EBMC Oversees Modifications
Since 1980, EBMC has managed an affordable property for seniors and the disabled located in the Los Angeles area in California, which is financed by HUD under their 202-non-profit program. There are five outside board members that approve the day-to-day operations. Recently, EBMC has accomplished driveway repairs including sealing and striping, funded mostly by the local housing authority. Additionally, all new energy efficient exterior lighting was installed throughout the exterior of the property and additional lighting was added in many areas where needed to improve security. The sprinkler system was replaced with new energy efficient sprinkler heads; new valves and piping were installed. Modifications were made to the inside of several apartments to accommodate the handicap and meet the HUD 504 requirements.
EBMC Oversees Physical Improvements
EBMC manages a 100-year old hotel property in the North Coast area of California, which was converted to studio and one-bedroom apartments in 1980 with HUD assistance (Section 221 (d)(3) and Section 8) for elderly and disabled individuals. The property has continued to operate as an assisted apartment residence since that time. Late in 2004, the FHA-insured financing underwent Mark to Market Review and as a result, the original debt was restructured. As part of the Mark to Market program, certain physical improvements were required including replacement of the roof and exterior painting. All of the required physical improvements were completed by the end of September 2005. A majority of the cost of the physical improvements was funded as part of the debt restructuring. A grant from the local redevelopment agency was obtained for exterior painting.
Links to More Examples
EBMC Oversees Renovations at Apartment Community
EBMC Secures $360,000 for Multifamily Property Improvement Projects
EBMC Secures $14,000,000 loan for Multifamily Rehabilitation