Attention Housing Residents: Housing privatization lease signings to be rescheduled Published Feb. 29, 2008 By Brion Ockenfels Tinker Public Affairs TINKER AIR FORCE BASE -- The special lease signing events scheduled from Tuesday though Thursday at the Tinker Club have been put on hold and will be rescheduled. Gene Gallogly, Civil Engineering Group Director said, "Tinker AFB officials learned the evening of Feb. 22nd that the Military Family Housing privatization closing would slip by at least two months. " GMH, Military Housing and Tinker officials will reschedule the lease signings at a later date. " Air Force officials have been in negotiations with GMH, the highest ranked offeror, finalizing the terms of the privatization deal and preparing for closing," said Mr. Gallogly. GMH depends on private financing to front the cost of development, new construction, and renovation. Recent turmoil in real estate and housing sector finance markets have made it difficult to secure financing at reasonable rates. Mr. Gallogly said, "GMH offered us a very attractive deal. They borrow the money to uphold their end of the bargain, and they repay the loans with rent they receive based on each tenants' Basic Allowance for Housing. With the rate and credit basis point increases they're experiencing, we either had to cut back considerably on the features we would get or wait for the rates and industry to stabilize a little. " We will do everything we can to secure the best deal for the Air Force in a timely manner, said Mr. Gallogly. "Until the deal is finalized, rest assured that CE will continue to support you with the same level of service as always. All of the contracts to maintain the homes and staff the MFH office are still in place and will be extended." Base officials will provide updates as the situation develops. Please continue to watch the Tinker Take Off and housing privatization web site for updates.