Brookpark Place Renovations Begin!
We are happy to announce that we closed on 4% LIHTC equity from PNC Bank, tax-exempt bonds, and a 221(d)4 FHA loan from Capital One Multifamily Finance to renovate and preserve the affordability of Brookpark Place Apartments in Wheeling, WV.
Brookpark Place operated as elderly-restricted affordable housing from 1976 until 2016 until its original FHA financing had matured. At that time 122 of the 152 units lost their affordability restrictions and were available to be rented as market-rate apartments. Heritage Housing, Inc. acquired Brookpark Place in November, 2018 and worked with the West Virginia Housing Development Fund and HUD to restore affordability restrictions on 100 of the 152 units with LIHTC and FHA financing.
The financing also enables Heritage Housing, Inc. to complete a $5 million rehab of the building, replacing windows and doors, corroded and blocked sanitary lines, kitchens and bathrooms, heating systems, and flooring throughout the building.
Click the following link to read local coverage of this story in the Wheeling Intelligencer:
Property website: http://www.brookparkplaceapts.com
