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Home > ... Federal Financing Updates > 8-14-06 Refinance 202 PA
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Renovated kitchens, bathrooms upgrade low-income seniors’ 25-year-old homes
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COLUMBUS, Ohio (Aug. 14, 2006) – Kitchen cabinets in Fellowship Manor had started to sag, and bathrooms at the 25-year-old apartment complex were, well, 25 years old when the affordable senior living community in Grove City, Pa., decided to refinance through Lancaster Pollard to improve its residents’ homes.
A $2.97 million refinance announced today, the week of Fellowship Manor’s silver anniversary, will provide more than $422,000 in repairs, including new kitchen cabinets, flooring and sinks, new bathrooms, energy-efficient sliding glass doors and other upgrades to its 75 apartments.
“These are the first improvements we’ve made in 25 years, as far as major things,” Nancy Youngdahl, administrator, said. “We wouldn’t have been doing the work if we hadn’t been able to refinance. We would have had to do it piecemeal, and that’s not fair to the residents. This is thrilling.” The community includes two original residents, one of whom was Fellowship Manor’s very first tenant.
The Department of Housing and Urban Development recently changed its underwriting criteria to make refinances possible for properties such as Fellowship Manor, which has significant capital needs and an underfunded replacement reserve, said Thomas R. Green, Lancaster Pollard chief executive officer.
“This is really an ideal solution for both the owners and the residents. The property will save $64,000 in interest payments each year,” Green said. “Fellowship Manor is one of many properties taking advantage of the refinance option, but it’s one that truly illustrates the incredible results refinancing can produce to preserve affordable senior housing.”
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