AGM Financial Services donates $100,000 to Baltimore Nonprofit Organizations as part of its Annual “Give Back” Initiative

BALTIMORE, Maryland, February 1, 2024For a fourth consecutive year, AGM Financial Services (AGM) donated a total of $100,000 to four Baltimore nonprofit organizations. Recipients received a $25,000 unrestricted grant allowing each organization to further its mission as it sees fit and for any legal purpose it chooses.

“As a Baltimore-based company, much of AGM’s success comes from right here at home,” says Myles Perkins, President & Owner. “The Donor Fund is simply a way for us to give back to the community that gave us our start over 30 years ago.”

Recipients of the 2023 grant donations include:

B & Dee’s Baltimore Love, Inc. is an inclusive, non-profit 501(c)3 that officially began in 2019. The organization is run solely by volunteers and organizations that donate money, food, clothing, toiletries, time, and talent. More than 1,500 volunteers and 20 organizations support B & Dee’s in serving over 10,000 meals each year. “On behalf of our Board of Directors and team of volunteers, I thank AGM Financial Services for their generous donation,” said Brian Dolbow, President of B & Dee’s. “This funding is going to make a tremendous difference in our efforts to support Baltimore’s most vulnerable communities and to make Baltimore a better place for everyone. Together we WILL make a difference!”

Health Care for the Homeless works to prevent and end homelessness for vulnerable individuals and families by providing quality, integrated health care and promoting access to affordable housing and sustainable incomes through direct service, advocacy, and community engagement.

Maryland Family Network was formed in 2009 with the merger of two leading nonprofit organizations — Maryland Committee for Children, founded in 1945 to advocate for high quality child care, and Friends of the Family, founded in 1986 to administer Maryland’s network of Family Support Centers. The organization’s mission is to ensure young children have strong families, quality early learning environments, and a champion for their interests.

Project Pneuma is a 501(c)(3) non-profit organization based in the heart of downtown Baltimore, MD. Its mission is to Breathe New Life holistically into the young men it serves by challenging them intellectually, strengthening them physically, nurturing them emotionally and uplifting them spiritually. Project Pneuma strives to teach young men the art of forgiveness, self-control and discipline while giving them exposure to a new world of endless possibilities.

"I would personally like to thank the leadership and team at AGM Financial Services for identifying and awarding Project Pneuma with such a generous grant,” said Damion J. Cooper, CEO & Founder. “Your investment will greatly impact our work with continuing to build bonds of trust and love between boys of color and the Baltimore Police Department. This is what #BreathingNewLife is all about. Thank you!"


About AGM Financial Services


Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $10 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.


Media Contact
Dina Wasmer
410-366-9479 x101
dina@incitecmo.com
www.incitecmo.com

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Matt Daddio, AGM VP, Appointed to Baltimore Public Markets Corporation Board

January 8, 2024: citybiz article (go to online article):

AGM Financial Services, a leading FHA lender and GNMA seller/servicer, is proud to announce the appointment of its Deputy Chief Underwriter and Vice President, Matthew Daddio, to the Board of Directors of the Baltimore Public Markets Corporation.

“Matt’s deep understanding of both finance and local communities, combined with his passion for Baltimore’s rich history and cultural vibrancy, make him an invaluable addition to the Baltimore Public Markets Corporation Board,” said Myles Perkins, CEO of AGM Financial Services. “We are confident his unique perspective will be instrumental in guiding the future of these iconic institutions.”

The Baltimore Public Markets Corporation oversees six of the city’s most beloved public markets, including the historic Lexington Market, the oldest continuously operating public market in the United States. These markets serve as vibrant community hubs, offering fresh produce, handcrafted goods, and diverse culinary experiences.

Daddio, a graduate of the University of Maryland and Johns Hopkins Carey Business School, joined AGM in 2011 and has played a key role in the company’s success. His expertise in underwriting and real estate finance, coupled with his commitment to responsible lending and community development, is well-aligned with the Baltimore Public Markets Corporation’s mission of preserving and enhancing these treasured city landmarks.

“I am pleased to have been entrusted with this responsibility and deeply committed to contributing to the Baltimore Public Markets Corporation’s vital work,” said Daddio. “Baltimore’s public markets are treasured pieces of the city’s rich history. They were built and operated to sustain their local communities, not just as places to shop, but as places to gather. I look forward to working with the board and the community to ensure these vibrant marketplaces continue to thrive for generations to come.”


