Mansion Apartments is a 360-unit, subsidized Section 8 development comprised of one and two-bedroom apartment units located within 19 two-story multifamily buildings and one, two-story management office/community room. Less than 20 miles from Philadelphia, the buildings were constructed in 1973 on approximately 25 acres.

Loan proceeds will be used to finance repairs, building and unit upgrades and fund the replacement reserve account. Building and unit upgrades include renovations to kitchens and baths in all units, the installation of new HVAC in half of the units, new patio doors for the buildings, a new emergency generator, sewage pump lift station and accessibility upgrades.

In connection with the refinancing of Verona Senior Citizens Apartments and Mansion Apartments, LIHC Investment Group entered into new 20-year project-based Section 8 contracts and agreed to further extend these new contracts by the number of years remaining on the prior Section 8 contracts. Effectively, the new contracts ensure that Verona Senior Citizens Apartments will remain affordable for 31-years and Mansions Apartments will remain affordable for 39-years.