USDA Rural Development Recognizes Three Apartment Communities
Clearwater, FL (PRWEB) April 12, 2017
Churchill Stateside Group, LLC and its lending affiliate, Churchill Mortgage Investment LLC (“CSG”), is pleased to announce National and State level awards for three, recently completed affordable housing apartment communities financed by CSG.
Lily Ridge Apartments (a 48-unit family apartment community in Ruckersville, Virginia) and Holly Woods at Sunset Lake Apartments (a 64-unit family apartment community in Holly Springs, North Carolina) received recognition from the USDA Rural Development for helping them exceed more than $1B in loans guaranteed via the 538 Loan Guaranteed Rural Rental Housing Program.
Bellemont Pointe Apartments (a 76-unit family apartment community in Pittsboro, North Carolina) received an award for Excellence in Affordable Housing from the North Carolina Housing Finance Agency at the annual Housing North Carolina Awards luncheon.
Dan Duda, Vice President and East Regional Officer, received the awards on behalf of CSG. Mr. Duda stated, “We are honored to be a part of these awards and a financing partner for the awarded communities. Providing attractive long term permanent loans is vital to increase the supply of much needed rural affordable housing throughout the United States.”
CSG provided USDA-Rural Development 538 guaranteed permanent loans on all three apartment communities. The owners benefit from non-recourse loans with a 40-year term and 40-year amortization at an attractive fixed interest rate via this program. All units in the three communities are restricted to tenants whose income is at 60% of Area Median Income or less.
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. CSG has long-standing and successful investment relationships with numerous corporate investors, pension funds, and insurance companies. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC, is an approved USDA Rural Development lender, an approved HUD MAP/LEAN lender, and Ginnie Mae Issuer.