Congratulations to PR Mortgage & Investments and the Evansville Housing Authority for closing two RAD projects; the first projects successfully closed in the state of Indiana utilizing RAD alongside the FHA 221(d)4 program. RAD, which stands for Rental Assistance Demonstration, allows PHAs (Public Housing Authority) and owners of HUD-assisted housing to preserve and improve affordable housing units that could be subject to vouchers and demolition. These types of deals provide a greater funding certainty for potential lenders and increase the operational flexibility for PHAs and owners to service their communities. PR Mortgage & Investments is proud to assist the Evansville Housing Authority in their quest to provide affordable housing and serve residents in their community.
Located in Evansville, Indiana, the subject properties contain over 700 units which provide public housing for seniors. Originally built between 1965 and 1971, the properties will be substantially rehabilitated using the financing provided by PR Mortgage & Investments. The complete rehab will include installation of geo-thermal HVAC systems, replacement of sanitary sewer risers, new signage, repairs to exterior and interior buildings, installation of new fire alarm systems as well as other needed maintenance. The properties will be modernized and energy efficient. The cost associated with the combined rehab was approximately $18 million. With these improvements, the properties will be able to provide affordable housing for years to come.