From Multi-Housing News:
The Housing Authority of the City of El Paso has received a $21.5 million Freddie Mac unfunded forward commitment loan for the renovation of Jackie Robinson Memorial Apartments, a 186-unit affordable housing community in El Paso, Texas. Lument provided the 18-year financing with a low, fixed interest rate, three years of interest-only payments and a 35-year amortization schedule. The forward commitment bears a 30-month term with one six-month extension.
As part of the transaction, the 4 percent low-income housing tax credit community will benefit from Section 8 assistance that will lead to long-term, project-based voucher conversion. That assistance will ensure that all units are restricted to tenants earning at or below 60 percent of the area median income.
Read Multi-Housing News' article "Lument Provides $22M for Affordable El Paso Community," featuring the Housing Authority of the City of El Paso.