Low Income Housing Tax Credits
Rehab Affordable Housing
|Client & Transactional Partners||
Hampstead Development Partners
KeyBank Real Estate Capital (KeyBank) provided a $15.2 million Freddie Mac, fixed-rate, Tax-Exempt Loan for Hampstead Midshore Manor Partners (Hampstead) to acquire and rehabilitate an affordable housing apartment community in Midvale, Utah. In addition, Key Community Development Corporation will invest $7.99 million of low-income housing tax credit equity to support the development. KeyBank’s Community Development Lending and Investment group contributed a further $5.7 million in the form of an equity bridge loan.
Midshore Manor Apartments is an 88-unit affordable housing property in Midvale, conveniently located near I-15 south of Salt Lake City. Midshore offers 78 units to residents earning 50% or less of the area median income (AMI), nine units at 60% or less AMI.