About AGM Financial

Founded in 1990, AGM Financial Services is a leading FHA lender and GNMA seller/servicer specializing in multifamily financing nationwide. We provide developers and owners with accessible, transparent, and consistent lending solutions for new construction, substantial rehab, acquisitions, and refinancing of both market-rate and affordable projects. With over $10 billion in closed loans and a dedication to responsible lending, AGM is committed to building stronger communities across the country. For more information on AGM Financial Services, please visit agmfinancial.com or call 800.729.4266.

AGM Financial Closes $15 MM Renovation Loan to Provide Affordable Housing to Virginia Residents Senior Citizens of Marywood Apartments in Manassas to Benefit from the Deal

FOR IMMEDIATE RELEASE

BALTIMORE, August 25, 2023 — AGM Financial Services, a leading FHA lender and GNMA seller/servicer nationwide, has successfully closed a $15,000,000 mortgage for the extensive renovation of Marywood Apartments in Manassas, VA. The achievement underscores AGM's commitment to supporting affordable housing solutions and exemplifies the company's dedication to meeting the unique needs of its clients.

John Spencer, Executive Director at Saint Mary's Housing Corporation, the organization behind Marywood Apartments, spoke highly of the collaboration. "Through all sorts of challenges, AGM was there with us to get our loan closed and we couldn’t be more pleased. We appreciate the AGM team’s efforts to get our FHA financing done."

According to one projection, as many as 6.4 million renters and 11 million homeowners will be cost burdened by 2035.Affordable housing ensures low-income seniors don't spend a disproportionate amount of their income on rent.

Affordable housing solutions like Marywood Apartments allow seniors to allocate more for essential needs like healthcare, medication, and nutrition. They also provides a sense of community, security, and support tailored to the needs of the elderly, ensuring not only a roof over their heads but also a nurturing and safe environment. By addressing the financial and social needs of seniors, affordable housing plays a crucial role in enhancing their overall quality of life.

The Marywood Apartment project will provide for $68,000/unit in rehabilitation to the 129-unit, age-restricted community with 100% Section-8 housing. The four-story, elevator-served building includes extensive amenities such as:

  • Large multipurpose community room

  • Fitness room

  • Hair salon

  • Library

  • Pottery studio

  • Laundry room

  • Meeting spaces on every floor

Margaret Allen

Margaret Allen, Chief Executive Officer of AGM Financial, expressed her admiration for the partnership. "John has always been smart, insightful, persistent, optimistic, and devoted to affordable housing. He’s our favorite kind of client!" she exclaimed.

The Marywood Apartments deal underscores the synergy between two organizations deeply committed to facilitating affordable housing and showcases the determination with which both entities operate, even in the face of challenges.


About AGM Financial

Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $10 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.

Media Contact

Dina Wasmer
410-366-9479 x101
dina@incitecmo.com

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HUD Increases Large Loan Threshold from $75 million to $120 million: What it means for you

The Federal Housing Administration (FHA) is increasing the threshold for large loans from $75 Million to $120 Million.

This is the first increase in the threshold since 2014 and will facilitate additional underwriting flexibility for lenders like AGM when submitting FHA Multifamily insurance applications. FHA may increase it each year in $5 million increments. The changes are designed to simplify underwriting for multifamily housing development.

Why is this good news for developers?

FHA’s standard underwriting - 1.176 DSC and 85% LTV - is now available on loans up to $120 million. With higher leverage, fixed rates, longer terms, and all nonrecourse now available for larger loans, FHA financing is even more attractive.
 
If you have any questions or want to discuss how we can help with project needs, please reach out to us.

South Alex: From Ashes to an Artfully Inspired 400-Unit Property

The People Committed to Community & Completion

(Photo Credit: www.southalex.com)

Alexandria, VA, March 21, 2023AGM Financial Services team members recently joined Fairfax County officials and community members for an emotional ribbon cutting ceremony following a devastating fire and triumphant rebuild of South Alex.

By now, many have heard the triumph over tragedy story behind South Alex. This two-building, five-story, mixed-use apartment complex replaced the Penn Daw Plaza shopping center in Alexandria, Virginia.

Flashback to Sunday morning, February 8, 2020, nearing 50% completion, South Alex, a $135 million project, burned to the ground. The framing, the metal steel bars inside the concrete, the adjacent prefabbed garage, the surrounding buildings, and even the footers needed to be replaced. It was a total loss.

