BALTIMORE, Feb. 15, 2023 /PRNewswire/ — AGM Financial Services (AGM) is proud to announce the successful closing of New City Plaza in Salt Lake City, Utah. This substantial rehab project showcases another innovative approach to preserving and improving affordable housing. Using the Rental Assistance Demonstration (RAD) program, Housing Connect (the Housing Authority of the County of Salt Lake) and the Housing Authority of Salt Lake City teamed up to redevelop 299 age-restricted Section 8 units in two adjacent projects closed simultaneously. With the financing of New City Plaza, AGM has completed 27 RAD transactions nationwide.
The project involves renovating two public housing projects, New City Plaza and County High Rise, at 1966 South 200 East. It’s the largest of Housing Connect’s recent efforts to maintain the number of affordable units in Salt Lake County.
“It’s really important that we are able to keep these affordable units because there are not many units on the market that serve extremely low-income households,” said Janice Kimball, CEO of Housing Connect.
The New City Plaza renovation will be done in stages. Officials expect the project to take a little less than two years.
Last week, Frank Grosch, Vice President of AGM, spoke at the National Association of Home Builders (NAHB) International Builder’s Show. Nearly 70,000 home-building professionals from around the globe filled the exhibit halls of the Las Vegas Convention Center to learn the latest industry trends. Participating on a panel of experts in affordable housing finance, Frank addressed the trend toward “twin” deals, as a way to increase the supply of affordable housing.
The New City Plaza renovation will be done in stages. Officials expect the project to take a little less than two years. AGM recently closed two “twin” deals using this new approach to affordable housing finance.
About AGM Financial
AGM is a privately held company headquartered in Baltimore, MD, and a nationwide licensed FHA Mortgage (lender) providing financing for both Market Rate and Affordable Housing communities. Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.
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SOURCE AGM Financial Services
