moderate rehabilitation and all tenants benefit from Section 521 rental assistance whereby their rent contribution is limited to 30% of household income.

 

Churchill Financing:

USDA-RD 538 Construction Advance Loans – $6,186,095

Acquisition of 4% Federal LIHTC – $11,953,800

Tax Exempt Bond Issuance – $23,420,000

 

In addition to the Churchill financing shown above, USDA-RD issued $11.2 million in new 515 loan program debt and approved 20-year debt deferral on the existing $18.1 million 515 loan program debt assumed by the new owner.