I’m looking for the BEST way to finance quickly the acqusition and update of a rundown apartment complex in my area. It can be bought for $100k with $120k worth of upgrades. (It has to be gutted) It has 6 units that will rent for $550 each. There are individuals lined up to rent in my area. Could there be government assistance for rural development and if so where or who could I speak with?
Look in the phone book under the government pages (usually blue) under “Housing”
Keith
I’ve been through most government agencies including NC Housing Finance Agency, Community Program Development, State Community Block Grantees, USDA, and others. Most of the afformentioned, except for USDA, are HUD departments but it seems that the individuals answering the phone either dont’t know anything or they send me to another phone number. My question to each is that “…are there loans availble for rural renewal and if so where could I apply?” I have never seen so much layering of government in all my life. Either that, or I’m a lot dumber than I thought!
PS thanks for the first reponse.
Check out FHA Sec 221 (d) and (f). Once you read up on this program a little bit you need to find a lender in your area (search for MAP lenders, Multifamily Accelerated Processing lenders) who does these or a broker who has access to the program. This will be right up your alley. Good luck!