Orchard Manor Apartments | Rural Communities Housing Development Corporation

Rural Communities Housing Development Corporation (RCHDC) recently closed on a $686,800 mini-perm loan with NeighborWorks Capital for Orchard Manor Apartments. The organization actively works to combat the shortfall of affordable housing in Mendocino County, CA by building additional units while preserving existing affordable housing in the area. RCHDC acquired Orchard Manor Apartments in 2002 to prevent the 64 units from being converted to market-rate housing. They used LIHTC equity proceeds to address the building’s deferred maintenance and secured a permanent first mortgage after the expiration of the LIHTC allocation. With the mortgage set to expire and a balloon payment due, RCHDC needed a better financing solution. NeighborWorks Capital provided a mini-perm loan to refinance the property’s existing mortgage while RCHDC works to secure rehabilitation financing on the property.