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.
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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
