A New Life for Morgnec Village in Chestertown, MD

Congratulations to Upper Shore Aging Housing Corporation! Last week they closed on a new FHA 223(f) loan for their 30-unit Morgnec Village, located in Chestertown, MD. This is a senior property originally financed with a HUD 202 Direct loan, with 100% Section 8 rental subsidy. Owners and lenders sometimes think that a 30-unit property is too small to take advantage of preservation financing, but this project proves this wrong. We were able to help USAHC increase their Section 8 rents by 13%, which increased their new loan considerably. With a new FHA 223(f) loan, they are now going to be able to pay for the replacement of the property’s siding, roofs, windows, kitchens, baths, and they will also bring the property into full accessibility compliance. I look forward to sharing the “after” pictures with you in a year!

This preservation could not have happened without Centennial Mortgage, who did a superb job with the FHA loan, Miner Feinstein Architects who helped us envision and plan for this beautiful transformation, and Horst Construction, who specializes in working on rehabs of senior properties. We are already underway on refinancing the rest of USAHC’s portfolio, based on the success with Morgnec Village.

Meet me in Philly at the LeadingAge annual meeting!

I’ll be speaking on creative ways that non-profit affordable housing owners are using their properties to expand their portfolio on Monday, October 29th at the Annual LeadingAge meeting in Philadelphia. On October 31st I am helping to moderate a discussion on the anticipated “RAD for PRAC” program, and why this is important for our PRAC owners. Join me in Philly by registering here!

"Preserving Your Aging HUD Property" Available for Purchase!

LeadingAge has transitioned to a new learning platform that allows you to purchase their 1-hour webinars. They have just released a session I recorded this summer, Preserving Your Aging HUD Property, which is a three-part series that starts with how to decide to sale or keep your property. Assuming you decide to keep, part two addresses whether or not you need to refinance, and part three goes over the refinancing options and how to move forward.

The webinar is interactive, and promises to help you learn the basics on preservation. Enjoy!

October 9th Webinar for Pre-1974 Direct 202 Loan Properties

See below from an announcement from HUD about a webinar for owners of properties funded with 202 Direct Loans that closed before October 1974. We know these pre-1974 202 properties as the “old 202’s” (as opposed to those funded between 1974 and 1989). These properties often have a more difficult process to refinancing and recapitalize.


Register Today: Preservation of Pre-1974 Section 202 Direct Loan Properties Webinar – October 9, 2018 - 2:00 PM EDT

HUD is pleased to announce the Preservation of Pre-1974 Section 202 Direct Loan Properties webinar. This webinar is scheduled to take place on Tuesday, October 9, 2018 at 2:00 PM EDT.

This 90-minute webinar provides a detailed review of preservation options for pre-1974 Section 202 Direct Loan properties. The webinar will include guidance on recent HUD notices related to prepayment and refinance of Section 202 Direct Loans (Notice H 2013-17), and strategies to obtain and utilize tenant protection vouchers and Senior Preservation Rental Assistance Contracts (SPRACs) (Notices H 2018-01 and H 2018-02). Following the overview of these preservation options, participants will be able to participate in a Q&A session with the presenters.

Training Objectives

This webinar has the following objectives:

  • Participants will gain a better understanding of available options to preserve their pre-1974 Section 202 Direct Loan properties and affordability of their rental units.

  • Participants will gain clarity on the preservation steps and requirements of the notices.

Who Should Attend?

This training is intended for Pre-1974 Section 202 Direct Loan property owners, public housing agencies, and other stakeholders interested in learning strategies to preserve the affordability of these properties.

Registration Information

You must have a HUD Exchange account to register. Follow these instructions for registering.

Training Point of Contact

Helena Waziri | recap.training@cloudburstgroup.com | 240-582-3626