The Rose Affordable Housing Preservation Fund IV purchased Autumn Ridge in May 2017. The Section 8 property is located in Sterling Heights, MI, and consists of 151 high-rise units and 100 townhomes. The property includes a library, two laundry rooms and a community room with a kitchen and craft room. The Fund secured this purchase off-market as part of the Forest City Portfolio acquisition.
The Fund refinanced the property’s debt at closing, which allowed the Fund to purchase the property with minimal equity and receive refinancing proceeds for a rehabilitation.
As part of the acquisition, the Fund applied for a Chapter 15 mark-up-to-market HAP renewal, resulting in a 42% increase in post-rehabilitation rents and an extended contract, preserving the property’s affordability for another 20 years. The Fund plans a long-term hold of the property.
The property achieved Enterprise Green Communities Certification. The Fund has added a full-time Resident Service Coordinator to be paid from operations of the property. The Fund’s renovation included an activity building for family events and group gatherings, a new wellness center and fitness equipment. Focus Hope and Meals on Wheels deliver meals to the residents, several health and community programs are offered, cooking classes and lunch with the townhome children are enjoyed by the residents.
Preserving affordability, greening and improving operations of this senior Section 8 property in Sterling Heights, MI.