Assumable Bonds

[Michael P.]

Hello,

Would you assume a loan on an apartment complex that was actually bonds? From what I can tell the city sold bonds to pay for this apartment complex. They are assumable (Variable Rate)(BMA).

If you assume this loan there are stipulations. You must lease 20% of your apartments to lower income people.

Shall have no less than 20% of the units rented and occupied by Low Income Tenants whose income is defined as 80% or less of median income for the area or $53,200.

Additionally, the Issuer requires 90% of
the units be occupied or held available for rent to Qualified
Tenants whose income does not exceed $106,400.

These stipulations fall away if you pay the loan off. That stipulation expired just a couple months ago.

I am holding out all other relevant information on this deal. I just want to get opinions on this part of it.

Thanks