HUD Celebrates Grand Opening of Penrose Place in Sheridan
HUD Region VIII Field Director Lyle Konkol joined Sheridan [WY] Mayor, John Heath, members of the Volunteers of America (VOA) [Northern Rockies] and the Sheridan Chamber of Commerce for the grand opening of Penrose Place.
The project features 14 - one bedroom units and will serve 14 low-income independent living seniors age 62 or older.
The Sheridan VOA Elderly Project is one of the very last Section 202 projects to have received a HUD Capital Advance for the development of this valuable affordable senior housing project.
In addition to the HUD Capital Advance Fund Reservation financing in the total amount of $2,191,694, the project received additional funding assistance from the Capital Magnet Program of the U.S. Treasury in the amount of $253,440. It also received the HUD Demonstration Pre-development Grant ($153,840) and the VOA donation of the development site, as well as a VOA donation of a portion of the Developer's Fee.
|Content Archived: January 12, 2016|