Homes At Fountain Green

Homes at Fountain Green is a 78-unit new construction mixed-income multifamily community located in Bel Air, Maryland.  Of the 78 units, 12 will be restricted at 30% of AMI, 12 will be restricted at 40% of AMI, 14 will be restricted at 50% of AMI, 26 will be restricted at 60% of AMI, and eight additional units will be unrestricted.  Fifteen of the affordable units will be covered by a long-term project-based voucher contract.  The property is located on 10.3 acres of land and will consist of three separate three-story walk-up apartment buildings and a clubhouse building.  The amenity package will include a community room, resident lounge, fitness center, computer room, and tot-lot.  Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $6,650,000 at a fixed interest rate with a 40-year term.  Additional sources include $13,648,635 from the sale of 9% low income housing tax credits (LIHTC), $1,700,000 in Rental Housing Program Funds from Maryland Department of Community Development (CDA), and a $350,000 capital subsidy from Baltimore Rental Housing Partnership (BRHP).