Developments > Hotel Raymond
It involves the acquisition and rehabilitation of Hotel Raymond, a 74 unit HUD 221 (d) (4) / Section 8 development converted from a hotel about 22 years ago. The project is fully occupied and in a fair condition. No tenant relocation is planned or necessary. The project consists of 74 units (60 one-BR, 11 two-BR, and 3 three-BR units) (100%) will be affordable to households at or below 60% of median income. All 73 units covered by a PBA Section 8 contract that is renewed every year. As a conditon to the Mass Housing mortgage, the Section 8 contract must be renewed by HUD under the Mark to Market program which has term of 20 years with a rent review every five years. Annual increase between reviews will be based of an Operating Cost Adjustment Factor (OCAF).
Hotel Raymond
Project at a Glance:
Location:
Fitchburg
Development Type:
Rental
MHIC Financing:
$1,004,501 in LIHTC financing
Sponsor:
Cornerstone Corporation
Number of Units:
73
It involves the acquisition and rehabilitation of Hotel Raymond, a 74 unit HUD 221 (d) (4) / Section 8 development converted from a hotel about 22 years ago. The project is fully occupied and in a fair condition. No tenant relocation is planned or necessary. The project consists of 74 units (60 one-BR, 11 two-BR, and 3 three-BR units) (100%) will be affordable to households at or below 60% of median income. All 73 units covered by a PBA Section 8 contract that is renewed every year. As a conditon to the Mass Housing mortgage, the Section 8 contract must be renewed by HUD under the Mark to Market program which has term of 20 years with a rent review every five years. Annual increase between reviews will be based of an Operating Cost Adjustment Factor (OCAF).