However, additional work is necessary at the 215,426-sf multifamily building, according to HUD. A letter of credit for $141,483 is required at closing to insure $565,933 in required repairs are done. The letter of credit is in addition to the $100,000 earnest money requirement.
In addition to the 275 apartments, the property includes 22 commercial spaces, of which 11 are rented.
HUD is selling the property, located on a .42-acre site, for cash, and is requiring closing in 30 days. It also will provide 62 Section 8 vouchers for residents of the property, whose eligibility will be determined by the Jefferson County Housing Authority.
The property's most recent occupancy rate was 83%, and was as high as 95% in early 2000, according to HUD.
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