Rutherford Park Townhouses was built in the early 1980s and financed through the HUD Section 221(d)(4) mortgage program. The property has a mix of 85 two and three bedroom units dedicated to serving low income families of Swatara Township and its surrounding communities. 100% of the units at the property are covered by project-based HUD Section 8 rental subsidy contract. Evergreen acquired the property in December 2010 and completed substantial interior and exterior renovations to the property in the year that followed. The comprehensive scope of rehab will ensure that the property remains a high quality source of affordable housing for many years to come. As part of our plan to stabilize and preserve Rutherford Park Townhouses, the existing Section 8 subsidy at the property will be extended to a 20-year term post renovation to ensure that ongoing long term affordability remains.
Rutherford Park Townhouses
7939 Humboldt Drive
Phone: (717) 561-0615
First Mortgage Financing: New debt financing was provided by Deutsche Bank Berkshire Mortgage through the HUD 221(d)(4) program.
Mark-to-Market Debt Assignment: A portion of the remaining HUD mark-to-market mortgage notes were assumed as part of the transaction. Approval of the assignment of this piece of debt came through HUD's Office Affordable housing Preservation (OAHP).
Equity Financing: Equity raised through the sale of 9% low income housing tax credits to PNC Real Estate.
HUD Section 8 Contract Renewal: Yes.
Over $3.4 million in total rehabilitation is planned for Rutherford Park Townhouses including:
Pennsylvania Housing and Finance Agency
Local HUD Office
First Mortgage Lender
PNC Real Estate
High Swartz LLP
The Architectural Team, Inc.
The Whiting-Turner Contracting Company