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Property Description:: The Pinnacle Apartments located in Boone, Iowa was the first conversion and renovation of a HUD financed apartment complex in Iowa which utilized financing that included an insured HUD loan, IRS Section 42 Low Income Housing Tax Credits, and a HUD Interest Reduction Payment (“IRP”) Contract. This 72 unit complex was built in 1970 and underwent a total renovation in 2003. Due to financing options utilized, CSDLLC was able to maintain the level of rent which existed prior to the $1.4 million renovation.
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