LAWRENCE, Kan. (Aug. 25, 2006) – Five houses that offer congregate living arrangements for residents with special needs will be able to operate at full capacity because of a refinance provided today by Lancaster Pollard.
New Horizons, a Section 202/811 property in Kansas City, Mo., has offered affordable housing for people with physical handicaps or mental illness since 1981. Today’s $1.18 million refinance provides $200,000 for major repairs and renovations to the five two-story homes, each of which offers six bedrooms and shared kitchens, living areas and laundries. Each building will receive new interior paint, new siding, and parking lots will be repaired.
The refinance also will allow New Horizons to serve additional residents by providing funding to bring four of the buildings’ second stories’ sprinkler systems up to code. Additional enhancements including new windows, HVAC systems and roof repair and replacement will be funded through a $125,113 deposit to New Horizons’ replacement reserve account.
Lancaster Pollard refinanced New Horizons through a HUD program that allows the property a long amortization of 32 years. The property is one of many Section 202 and 202/811 properties that have refinanced recently to take advantage of lower interest rates and preserve the supply of affordable housing.
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