Public Finance Authority

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PFA Provides $60M in Financing for 12 Properties in NC and MO (copy 1)

The Public Finance Authority (PFA) has provided $60 million in revenue bonds to finance the acquisition, rehabilitation, improvement and equipping of certain multifamily residential rental housing developments to the Foundation for Affordable Housing, Inc. (herein known as “FFAH”) with 12 different properties located within North Carolina and Missouri.

The project provided financing for the 12 multifamily properties.  These properties are currently owned by a for-profit company located in Maine and are considered at-risk for losing their affordability restrictions. All properties operate under Section 8 HAP contracts and represent 1,119 affordable units.  This project allows for individuals, families and seniors to remain in their current affordable housing units while receiving necessary updates.

FFAH is a 501(c)(3) public benefit nonprofit corporation that is committed to  preserving and improving at risk properties so they remain affordable to low-income families and seniors.  FFAH has owned and operated more than 12,000 units of low-income, senior and special needs housing throughout the nation for almost 25 years.

PFA partnered with Orrick, Herrington & Sutcliffe LLP and Stifel, Nicolaus & Company Inc. to provide financing to FFAH in order to make improvements to the 12 different affordable housing properties while maintaining a standard of life for residents.