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LIHC Investment, Rockport Mortgage Secure $74M for Manhattan Affordable Housing

The FHA Section 223(f) refinancing loan will maintain the affordability of the Little Italy Restoration Apartments.

Little Italy Restoration Apartments at 21 Spring Street.

NEW YORK CITY- LIHC Investment Group and Rockport Mortgage Corporation have landed a $74 million FHA Section 223(f) refinancing loan to maintain the affordability of the Little Italy Restoration Apartments located at 21 Spring St. in Manhattan.

At the loan closing, LIHC and HUD entered into a new 20-year Section 8 contract and agreed to further extend the number of years remaining on the prior Section 8 contract. In total, this agreement will extend the property’s Section 8 status through 2043.

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Mariah Brown

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

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