Monday
Dec242018

Willow Manor at Fairland 

Willow Manor at Fairland is a 121-unit new construction mixed-income senior community located in Silver Spring, Maryland.  The residency will be restricted to tenants aged 62 years or older.  Of the 121 units, six will be restricted at 30% of AMI, six units restricted at 50% of AMI, 48 restricted at 60% of AMI, and the remaining 61 units will be market rate.  The project is located on 2.07 acres of land and will consist of one, three-story elevator-serviced building.  Utilizing HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $16,613,200 at a fixed interest rate with a 40-year term.  Equity of approximately $3,089,361 was provided through the sale of 4% low income housing tax credits (LIHTC).  Additional sources include a combined loan of $2,500,000 loan from the State of Maryland’s Rental Housing Works (RHW) and Rental Housing Program (RHP) funds and a $595,000 contribution from Montgomery County, DHCD.

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