Admiral’s Landing 9 & 4

AGM Financial Services, Inc. is proud to announce the successful closing of two FHA- insured mortgages totaling $13,000,000 for a LIHTC 9/4 Twin project known as Admiral’s Landing. Located in Great Mills, Maryland, this affordable housing community was originally built in 1989 and features 134 units in 12 three-story buildings which will be fully renovated.  Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter in order to successfully execute the 9/4 Twin transaction. The two projects will also be funded by 9% Tax Credits, 4% Tax Credits, Tax Exempt Bonds, and Rental Housing Works (RHW) funds in combination with Rental Housing Program (RHP) funds provided by Maryland DHCD. Combining these sources of funds, the owner will be able to expand several units and provide extensive renovations throughout the community averaging $89,500 per unit. All of the units in both phases are designated as affordable, with income limits ranging from 30% to 60% of AMI on various apartments.