The Urban Residential Finance Authority (URFA) closed on $10 million in tax-exempt bond financing transaction to support the construction of 105 units of senior housing at Oasis of Vine City.
The groundbreaking for Oasis of Vine City will take place in the coming months, and once complete, it will offer units to seniors over the age of 62 at 60% Area Median Income (AMI). (The 60% AMI income limit for FY2017 is $29,280 for a one-person household, and $33,480 for a two-person household.) All renters will pay no more than 30% of their income towards rent.
This project closing represents a great start to the year after the team supported the creation or retention of a nearly 2,000 affordable units, a record for the organization, in 2017. Knowing how critical it is for the city’s growing senior population to have access to affordable living options, the Community Development team has been working to complete this deal for several years.
Oasis of Vine City will be located near Rodney Cook Sr. Park and amenities will include a fitness center and energy-efficient appliances.