Two HUD 221(d)(4) Loans and Bond Financing for two 4% Low Income Housing Tax Credit Projects
Clearwater, Fla., Aug. 9, 2023 /PRNewswire-PRWeb/ -- Churchill Stateside Group, LLC (CSG), a real estate and renewable energy financial services company, is pleased to announce the closing of financing for two new construction 4% Low Income Housing Tax Credit projects in Raleigh, North Carolina. The projects will consist of a total of 354 units that will bring much needed housing to the Raleigh community. The units will be constructed utilizing 4% Federal Income Housing Tax Credit Equity, FHA/HUD 221(d)(4) Loans, and issuance of short-term cash collateralized bonds. CSG or through its affiliates, is providing $29.4 million in FHA/HUD 221(d)(4) debt and is the bond underwriter on approximately $34.8 million in short-term tax-exempt bond issuance.
These two closings will bring a total of 354 affordable units to the city of Raleigh. Raleigh has goals to add 570 affordable units each year to hit their target of 5,700 affordable housing units to Raleigh by the year 2026. These two projects will significantly fill over 60% of the annual goal alone.
Dan Duda, Senior Vice President and National Director of Originations and Acquisitions for CSG, said, "We are happy to provide the FHA/HUD 221(d)(4) loans and bond underwriting services on these projects. The FHA/HUD loan program allows our developer client to benefit from a construction to permanent non-recourse loan with a very low fixed interest rate. The term and amortization is 40 years which allows the sponsor to maximize debt proceeds and reduce any equity gap as much as possible. In addition, we are excited to see the projects built as this will help fill the need of much needed affordable housing in the Raleigh community."
Keith Gloeckl, Chief Executive Officer of CSG, added, "The HUD 221(d)(4) program works very well with this type of bond execution, providing necessary funds required coupled with very competitive interest rates. We look forward to bringing this much needed affordable housing to the city of Raleigh!".
For more information about CSG's multifamily finance programs and services, please contact Dan Duda, SVP and National Director of Originations and Acquisitions, at (727) 415-9556 or via email at [email protected].
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $5 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC, is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer.
For more information, please visit http://www.CSGfirst.com.
Carter Daignault, Churchill Stateside Group, 7272330614, [email protected]
SOURCE Churchill Stateside Group