VOA Refinances 138-Unit Former LIHPRHA Project Using Tax Credits, IRP Funds

摘要

Volunteers of America (VOA) refinanced the 138-unit Greenbriar Apartments in Sacramento, Calif., in a $24.9 million transaction that used a Section 236 interest rate payment (IRP) contract decoupling along with a combination of tax-exempt bonds and low-income housing tax credits to cover rehabilitation and refresh reserves. During the early 1990s, Greenbriar had been preserved for low-income use under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA), but VOA found that more rehabilitation was required beyond what was anticipated when the preservation agreement was signed.