But the story few have heard is what happened behind the scenes and the people who helped bring South Alex out of the ashes and transform it into the artfully inspired 400-unit property it is today. On February 22, 2023, South Alex and several people involved in the development celebrated its emotional opening.

Committed to Community

South Alex is located at the intersection of South Kings Highway and Richmond Highway near Reagan National Airport. The area had become stagnant with age and wear, causing residents to move away. In recent years, Fairfax County has stepped up efforts to encourage the revitalization of the Richmond Highway Corridor and promised to leave no one behind.

Combined Properties, known for its portfolio of retail and multi-family properties located in the Washington, DC, metro area, rose to the challenge. Founded in 1984 by Ronald S. Haft, Combined Properties has always looked for the true potential of a commercial property. “Instead of thinking about big boxes, we decided to think outside of the box,” said Haft. “We started thinking about community.”

To design a space where people could live, work, eat, and play while embracing art, Combined Properties had to rezone Penn Daw Plaza, which it did with the county’s help in 2014. But they would need financing to bring the project to fruition.

AGM Financial Services successfully obtained a 40-year, FHA-insured Section 221(d)(4) mortgage for this new Class A community — a $98.9 million construction/permanent loan.

In June 2016, demolition of the Plaza began, and in December 2018, the groundbreaking for South Alex took place, with ALDI lined up as the anchor retail tenant. All was moving forward as planned until the unexpected happened.

Photo Credit: www.southalex.com

Committed to Completion

The accidental fire broke out on a Sunday morning in February 2020. On Monday morning, Margaret Allen, CEO of AGM Financial, called an emergency meeting with all the players from South Alex, HUD, the fire marshal, and inspectors started work immediately. Everyone was committed to rebuilding and fulfilling their commitment to the neighborhood. 

AGM did the calculations, and HUD responded quickly. Together with the insurance company's cooperation, funds were wired, and within a couple of weeks, demo and cleanup began. The Combined Properties team broke ground for the second time in June 2021.

Myles Perkins, President of AGM, successfully negotiated a two-year extension to the start of amortization.. And the interest rate didn't change —unheard of under such circumstances. Everyone saw the value of getting and keeping South Alex on track.

Reneé Carroll-Smith, Vice President of Servicing, started working in the multifamily industry in 1989 and joined AGM in 2017. Her experience as an FHA loan processor was instrumental in the South Alex project and she shared a unique, personal perspective.

"My mom used to work at the Pentagon, and my father worked at the Kennedy Center, so I was very familiar with the Richmond Highway Corridor," said Reneé. "Growing up, we would go to the movie theatre, thrift store, and bowling alley. Now I take my grandkids to the Chucky Cheese near South Alex and say, 'Look, I did that!' It's very fulfilling to know that I played a part in giving someone a safe, affordable, beautiful place to live. That's one of the many things I love about working with AGM. They are committed to affordable housing projects, and it was a dream come true to work with Margaret Allen. When she talks, everyone listens!" 

Committed to the Future

South Alex has a promising future. The property's first tenant, ALDI, held its grand opening earlier this month. Today, the property is 60% leased, With a vibrant mix of shops, restaurants, and community spaces, South Alex pushes the boundaries of modern apartment living with unparalleled amenities, individualized service, and stylish interiors—all with the best of the Washington DC region in easy reach. To see floor plans, take a virtual tour of South Alex.

AGM would like to thank everyone who made this closing a success:

  • Borrower: South Alex Subsidiary LLC

  • General Contractor: CBG Building Company LLC

  • Property Management: Bozzuto Management Company, Combined Properties Inc.

  • Architect: Hord Coplan Macht, Inc.

  • Borrower’s Counsel: Ballard Spahr LLP

  • Civil Engineer: Urban Ltd/Greenway Engineering Inc.

  • Mortgage Insurance Provider: Baltimore Field Office of HUD

  • Mortgage Backed Securities: GNMA

  • Servicing Mortgagee: AGM Financial Services, Inc.

  • Counsel To Servicing Mortgagee: Krooth & Altman, LLP

  • Surveyor: Urban Ltd

  • Title Company: Fidelity National Title Insurance Company

  • Appraiser: Kevin O. Curnyn, MAI

  • Market Analyst: Real Property Research Group

  • Environmental Studies & Review: Dominion Due Diligence

  • A&E/Cost Reviewer: JPS & Associates, Inc.


About AGM Financial Services

AGM is a privately held company headquartered in Baltimore, MD, and a nationwide licensed FHA Mortgagee (lender) providing financing for both Market Rate and Affordable Housing communities. Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.


