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PFA Closes Deal with Trinity Affordable Housing

The Public Finance Authority (PFA) has provided $25 million of revenue bonds for the purpose of financing the acquisition, rehabilitation and multifamily residential housing for five properties located in Missouri and Iowa.

The Kansas City, Missouri property is a 137 unit, HAP contract (family) covering 100% of the units. Most of the tenants are refugees from Somalia.  The Davenport, Iowa property has 44 units, HAP contract (family) covering 100% of the units.  A 30 unit property, HAP contract (family) covering 100% of the units is located in Waterloo, Iowa. In Maquoketa, Iowa, a 78 unit property is built in two phases, 2 HAP contracts (elderly) covering 100 % of the units. And the final property located in Dubuque, Iowa, maintains 60 units, HAP contract (family) covering 100% of the units.

Trinity Affordable Housing Corporation nonprofit organization whose purpose is preservation of affordable housing. Trinity was founded with a mission to reduce the burden of government, provide relief of the poor and distressed or underprivileged, and promote social welfare by providing low income persons or otherwise disadvantaged persons with permanent or transitional housing facilities and educational and supportive services.

PFA partnered with Stifel Nicolaus & Co and Orrick, Herrington & Sutcliffe to provide financing to Trinity in order to acquire the five different properties to benefit those in need of affordable housing.