Source: Oppenheimer Multifamily Housing / #Affordable #Housing
OAKLAHOMA CITY, OK - Oppenheimer Multifamily Housing & Healthcare Finance, Inc. announces their first collaboration with Oppenheimer's Public Finance Group, in conjunction with the Oklahoma City HUD Office, to secure one of the first nationwide tax credit 221(d)(4) deals in 2014. This is also the first multifamily bond issuance of its type processed by the Oklahoma Housing Finance Agency in over ten years.
The project, called Wesley Village Retirement Community, utilized an FHA 221(d)(4) Construction loan in conjunction with 4% Tax Exempt Bonds and Low Income Housing Tax Credits to finance the total development cost exceeding $8 million. Wesley Village operates as a Section 8 housing development in Oklahoma City. Proceeds from the transaction will be used for the acquisition and full rehabilitation of the existing buildings, which will secure affordable housing for about eighty residents in Oklahoma.
Michael Hammond, SVP of Loan Origination commented, "It was great to team up with my colleagues from our Public Finance Department to offer a one-stop shop to finance this unique transaction for our client. We are excited about the opportunity of completing more of these deal structures as the demand for new affordable housing continues to be strong across the country."
Oppenheimer Multifamily Housing & Healthcare Finance, Inc. offers a full range of financing products with an emphasis on HUD lending. OPCO's Public Finance Group helps structure publicly offered and privately placed bond issues in both the tax-exempt and taxable markets.