On March 15, 2018, Affordable Housing Investment Brokerage, Inc. closed on a limited distribution HAP contract sale known as the Green Farms Townhouses.  All 50 units in the development are covered by a HAP contract administered by the Illinois Housing Development (IHDA).  Furthermore, the property is encumbered by a limitation on distributions, further complicating an investor’s ability to make the deal work.  Through AHIB’s network of qualified investors and developers, a competitive market was quickly made, resulting in several buyers bidding until a deal was reached at a price above the Seller’s original target.

The limited distribution HAP contract sale closed promptly upon IHDA approval of the HAP assignment and debt pay-off.