Woodlands of Albany
Under Construction; to be completed late 2020
Woodlands of Albany is a new construction affordable housing development to contain 80 apartment units of which 56 are affordable with the remaining 24 units being market rate. Of the 56 affordable units, 16 are set-aside to tenants with income at or below 50% of Area Median Income with 40 units set-aside to tenants with income at or below 60% of Area Median Income.
FHA 221d4 Construction Advance Loan – $1,919,500
Equity Bridge Loan – $7,000,000
In addition to the Churchill financing above, the sale of Federal and State 9% LIHTC was also used to fund acquisition of the site and construction costs.