On September 1st, AHIB closed on an elderly RAD II HAP sale 60 miles from Chicago. The Eastcourt Village apartments in Kankakee, Illinois, have 133 units designated for elderly tenants, with a Project-Based Section 8 Contract (HAP contract) covering 90% of the property. AHIB worked with the seller over a period of several years, helping to convert the original Rent Supplement contract through a RAD II conversion to the Section 8 program. Legal counsel from Nixon Peabody prepared the successful application, which expanded the subsidy from 40% of the units to 90%. Multiple offers were produced from buyer around the country. The successful purchaser closed the deal all-cash with plans to place 501(c)(3) revenue bonds post closing.