 

Media Contact

Dina Wasmer
410-366-9479 x101
dina@incitecmo.com
www.incitecmo.com  

# # #

AGM Financial Closes Deals Two at a Time & Speaks on the Trend toward “Twin Deals” to Increase the Supply of Affordable Housing

BALTIMORE, Maryland, February 15, 2023 — AGM Financial Services (AGM) is proud to announce the successful closing of New City Plaza in Salt Lake City, Utah. This substantial rehab project showcases another innovative approach to preserving and improving affordable housing. Using the Rental Assistance Demonstration (RAD) program and Housing Connect (the Salt Lake County Housing Authority) teamed up to redevelop 299 age-restricted Section 8 units in two adjacent towers. With the financing of New City Plaza, AGM has completed 27 RAD transactions nationwide.

The project involves renovating two public housing projects, New City Plaza and County High Rise, at 1966 South 200 East. It’s the largest of Housing Connect’s recent efforts to maintain the number of affordable units in Salt Lake County.

“It’s really important that we are able to keep these affordable units because there are not many units on the market that serve extremely low-income households,” said Janice Kimball, CEO of Housing Connect.

The New City Plaza renovation will be done in stages. Officials expect the project to take a little less than two years.

Frank Grosch

Last week, Frank Grosch, Vice President of AGM, spoke at the National Association of Home Builders (NAHB) International Builder’s Show. Nearly 70,000 home-building professionals from around the globe filled the exhibit halls of the Las Vegas Convention Center to learn the latest industry trends. Participating on a panel of experts in affordable housing finance, Frank addressed the trend toward “twin” deals, as a way to increase the supply of affordable housing.

“Twin deals are two affordable projects developed and financed simultaneously, one with 4% LIHTC credits and the other with 9% LIHTC credits,” Frank explained. “This approach allows states to stretch their 9% tax credits by pairing (or “twinning”) them with the 4% credits that come with tax-exempt bonds.” AGM recently closed two “twin” deals using this new approach to affordable housing finance.


About AGM Financial

AGM is a privately held company headquartered in Baltimore, MD, and a nationwide licensed FHA Mortgagee (lender) providing financing for both Market Rate and Affordable Housing communities. Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.


Media Contact
Dina Wasmer
410-366-9479 x101
dina@incitecmo.com
www.incitecmo.com

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AGM Financial Services Donates $100,000 To Baltimore Nonprofit Organizations As Part of Its Annual “Give Back” Initiative

BALTIMORE, Maryland, February 15, 2023AGM Financial Services (AGM) donated a total of $100,000 to four Baltimore nonprofit organizations. Recipients will receive a $25,000 unrestricted grant that allows each organization to spend the donation to further its mission as it sees fit and for any legal purpose it chooses.

“As a Baltimore-based company, much of AGM’s success comes from right here at home,” says Margaret Allen, CEO. “The Donor Fund is simply a way for us to give back to the community that gave us our start 30 years ago.”

Entering its third year, AGM plans to make the Donor Fund an annual philanthropic initiative. Recipients of the 2022 grant donations include:

  • BARCS is a non-profit, 501(c)3 organization operating Maryland’s largest animal shelter and pet adoption center. “BARCS would like to extend a massive, heartfelt 'thank you' to our friends at AGM for donating $25,000 for the animals at BARCS this holiday season. This incredible gift will undoubtedly have a huge impact on our shelter home; it will help us support the housing, food, and medical care of the thousands of homeless, abused, and neglected animals who enter our doors every year. It will also help us fund lifesaving programs that support pets and their owners in our community, including the Keeping Pets with Families Program,” said Bailey Deacon, Director of Philanthropy and Communications.” We are so honored to have been chosen by AMG’s employees to be awarded this big-hearted gift.”

  • Health Care for the Homeless works to prevent and end homelessness for vulnerable individuals and families by providing quality, integrated health care and promoting access to affordable housing and sustainable incomes through direct service, advocacy, and community engagement. “AGM understands the importance of safe, decent, and affordable housing. Their significant gift to Health Care for the Homeless is an investment in ‘whole person’ care for people who lack the stability of a place to call home.” said Kevin Lindamood, President & CEO. “We understand that housing is health care and are thankful for AGM’s confidence in our work and mission at the intersection of health and housing.”

