Oak Grove Gets $17.9M for Aff. Housing

ST. PAUL, MN—Many lenders have begun to say the market looks more favorable for affordable housing and that federal agencies have started to put more emphasis on the sector. Oak Grove Capital, a St. Paul, MN-based lender, for example, has just originated $17.9 million in FHA financing for the National Foundation for Affordable Housing Solutions. The group will use the funds for the acquisition and rehabilitation of three affordable housing complexes in Minnesota. All three are project-based Section 8 developments originally constructed in the late 1970s.   

The firm recently reported a record-breaking year with $1.7 billion of affordable, market rate and seniors housing financing in 2013, a 16% increase over its 2012 production. The firm also reported $798 million of affordable housing loans in 2013, a 44% increase over the previous year. And its Freddie Mac and FHA financing increased by more than 150%.