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From the Recently Closed File:

Delaire Nursing and Rehabilitation Center
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HUDFHA SECTION 223(a)(7)

Refinancing of properties currently subject to FHA insured project loans. Applies to all of the FHA loan programs including multifamily housing, elderly housing, nursing homes, assisted living facilities and hospitals.
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A Look Back at 2009 and a Look Ahead to 2010
Saturday, 23 January 2010

We are pleased to report another successful year as illustrated by the following highlights:

  • We closed twelve FHA-insured loans totaling approximately $110 million for skilled nursing, assisted living and senior housing projects in the Southeast, Mid-Atlantic and New England. The closings reflected a wide variety of development and recapitalization activities and FHA mortgage insurance programs: our loans were used for refinancings, construction and substantial rehabilitation, operating losses recovery and tax-exempt and taxable bond refundings.
  • We continued to show a high degree of customer satisfaction and client retention in 2009: over 92% of our closings were for repeat customers.
  • We maintained our commitment to affordable elderly housing: 40% of our 2009 closed loans involved low-income housing tax credits. We also were engaged this past year by a religious-based not-for-profit organization in the Southeast to assist them recapitalize their flagship low-income elderly housing project through a "decoupling" of its current HUD subsidies and new FHA-insured refinancing loan that is expected to close in the first quarter of 2010.
  • We continued the expansion of our origination, loan processing and underwriting activities in 2009 by hiring a new banker in June and adding a second loan correspondent in the third quarter, who has helped us extend our reach to the West Coast.

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Four Years After Katrina: The Restoration and Renewal Continues
Monday, 24 August 2009

It is almost four years to the day that Hurricane Katrina landed on the Gulf Coast, leaving a trail of destruction and devastation in its path. In the wake of that tragedy, Sims Mortgage Funding, Inc. has played a critical and ongoing role in assisting one of its not-for-profit clients fulfill its mission of developing and restoring low-income seniors housing. Providence Community Housing, established in 2006 is a venture jointly sponsored by the Archdiocese of New Orleans, its social-services arm Catholic Charities and a number of locally based community development organizations.

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