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Home > ... Federal Financing Updates > 06/30/06 202 Refinance Trinity
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Combination of tax credits and refinance funds $1 million in improvements
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COLUMBUS, Ohio (June 30, 2006) – A low-income apartment community for seniors will replace windows and doors, renovate kitchens and make other quality-of-life and safety improvements with funds made available today through a Lancaster Pollard refinance and tax credit equity.
Trinity Manor Apartments near Cincinnati combined low-income housing tax credits with a refinance to raise more than $1 million for extensive repairs, including new plumbing fixtures and kitchen appliances, replace air conditioning units and make other energy efficiency, safety and comfort upgrades.
The $3.5 million refinance will save the 91-unit property, a nonprofit affiliated with National Church Residences, more than $45,000 yearly in debt service by reducing its interest rate. The tax credits provided equity for the refinance so Trinity Manor did not have to deplete its own assets.
“There is no such thing as a standard financing for affordable senior living,” said Brian Pollard, senior managing director of Lancaster Pollard. “This strategic combination of several financing options offers Trinity Manor excellent financial resources to improve the property and assure its long-term financial health.”
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