Brief
Lument Provides $28M HUD-Insured Loan for Ohio Affordable Housing Property
LORAIN, OHIO — Lument has provided a $28 million HUD/FHA Section 221(d)(4) loan on behalf of TFG Housing Resources and Raise Up for the acquisition and substantial rehabilitation of Western Horizon, a
Summary
LORAIN, OHIO — Lument has provided a $28 million HUD/FHA Section 221(d)(4) loan on behalf of TFG Housing Resources and Raise Up for the acquisition and substantial rehabilitation of Western Horizon, a 353-unit affordable housing community in Lorain, about 25 miles west of Cleveland.
The transaction utilized a component of the Rental Assistance Demonstration (RAD) program that allows for blending RAD with Section 18 of the National Housing Act to fund the preservation of aging affordable housing.
Source
- REBusinessOnlinerebusinessonline.com
