County Housing Authority Refinances Loans

(December 10)   The San Bernardino County Housing Authority has moved to refinance the $15.7 million arrangement it entered into with Bank of America last year for the 168-unit Andalusia Apartments in Victorville.
The housing authority’s  $16 million loan agreement with Prudential Mortgage Capital Co. at an all-in rate of 4.02 percent supplants the existing  $9.7 million, 6.75 percent-rate loan and  $6 million line of credit with Bank of America.
The change was unanimously approved last week based on the recommendation of the county housing commission. The switch will result in savings of $70,000 annually for the housing authority’s account with regard to the Andalusia property.
The housing authority houses over 30,000 residents countywide. Some 9,100 vouchers issued to in-need residents cover almost $70 million paid annually to the county’s landlords, according to the county.

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