NDC CEF is excited to announce the closing of Westgate Gardens, located in Lorain Ohio, which is the acquisition and rehabilitation of an existing 72 unit general occupancy rental community. The property is a mix of one and two bedroom units that will be rented to families whose incomes do not exceed 60% of the area median income. The project also has a new Section 8 HAP contract that will cover 62 units that will allow families to only pay 30% of their adjusted gross income. The renovation of the project will include upgrades to kitchens/bathrooms including new flooring, appliances, cabinets, fixtures, lighting and countertops in addition to re-roofing the buildings, painting the interior, new AC units and improvements to the exterior which include tuck pointing, new windows, landscaping and new signage.
The Ohio Housing Finance Agency issued Tax Exempt bonds for the construction financing and has allocated 4% Low-Income Housing Tax Credits. Greystone Funding, LLC is the perm lender and is providing a HUD 223 (f) permanent loan. The project is slated to be completed in November 2023.
Partner: Green National
NDC Equity Investment: $3,150,131
Total Development Cost: $8,618,688