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Posted on: July 21st, 2020 by Lanie Wasserman No Comments
96-unit affordable multifamily development in Clermont, Florida

First Housing Finances Permanent Supportive Housing through its Lending Pool

First Housing is very pleased to announce that Woodwinds Apartments recently opened. First Housing provided $11.5 million in financing through its Affordable Housing Loan Pool to construct Woodwind Apartments, a 96-unit multifamily development in Clermont, Florida. The building was developed by Tampa-based Blue Sky Communities and New Beginnings of Central Florida and 50% of the units are set aside for homeless residents who are graduating or moving up from transitional housing or emergency shelter. Woodwinds is the first affordable apartment development built in Clermont in 20 years and was recognized for excellence by the Florida Housing Coalition.

First Housing Multifamily Loan Activity

Posted on: July 7th, 2020 by Lanie Wasserman No Comments

Developers Can Now Use HUD 223(f) to Refinance Newly Built or Recently Rehabbed Properties

In the past, HUD required three years of post-construction occupancy of properties to qualify for refinancing with the HUD 223(f). The wait is over, and First Housing is now accepting applications to refinance newly built or substantially rehabbed properties with the HUD 223(f) as soon they achieve the applicable programmatic Debt Service Coverage Ratio (DSCR) for a minimum of one full month. This is a game changer since borrowers can now take advantage of the benefits of the 223(f) sooner after construction completion and lease-up for both market rate and affordable developments. Today, interest rates for the 223(f) are at historical lows (2.46% as of June 4, 2020) with a fully amortizing loan of 35 years. HUD made this modification to facilitate opportunities for borrowers to refinance stabilized properties and increase the supply of affordable and workforce housing.  

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