| | Contact: Ernest Gralia III Project
Assisted Living Residences - Three projects have been financed through Rockport Mortgage - The Arbors at Amherst; The Arbors at Taunton; and the Arbors at Chicopee. Two of these projects each had 78 apartments and one had 90 apartments. See http://www.massalfa.org/se-mass/arbors.html Experience
The FHA process is inherently complicated, idiosyncratic, and mired with potential "land mines" which could blow up your deal. My contact at Rockport Mortgage (Dan Lyons) goes to extensive effort in advance of a submission to HUD to work through potential issues. If issues arise that have not been considered, Dan is in tenacious pursuit of the solution. The financing involved the HUD 232 program; the sale of Tax Exempt Bonds and Tax Credits. Rockport Mortgage had done the first deals that used both FHA insurance and premium bonds. RMC provided FHA Mortgage Insurance to credit-enhance tax exempt bonds issued by Massachusetts Development finance Agency. RMC worked on the first assisted living facilities in the state that were able to get 4% tax credits. RMC structured the financing to meet the requirements of the FHA program and the IRS parameters to get tax credits by allocating a portion of the facility to lower income residents. |
