BAY CITY, MI - Churchill Stateside Group, a real estate financial services company serving developers and investors in the multifamily housing and renewable energy tax credit industries, announced the closing of a $5.94 million in HUD/FHA financed affordable housing transactions. Utilizing the HUD/FHA MAP 221(d)4 Program, construction and permanent financing was provided to rehabilitate two existing affordable housing developments, Maplewood Manor, consisting of 158 units and Mill Pond Manor, consisting of 58 units.
Keith Gloeckl, CEO states “CSG through its subsidiary Churchill Mortgage Investment (CMI) is pleased to provide HUD financing to preserve low income housing, which is vitally important to maintaining affordable housing in the United States.”
Maplewood Manor, located in Bay City, Michigan, rehabilitation work includes new roofing, all interior flooring, and appliances, refurbished elevators, new kitchen cabinets and counters, new bath systems and low flow fixtures and multiple other Energy Star and other energy efficiency items such as new windows and doors.
Mill Pond Manor, located in Brighton, Michigan, rehabilitation work includes new interior flooring, completely refurbished elevators, new kitchen cabinets and counters, new bath vanities and countertops, new bath systems, low flow fixtures and multiple other Energy Star and other energy efficiency items such as new windows, siding replacement and doors.
“It was a privilege for us to work with our quality development partners and the local housing commission on these transactions,” says Jerome Sullivan, Chief Financial Officer and Midwest Regional Director. “Both properties are excellent examples of the advantages of providing LIHTC allocations to existing properties as it is a cost effective path of keeping these apartments livable for the residents who have called these properties home for many years.”