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Home > ... Federal Financing Updates > 7/11/06 202 Refinance Michigan
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Refinance provides for new kitchens in low-income senior housing
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COLUMBUS, Ohio (July 11, 2006) – Residents of a popular Michigan apartment community for low-income seniors will have more comfortable kitchens and more welcoming entries after repairs funded by a refinance provided by Lancaster Pollard.
Grand Ravine Senior Housing in Allegan will make $155,000 in repairs through its $1.26 million refinance. The Sec. 202 property, affiliated with Lutheran Social Services of Michigan, has an extensive waiting list for its 32 units. Front doors and storm doors on each apartment will be replaced, and extensive kitchen renovations include new cabinets with lazy Susans for easy access, garbage disposals and new countertops and sinks.
“They’re excited,” administrator Anita Kerber said of her residents. “ The original sinks were extremely small and tiny. They looked like something in a camper.”
The refinance also saves the property nearly $18,000 annually. Until late 2004, it was not efficient for Sec. 202 properties to refinance. Revisions to federal underwriting criteria made the option feasible, and Lancaster Pollard is working on similar transactions with more than 100 affordable senior living communities nationwide.
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