Project: Avalon Commons Permanent Refinance
Units counted as part of another loan
With a previous loan from Community Housing Capital (CHC) used to acquire the Avalon Commons Apartments in 2015, Impact Seven requested a permanent loan to refinance the existing 3-year, interest-only loan that was maturing in December, 2017. Impact Seven initially planned to take out this loan using an FHA 223 loan which was ultimately denied by FHA because of a homeownership provision included as part of the LIHTC funding. Without the original take-out option, Impact Seven came to CHC for permanent financing of $850,000.
Avalon Commons, built in 2010, consists of 12 two-story duplex buildings, each containing 3 bedrooms and 2.5 bathrooms. Each of the apartment buildings includes two-car attached garage parking for all of their units. Units have two-story townhouse floor plans and are located in the southwestern portion of the City of Columbus, Wisconsin, approximately one mile southwest of the Columbus central business district. Eleven units are restricted to residents at 50% of area median income (AMI) and twelve units are restricted to residents at 60% AMI.
Impact Seven, headquartered in Almena, Wisconsin, was founded in 1970 to foster social and economic opportunities for disadvantaged residents in seven, rural northwestern Wisconsin counties; Burnett, Sawyer, Barron, Polk, Chippewa, Dunn, and Pepin. Impact Seven is a Community Development Corporation (CDC) and a certified Community Development Financial Institution (CDFI).