$26M Fuels Apartment Renovations

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ORLANDO-Two 15-year-old affordable housing complexes totaling 324 apartments will be getting a facelift shortly after the landlord, Enhanced Affordable Development Co. of Beverly Hills, CA, received a total $26 million in renovation financing from two separate sources.

CharterMac Mortgage Capital of Bethesda, MD says it is providing $8.9 million of equity in return for tax credits generated by the two properties, and $13.2 million for tax-exempt bonds generated by the developments. The Florida Housing Finance Corp. is providing $4 million under the State Apartment Incentive Loan program called SAIL, a low-interest funding source for affordable multifamily units.