Hats off to Vancouver Housing Authority (VHA) for its continued preservation endeavors to improve and sustain existing affordable housing in the city of Vancouver, Washington! Recently VHA closed on a tax credit transaction which will substantially renovate Columbia House (151 units) and Anthem Park (58 units) apartments.
Sunstone’s role was to lead the Project-Based Section 8 program side of the transaction, and ensure all necessary tasks were completed. We secured a rent comparability study on behalf of the owner that identified As Is and As Improved rent levels; prepared and submitted a HAP Termination and 20-year Mark-Up-To-Market contract renewal package to the Contract Administrator (CA) and HUD; and completed a HAP Assignment application for the transfer of the property to a new ownership entity.
The HAP Assignment required reports that met HUD standards. Sunstone coordinated the purchase of the Capital Needs Assessment and Phase I and Part 50 Environmental Site Assessment, ensuring they met HUD requirements. Throughout the transaction, Sunstone communicated with HUD and the CA, until all approvals and documents were executed.
We are thrilled to know that the residents will have the pleasure of living in their comfortable, updated units while feeling safe and secure, as their units subsidy is assured for the next 22 years.
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