Saturday
Sep242016

Pleasant View Gardens Senior

Pleasant View Gardens Senior is a 110-unit existing multi-family public housing community located in Baltimore City, Maryland. Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract on 100% of the units. Utilizing HUD's Section 221d4 program for insurance advances, AGM successfully obtained a HUD insured mortgage of $5,700,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term.

Equity of approximately $5,029,547 was provided through the sale of 4% low-income housing tax credits (LIHTC). Site control was achieved through an upfront payment on a ground lease evidenced by a note.

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