  • H.O.P.E in Baltimore (Helping Oppressed People Excel) supports people who have been released from relatively long jail terms by providing down payments for rental apartments, food, bus passes, and job training. “This grant will help those we serve transition and stabilize back into society successfully and permanently,” said Antoin Quarles El, Founder & CEO.

  • Intersection of Change is a community-based non-profit in Baltimore working to address poverty-related challenges in Baltimore’s Sandtown-Winchester, Upton, and surrounding communities. “AGM has been a generous partner to us at Intersection of Change at a crucial time when our amazing Jubilee Arts program has faced a financial challenge,”  said Todd Marcus, Executive Director and Cofounder. “AGM's grant is a huge support in helping us continue the arts classes, youth entrepreneurship, and public art projects our Jubilee Arts program offers to over 2,000 participants each year to our west Baltimore community!  Thank you, AGM!"

Myles perkins

“Each year Margaret and I decide on two nonprofits that align with AGM’s mission and values,” said Myles Perkins, President. “We also accept nominations from our team. They then vote to determine the other two grant recipients. This is in addition to the $250 AGM employees are given each December to donate to any nonprofit organization of their choice.”

AGM is a privately held company based in Baltimore, Maryland, and a nationwide licensed FHA Mortgagee (lender) providing financing for both Market Rate and Affordable Housing communities.

AGM arranges federally insured mortgages for apartment projects under FHA’s MAP (Multifamily Accelerated Processing) program. AGM is also an approved Lender for FHA’s Low Income Housing Tax Credit Pilot Program and is very active in the Rental Assistance Demonstration (RAD) Program.

AGM offers fixed-rate, non-recourse loans for new construction or substantial rehabilitation pursuant to Sections 220, 221(d), & 231 of the National Housing Act and for acquisition or refinance of existing apartment communities pursuant to Section 223(f). AGM finances supplemental renovation loans using Section 241(a) and refinances Section 202 properties using the most appropriate loan insurance program. AGM also refinances currently insured properties using Section 223(a)(7) and offers Interest Rate Reductions.


About AGM Financial Services

Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.


Media Contact
Dina Wasmer
410-366-9479 x101
dina@incitecmo.com
www.incitecmo.com

# # #

Frank Grosch of AGM Financial Services Appointed as DC Chair-Elect for Urban Land Institute, Virginia

BALTIMORE, Maryland, February 17, 2023 — In accordance with Urban Land Institute’s (ULI) governance approval process, The Americas Executive Committee has formally appointed Frank Grosch, Vice President of AGM Financial Services (AGM), as Chair-Elect of the ULI Virginia District Council for the FY24-FY26. Frank will automatically become Chair on July 1, 2023.

Frank Grosch

“I’m honored to represent ULI at the local level,” said Frank. “Furthering the organization’s mission to make the commercial real estate industry more diverse, equitable, and inclusive is not only important to me but also aligns with AGM’s values. It’s a perfect fit!”

The District Council network embodies ULI’s brand at the local level. As Chair, Frank will serve as the organization’s representative in Virginia. ULI members are leading the future of development in Virginia and worldwide.

“It is a pleasure to have Frank join ULI Virginia as our incoming DC Chair,” said Jane Milici, Executive Director ULI Virginia. “His industry experience and insight into the commercial real estate market will bring a fresh perspective to our members, and his commitment to ULI’s important work is greatly appreciated.”

Frank has over 34 years of experience in multifamily finance, development, and operations in for-profit and not-for-profit settings. Prior to joining AGM, Frank participated in the development, acquisition, and financing of more than sixty affordable and market-rate multifamily projects with a total capitalization exceeding $2.0 billion. He is an honors graduate of the University of Rochester and holds an MBA in finance from the Crummer School of Business at Rollins College in Winter Park, FL.

AGM is a privately held company and a nationwide licensed FHA Mortgagee (lender) providing financing for both Market Rate and Affordable Housing communities.


About AGM Financial

AGM is a privately held company headquartered in Baltimore, MD, and a nationwide licensed FHA Mortgagee (lender) providing financing for both Market Rate and Affordable Housing communities. Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.


