6253 S Michigan Ave

St. Edmund's Village Apartments benefits from a Project-Based Section 8 rent subsidy contract covering 80% of its 230 units. The 20-year HAP Contract renewal was in 2012. Originally developed utilizing HUD §236 financing, the original HUD mortgage was prepaid in 2012 and Interest Reduction Payment (IRP) was "Decoupled" at that time. There was an IRP of $111,854 in 2016 and the IRP runs through 2024. The property is also subject to a 236(e) (2) Use Agreement through February 1, 2029.

St. Edmund's Village Apartments was Placed in Service (PIS) in 2000 via an allocation of Low-Income Housing Tax Credits pursuant to Internal Revenue Code §42. The current HUD §223(f) mortgage is assumable or prepayable (with 6% prepayment penalty through January 31, 2018) with prepayment decreasing by 1% annually through January 31, 2023. The property is located in a Qualified (130% basis) Census Tract for Low Income Housing Tax Credit rehabilitation.