Jerome Estates is an existing HUD insured rental housing development for low and moderate-income families. It was purchased in 1997 through the Low Income Housing Preservation and Rehabilitation Act which allowed non-profit organizations to acquire projects with expiring subsidy commitments and maintain them as affordable housing for the life of the project. As part of the acquisition, HUD provided a $1,511,788 rehabilitation loan to do necessary project improvements. The rehab was completed in 1998.
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