In rehab; to be completed in 2020
Various locations in WA
The SAG Portfolio consists of 6 existing USDA-RD 515 financed rural apartment communities containing a total of 299 units. All of the communities will undergo moderate rehabilitation. Of the 299 units, 195 benefit from Section 521 rental assistance whereby the tenant rent contribution is limited to 30% of their household income.
USDA-RD 538 Construction Advance Loans – $19,595,000
Tax Exempt Bond Issuance – $22,100,000
In addition to the Churchill financing shown above, USDA-RD approved 20-year debt deferral on the existing $7.8 million 515 loan program debt assumed by the new owner and $11.7 million of LIHTC equity was invested.