Eastern Avenue is an 88-unit two bedroom apartment complex comprised of 22 two-story buildings located in Seat Pleasant, Maryland. Using HUD’s Section 221d4 program for substantial rehabilitation; AGM obtained a HUD-insured mortgage of $7,200,000 with a fixed interest rate over 37 years. The project used short term tax exempt bonds to obtain Low Income Housing Tax Credits.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
