In April of 2014, CCI acquired a 185 unit project based Section 8 tower in downtown Spokane, Washington (10% market rate units) via HUD’s 223(f) loan program.  At the time of purchase, the property was subject to a 236 mortgage, which was prepaid, as well as City and State HOME loans, both of which were assumed at purchase along with the re-casting of the regulatory agreements and covenants affiliated with those programs.  Additionally, the property had experienced 10% vacancy for several years.  Taking a collaborative approach with HUD, the City of Spokane and the State of Washington, CCI was able to successfully transition and preserve this property with long term financing while meeting the various regulatory restrictions in place at purchase.