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CARMEL, IND—The Gene B. Glick Co. tapped into a Fannie Maemortgage-backed security and low income housing tax credits tofinance the preservation of Carriage House of Evansville, a Section8 housing development in Evansville, Ind. Mortgage banking firmMerchants Capital structured the $21.4 million in funding.
The execution used publicly-issued tax exempt bonds and 4% taxcredit equity, provided by PNC Bank, to fund approximately $11million in repairs, renovations and upgrades to the community.Carriage House of Evansville dates back to 1978 and serves tenantsat 60% of the area median income or less.
Fannie Mae's M.TEB solution uses mortgage-backed securities tosecure tax-exempt bonds, offering a lower interest rate and aloan-to-value (LTV) ratio of up to 90%. This execution can be usedto finance the construction, acquisition or rehabilitation ofmultifamily affordable housing properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
