July 17, 2006
Belfonti Announces Renewal of Hud Section 8 and Local Housing Agency Contracts at Phoenix Apartments in Indianapolis, IN
INDIANAPOLIS, IN – RCM Phoenix Partners, LLC, a Belfonti Associates entity that owns the 328-unit Phoenix Apartments at 4004 Meadows Drive in Indianapolis, IN, has been awarded a 20-year renewal of their Department of Housing and Urban Development (HUD) Section 8 Housing Assistance Payments contract. The contract covers 264 apartments at the property. Michael Belfonti, President and CEO of Belfonti Associates, made the announcement.
In addition to the HUD contract, the owners have also secured a Housing Choice Voucher Program contract with the Indianapolis Housing Agency for 10 years, covering an additional 27 units. Combined, these two contracts provide 291 low-income families with rental subsidies that enable them to obtain affordable housing. The programs provide for guaranteed rental payments to landlords in an amount based upon a qualified resident's income.
"We are very excited about the long-term renewal of both our contract with HUD and our contract with the Indianapolis Housing Agency," said Paul Morris, Director of Special Projects for MCR Property Management, Inc., the Belfonti entity that manages the Phoenix Apartments. "These long-term commitments have enabled us to obtain very attractive financing for the property, which will in turn provide significant funds for additional physical improvements. We are looking forward to a very bright future for both our property and the neighborhood."
As a direct result of these contract renewals, an attractive refinancing package in the amount of $7 million has been secured for the Phoenix Apartments to continue to improve the 53-year-old development. Epstein Canarick Corp. of Jericho, NY brokered the refinancing.
The Phoenix Apartments are located off the intersection of Keystone and 38th Streets, approximately two miles north of Interstate 70 and five miles northeast of downtown Indianapolis. The immediate surrounding area consists of a mix of commercial and light industrial properties, single-family homes and three other apartment communities.
Consisting of nine brick buildings on 12 acres of land, the community contains 224 one-bedroom and 104 two-bedroom apartments of approximately 600 square feet.
"We are extremely gratified to be able to continue providing quality affordable housing alternatives to deserving individuals and families in the greater Indianapolis area," said Mr. Belfonti. "The stability provided by these federal and local assistance programs not only allows us to keep rents affordable, but assures the preservation and enhancement of this apartment community for years to come."
Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.