Sponsor: Ray and Ron Falite
Loan Approved: February 13, 1997
MHP committed $363,750 in financing to help private developers Ray and Ron Falite construct 11 new rental units in Salem.
TYPE: New.
WHERE: 10-14 Lynch Street, Salem.
WHAT: The construction of 11 rental units.
AFFORDABILITY: Six units will be affordable at 80 percent of the area median income (AMI).
MHP FINANCING: A permanent plus first mortgage loan of $318,750 and a second mortgage loan of $45,000.