Saturday
Sep162017

Bethel Gardens 

Bethel Gardens is an existing 94-unit family affordable rental property located in Hagerstown, Maryland.  The property consists of 11, two and three-story garden and townhouse buildings on 2.99 acres of land.  All of the units at Bethel Gardens are affordable with 89 units eligible to receive project based Section 8.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,217,400 at a fixed interest rate and a 40-year term.  Equity of approximately $5,302,536 was provided through the sale of 4% low-income housing tax credits (LIHTC).  An additional $4,974,178 in equity was provided from a seller take-back note as well as $866,000 in Rental Housing Works funds.  Project sources allowed for approximately $66,000 per unit in renovations.

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