GRS | Corteq Provides Services on a $27 Million Fannie Mae Affordable Housing Project in San Francisco
GRS | Corteq recently provided services on a $27,000,000 Fannie Mae refinance of Glenridge Cooperative Apartments in San Francisco, CA.
Glenridge Cooperative Apartments, built in 1968, is a Limited Equity Housing Cooperative that consists of 275 units. The property consists of 40 two and three-story apartment buildings on 14.67 acres of non-contiguous parcels. 75% of the units fall under the HUD Section 8 rental assistance payment program. This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.
GRS | Corteq’s assessment services included Phase I environmental site assessments, Radon testing, Seismic, and Lead-based paint operation and maintenance. GRS | Corteq director, Steve Canty, spearheaded service package on behalf of the assessment firm’s client, Greystone, and completed the service package inside a two week timeframe.