We are happy to let you know that we have now closed on an approximate $7.5 million senior construction loan provided to us by F&M Trust Bank, Chambersburg, PA.
Our 52-apartment and grocery/convenience store project is supported by Commonwealth of Pennsylvania funding programs, including a $1.8 million low-interest loan from PENNVEST, a $1.0 million grant from the Redevelopment Assistance Capital Program (RACP), and an $800,000 grant from the Pennsylvania Housing Finance Agency (PHFA).
Our project is further supported by equity investments from both me and our valued investors, most of whom are from Lancaster, Pennsylvania, and Hagerstown, Maryland.
We remain focused on completing our Lancaster, PA project as soon as possible while at the same time reviewing other properties suitable for development that meets our criteria.
We are very grateful to our supporters, investors, and vendors who care about building safe, attractive, affordable rental accommodations for America's working families. We look forward to advancing our business model of successfully developing nine projects over the next ten years.
Please feel free to reach out to us with any questions or for additional information.