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GLA Approves A $4.75 Million Participation Loan to EAH, Inc. in partnership with Community Vision
In September, GLA closed a $4,750,000 participation loan, which is 50% of a $9.5 million purchase money loan from Community Vision, to EAH, Inc., a non-profit developer of affordable multifamily housing projects.
Loan proceeds will finance EAH's acquisition of a 61-unit affordable multifamily apartment complex in Lancaster, CA. Constructed in 2010, the property is up for sale as it exits the initial 15-year compliance period of the Low-Income Housing Tax Credit program (LIHTC). EAH will acquire and continue to operate the property as affordable housing, comprised entirely of 3- and 4-bedroom units serving households with incomes between 30%-60% of the Area Median Income (AMI).
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