Enlighten me- Federal funds for a multifamily purchase
Hello All,
I'm in need of a little explanation and advice on acquiring federal funds for a 30 unit multifamily purchase in the Midwest area. The apartment complex I'm buying is an old school that was converted into multifamily living. It consists of 2 buildings (12 units in one building,18 units in the other). These buildings were both built in the 1940's, so they are extremely old.
The seller keeps explaining to me that I need to reach out to an architect about federal money?? Can someone explain this to me? Has anyone ever came across this or had a deal like this? Why would this apply for a government loan? Is it because it's an old school? Is he meaning TIF money? I'm just wondering how it would apply in this particular situation. Thank you!