*** PRICE REDUCTION!!!*** *** SELLER VERY MOTIVATED!!!*** ***GREAT OPPORTUNITY!!!*** -Adjacent to property are 8 VACANT LOTS(great for redevelopment) included in sale as a package deal. -Current rents are for 2 bedrooms and 3 bedrooms. -96 Units @ 2-Bed units: monthly rent is $978; monthly utility allowance is $161 -36 Units @ 3-Bed units: monthly rent is $1,089; monthly utility allowance is $241 -Max rents could go up to $2037 and $2317 if using the S42 LIHTC. -Gross building area is 109,092 square feet, of that 107,436 is rentable area -The property has been renovated. -12 Two -Story Buildings -All units are income restricted based on the restrictive covenants tied to the HFA Bonds that were originally apart of the financing. -Rent cannot exceed 30% of tenant's annual income, excluding utilities -That income restriction is 100 % of the units at or below 60% AMI. The county has recently approved the AMI to 80%. (Letters attached to listing) -All units are set aside for family affordable housing -Annual property inspections are required to ensure compliance with federal Housing Quality Standards -Units must meet energy efficiency standards set forth by HUD. -The first mortgage, being HUD- insured, is ASSUMABLE around 7.4 million and the interest rate is at 2.52%. Written approval is required from HUD, generally provided within 90 days. This great considering todays interest rates. -Non-Profit Exemption: property is currently exempt from taxes since it's owned by a non-profit