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.