The project was originally built in two phases, both of which were ready for occupancy five months apart in 1979 for a total of 104 units. The property was built with funds from the USDA Section 515 Rural Housing mortgage program. Both of the property’s project-based Section 8 HAP Contracts cover 100% of the units.
In 2019, Centennial Mortgage’s team of Sunny Fitzgerald (Originator), Cindy Ross (Project Manager), Brian Lorenz (Jr. Underwriter), and Joseph Spina (Chief Underwriter) were able to help guide the first time HUD Borrowers through the 223(f) program.
As part of the 223(f) Sunny and Cindy were able to assist the client to help not only combine the HAP contracts, but also to renew them for 20 years at market rent levels with a Mark-Up-To-Market HAP Contract.
With the funds from the 223(f) mortgage ($2,640,000), the client was able to complete $701,870 in repairs which allows them to continue offering quality housing for their low-income, elderly tenants.