Highland Preserves 50 Family Units in Weed, CA
Highland Property Development is pleased to announce a successful closing on Boles Creek Apartments in Northern California. The currently operating, at-risk property located in Weed, CA will undergo significant rehabilitation. The transaction was made possible in part by funding from the American Recovery and Reinvestment Act (ARRA) administered by the California Tax Credit Allocation Committee (CTCAC) as well as the committment by JPMorgan Chase and Bonneville Mortgage Company. Boles Creek Apartments - 50 affordable family units - Weed, CA - Financing partners include JPMorgan Chase, Bonneville Mortgage Company and USDA - Rural Development
- Preserved 49 units of Section 8 HAP Assisted Housing
- Utilizing $2.76 Million in ARRA funds
- Rehab budget of $30,000/unit in hard costs
- Work to be completed by April, 2011
