Blaine Landing I & II

AGM Financial Services, Inc. is proud to announce the recent closing of two HUD insured mortgages totaling $11,502,300 for a LIHTC 9/4 Twin project to be known as Blaine Landing. Located in Williamsburg, Virginia, this rental community features 119 units in four three-story buildings plus a clubhouse.  Amenities include a fitness center, playground, and a pavilion with grilling stations. Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter. The two projects were funded by 4% and 9% Tax Credits, Tax Exempt Bonds, and State Trust Fund money. This community will be broadly affordable with all units restricted to households whose incomes are at or below 60% of the area median income.

Baybrook Park

AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $4,030,000 mortgage under the 223(f) refinance program of the Baybrook Park in Webster, TX. Built in 2006, this affordable senior apartment community features 100 units in four single-story buildings and one four-story elevator-served building. The extensive list of amenities includes a pool, BBQ pavilion, shuffleboard, activity center, business center with free internet, clothes care center, limited access gates, and private garages.  The community will also provide social services and planned activities as well as regularly scheduled transportation. Eighty of the units charge rents that are affordable to 30%, 50% and 60% AMI households and average 41.1% below market rents.

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.

Longfellow Arms Apartments

AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $2,734,300 mortgage under the 223(f) refinance program of Longfellow Arms Apartments in Washington D.C. Originally built in 1960 and renovated in 2009, this broadly affordable community features 30 units in one three-story building. All of the apartments are restricted to households whose incomes are at or below 60% of area median income. 

New City Plaza

New City Plaza in Salt Lake City, Utah, showcases another innovative approach to preserving and improving affordable housing. Using a blend of Section 18 and the Rental Assistance Demonstration (RAD) program, Housing Connect (the Salt Lake County Housing Authority) is redeveloping 299 age-restricted Section 8 units in two adjacent towers. As part of the redevelopment, they are building an addition connecting the two towers and housing new leasing and management offices. This project was financed using 4% Low Income Housing Tax Credits, Short Term Bonds, and an FHA-Insured mortgage of $25,700,000. With the financing of New City Plaza, AGM has completed 27 RAD transactions nationwide.

Overlook Manor Townhouses

AGM Financial Services, Inc. is proud to announce the recent closing of a HUD insured $10,500,000 mortgage under the 221(d)(4) substantial rehab program of Overlook Manor Townhouses in Frederick, Maryland. Originally built in 1985, this affordable apartment community features 63 units in nine two-story townhouse-style buildings. Thirteen units are restricted to households whose incomes are at or below 50% of area median income, and 50 units are restricted to households whose incomes are at or below 60% of area median income. This project was also funded by 4% Tax Credits, Tax Exempt Bonds, Rental Housing Works (RHW) funds, HOME funds, and a MEEHA Loan. Due to this, the project was able to do $71,702 per unit of rehab and repairs.

Hunting Creek Townhomes

Hunting Creek Townhomes is an existing 35-unit affordable multi-family apartment community located in Alexandria, Virginia.  Originally built in 1982, the property consists of eight separate two-story townhouse style buildings.  All of the community’s units are covered by a long-term Project-based Section 8 contract.  The units serve households whose incomes are at or below 50% and 60% of area median income.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a FHA-insured mortgage of $6,600,000 with a 35-year term at a fixed interest rate.

Princess Anne Townhouses

Princess Anne Townhouses is an existing 120-unit affordable rental property in Princess Anne, Maryland.  The project consists of 12 townhouse style apartment buildings and a freestanding clubhouse.  All of the units will be affordable, restricted to households earning at or below 60% of area median income (AMI).  Amenities at the property include a community room, shared green space, on-site leasing, and a playground.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $13,000,000 at a fixed interest rate and a 40-year term.  Equity of approximately $6,375,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).   Additional sources include a Rental Housing Works (RHW) loan, HOME loan, Affordable Housing Trust funds, and Multifamily Energy Efficiency (MEEHA) funds.

City View Park

City View Park is an existing 503-unit affordable rental property in Louisville, Kentucky.  The project consists of three phases including 47 garden- and townhouse-style residential buildings.  The development has an onsite management office, multiple playgrounds, splash parks, and a basketball court.  A long-term Section 8 contract covers 468 units while the remaining 35 units are restricted to households earning at or below 60% of area median income (AMI).  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $34,250,000 at a fixed interest rate and a 40-year term.  Equity of approximately $19,481,093 was provided through the sale of 4% low-income housing tax credits (LIHTC).   Additional sources include $2,000,000 from the Louisville Affordable Housing Trust Fund (LAHTF) and $800,000 in Louisville HOME funds.