An affiliate of GHC Housing Partners (“GHC”) is under contract to purchase the 130-unit Maple Terrace Apartments on E. 23rd Street in Loveland. GHC specializes in acquiring and owning rental housing with project-based Section 8 contracts, low-income housing tax credits, and affordability rent restrictions.
The Loveland Housing Authority will issue a $14 million revenue note to loan GHC to finance a portion of the cost of acquiring, rehabilitating and equipping the project. In order to comply with the IRS code, the City Council had to approve the financing mechanism so that interest on the bonds qualifies as non-taxable income.
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