Oak Valley Apartments: 51 HUD Subsidized Housing Units for the Elderly in Omaha
The Omaha Multifamily Program Center and the Legal Division, closed a $1,488,000 loan on Thursday, January 31, 2013. It is fora 100% subsidized project located in Omaha, NEcalled Oak Valley Apartments.
Oak Valley Apartments is an existing affordable community consisting of fifty-one (51) units. They arehoused in a three-story, elevator access mid-rise building located in Omaha, Nebraska.
The improvements were initially constructed, financed and endorsed under Section 221(d)(4) of the National Housing Act in 1983. The mortgage note was subsequently refinanced in 2004 pursuant to Section 223(a)(7).
The property also benefits from a project based Section 8 HAP Contract that covers 100% of the rental units. Accordingly, the property operates subject to the associated regulatory agreement and Section 8 Guidelines as well as the existing age restriction.
The subject historically has benefitted the City of Omaha in providing much needed affordable housing for the local community. The transaction is a refinance under Section 223(a)(7) which will further improve the economics of the asset. In conjunction with the project based rental subsidy, enabling further preservation of the affordable housing.
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