The Pickaway Metropolitan Housing Authority (PMHA) acquired Eden Place, a property they had managed for thirty-seven years. Eden Place is a new regulation, Section 202/8 property that serves an elderly population. The property’s rents were quite low, as they were budget-derived, and the property needed an aesthetic uplift!
Now that PMHA owns the property, they are completing capital improvements so that residents can enjoy updated amenities including: building-wide internet, new flooring, updated cabinets, hardware, appliances, freshly painted walls and baseboards, and modern furniture, accessories and historic paintings in the community room.
Sunstone guided PMHA to obtain financing, HUD compliant third party Environmental and Capital Needs reports, a Rent Comparability Study, and applied for a new HAP Contract with market rate rent levels.
Perhaps the most significant benefit that the Sunstone Team provided to PMHA, is that our documented research (approved by HUD’s OGC) permits PMHA’s new single asset ownership entity to retain unrestricted surplus cash at Eden Place! The property will now contribute to PMHA’s overall goal of preserving affordable housing in the community of Circleville Ohio.
Contact the Sunstone Team today, let’s see what we can accomplish for you!
