Our History:
The IHO volunteer Board has successfully managed Woodbridge Manor for
over twenty years. The Board secured innovative financing to refinance
Woodbridge Manor, thus achieving the following:
• Woodbridge Manor was the first (as of January 2006) and only project
(as of January 2006) to receive HUD approval for a rental subsidy increase
under Section 8 to generate additional “equity” to IHO; and
• IHO was the first (as of January 2006) and only nonprofit (as of January
2006) to ever refinance a Section 202 loan to do all of the following:
- Pay off the original loan;
- Rehab the existing units; and
- New construction (15 units) on the existing site.
IHO has experience using and creating innovative financing for the purpose of
new construction, or rehabilitation of affordable housing. IHO has utilized the
financial resources of predevelopment loans, HUD refinancing, Low-Income
Housing Tax Credits, tax exempt and taxable bonds, Local CDBG funds,
developer fees and bond enhancement through HUD mortgage insurance
under Section 221(d)(4).
IHO has developed a model for affordable housing that enables senior
residents to “age-in-place” with the necessary supportive services. The
intricate financing of Woodbridge Manor has become a model for other
Section 202 projects which HUD hopes to replicate.
The IHO volunteer Board has successfully managed Woodbridge Manor for
over twenty years. The Board secured innovative financing to refinance
Woodbridge Manor, thus achieving the following:
• Woodbridge Manor was the first (as of January 2006) and only project
(as of January 2006) to receive HUD approval for a rental subsidy increase
under Section 8 to generate additional “equity” to IHO; and
• IHO was the first (as of January 2006) and only nonprofit (as of January
2006) to ever refinance a Section 202 loan to do all of the following:
- Pay off the original loan;
- Rehab the existing units; and
- New construction (15 units) on the existing site.
IHO has experience using and creating innovative financing for the purpose of
new construction, or rehabilitation of affordable housing. IHO has utilized the
financial resources of predevelopment loans, HUD refinancing, Low-Income
Housing Tax Credits, tax exempt and taxable bonds, Local CDBG funds,
developer fees and bond enhancement through HUD mortgage insurance
under Section 221(d)(4).
IHO has developed a model for affordable housing that enables senior
residents to “age-in-place” with the necessary supportive services. The
intricate financing of Woodbridge Manor has become a model for other
Section 202 projects which HUD hopes to replicate.
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2192 Dupont Drive, Suite 105 - Irvine, CA 92612 - Tel. (949) 863-9740 - Fax. (949) 863-9746