FHA-insured · 542(c) HFA risk-sharing
Academy Flats Senior Housing
1726 Woodburn Ave, Covington, KY 41011 · 26 units
Academy Flats Senior Housing carries a $125,000 FHA-insured mortgage at a 6.5% note rate, endorsed by HUD on February 28, 2008 and maturing in March 2048. HUD's file put the amortized balance at $101,575 as of September 30, 2026, with 21 years 6 months left on the term. The loan is paired with low-income housing tax credits.
19% repaid
Would a refinance lower the payment?
This loan's 6.5% rate is above the 5.54% median on HUD apartment loans endorsed in the 12 months before September 30, 2026. At that median, on the same balance and remaining term, principal and interest would run about $1,000 a month instead of about $1,000: roughly $1,000 a year less, before mortgage insurance, closing costs and any prepayment premium in the note.
This is a risk-sharing loan, which HUD does not allow to use a 223(a)(7). The usual route is a new 223(f) loan, sized on the property's current income.
Own this property?
Send it to the commercial mortgage team at Janover Capital LLC. Say whether you are assuming, refinancing or adding a supplemental loan, and we will give you a preliminary read on what a HUD lender is likely to need. Any terms come from the lender.
Janover Capital LLC is not HUD, FHA or the lender on this loan, and is not affiliated with or endorsed by either. The loan figures on this page come from HUD's public file and are not an offer of credit.
Other HUD-insured loans in Covington
- Hathaway Court 159 units · 2.75% · matures 2048
- Cambridge Square Apartments 200 units · 2.82% · matures 2063
- Welcome Housing 20 units · 3.5% · matures 2042
- Lasallette Gardens Apartments 76 units · 4.23% · matures 2053
- Covington Hope Village Apartments 30 units · 4.5% · matures 2053
- St. Aloysius 48 units · 5.1% · matures 2038
Source: HUD, Insured Multifamily Mortgages, active file, current as of September 30, 2026. Street address from HUD's Insured Multifamily Properties map layer. Rates and balances are as HUD reports them; if HUD's file is wrong, this page is too. How we use the data.