The program was created to give low-income tenants an alternative to living in federal project housing.S8 sets their rental rates to the LOW-END of market averages, if not slightly below.

I grew up in the real estate industry watching my father raise money with a PPM for large multifamily value add projects and a developments.

These two demographics are projected to be long term renters which will help keep vacancy rates low for years to come.In recent years, Pittsburgh has become a tech hub in its own right, attempting to create a dynamic job market similar to Silicon Valley.

Has anyone here had experience with this type of project?

You can also hold money for maintenance, capex, taxes, insurance, or other projected expenses.

I like good neighborhoods, with sloped tile roofs, stucco siding, built in the last 20 years. 90% of Las Vegas SMF checks none of these boxes. 

This is a hard money product,you typically just need a 10-20% down payment, funding will be 80-90% of Purchase Price + 100% of rehab cost.AS LONG AS THE TOTAL LOAN AMOUNT IS LESS THAN 70% OF THE ARVOnce the project is complete you can then refinance into a DSCR loan.

So developers are building multifamily on these parking areas.Since these areas aren't located on top of residential areas, the zoning approval process has a lot less friction and resistance from NIMBYs.Here's an example in Rochester where an old Sears was turned into apartments for seniors.https://www.passero.com/projects/skyview-park-senior-housing...For multifamily developers, this could be an opportunity for building and partner with the mall owners.

Best of luck with your project!

Purchased for $69,000, it needed a full rehab, including a new roof, plumbing, and modern updates inside and out.