About ULI

ULI has over 45,000 members in 80 countries in the Americas and Europe, and Asia Pacific across every profession related to real estate and the built environment. From investments to design and development, ULI is united with one shared purpose — to shape the future of the built environment for transformative impact in communities worldwide. ULI Virginia leadership consists of top professionals in the local real estate industry. These dedicated members voluntarily offer their time and industry expertise to lead ULI Virginia, furthering the mission of ULI in the region. Learn more at https://virginia.uli.org/


Media Contact
Dina Wasmer
410-366-9479 x101
dina@incitecmo.com
www.incitecmo.com

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AGM announces new financing for latest project with Castle Development Partners

AGM Financial Services, Castle Development Partners, and Breeden Construction collaborate on a 162-unit multi-family project near the Restored Area of the City of Williamsburg, VA. The new Governor's Inn will set aside 21 apartments at below-market rates for income-qualified families.

Read the full press release on MarketWatch: LINK


About AGM Financial

Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend.  From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.

Frank Grosch

Frank Grosch has over 34 years of experience in multifamily finance, development and operations in both for-profit and not-for-profit settings. Prior to joining AGM, Frank participated in the development, acquisition and financing of more than sixty affordable and market-rate multifamily projects with total capitalization exceeding $2.0 billion. He is an honors graduate of the University of Rochester and holds an MBA in finance from the Crummer School of Business at Rollins College in Winter Park, FL. He is the proud dad of two great kids, both in college.

AGM Financial Services Joins NALHFA

WASHINGTON, DC – The National Association of Local Housing Finance Agencies (NALHFA) announced on May 18, 2022, that AGM Financial Services, Inc. is its newest member.

NALHFA is the leading local affordable housing advocate, influencing the shape and content of congressional legislation and agency regulations affecting the affordable housing finance industry. 

AGM Financial Services, Inc. (AGM) is a privately held Lender focused on financing multifamily and age-restricted communities using FHA-insured loans. AGM was founded in 1990 under the leadership of Margaret Allen (CEO) and specializes in financing complex mixed-income projects. AGM has deep experience with both 4% and 9% LIHTC projects, including new construction, substantial rehabilitation, and conversions under the RAD program. Many of our projects feature issues such as Section 8 contracts, tax-exempt bonds, multiple layers of sub-debt, tax abatements, ground leases, and more.

AGM’s philosophy is that the process should be transparent from the beginning. We provide our clients with a full understanding of how the process works before deciding to proceed. Our experienced team guides them through it and helps them obtain the best loan possible. We work with a wide variety of stake holders to get the deal done – Housing Authorities, developers, tax credit investors, consultants, and attorneys, as well as HUD and other government staff. 

“We are excited to meet knowledgeable local housing finance authority officials who are committed to the production of affordable housing, by issuing 4% tax credits and tax-exempt bonds and acting as developer,” said Margaret Allen, CEO. “We are always happy to show you how the HUD-insured loans work, explain the process, and run your numbers so you know your options. And of course, we’ll respond to RFPs for Lenders so we can join your team.”

For more information on AGM Financial Services, visit AGM Financial Services.

For more information about NALHFA and how to join, click here. 


About AGM Financial

Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend.  From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.

Transformative Baltimore Project completed with HUD Support and first mortgage originated by AGM

HUD recently announced the completed construction of Marshall Gardens in Baltimore, Maryland. This project was sponsored by The Community Builders, Inc., a leading non-profit affordable and mixed-income housing developer.

This affordable multifamily development was made possible through a HUD insured loan along with 9% LIHTC and several supplemental loans (details in HUD’s Press Release). The community contains 87 units located throughout three city blocks, including five fully rehabbed row houses plus the new construction of 27 rental apartments and 55 row homes.

Additional details in HUD’s Press Release here.


About AGM Financial

Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend.  From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.

Good news from HUD! COVID Escrows Are No More!

HUD has published Mortgagee Letter (ML) 2022-03 ending all of the temporary COVID-19 escrow requirements imposed in April 2020 by ML 2020-11, which was a response to the potential economic impact of the pandemic.  In recent months, it has become clear that most multifamily markets have weathered the storm, and many are stronger now than before the pandemic began. HUD has reevaluated the escrow requirements and concluded that they are no longer necessary. Loans that already closed with the escrows in place will continue to follow the prior policy. 

Lopa Kolluri, Principal Deputy Assistant Secretary for the Office of Housing and FHA, said “Mortgages in FHA’s Multifamily insurance portfolio experienced fewer challenges than expected. Because of this, we are in a position to unleash multifamily development capital by lifting these underwriting safeguards.”

This is great news for borrowers and we thank HUD for taking this action.


About AGM Financial

Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend.  From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.

The AGM Team is Growing!

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Please join us in welcoming our newest additions! Learn more about the AGM team here.

Steve Rudow

Steve joined AGM in 2001 and is a HUD-approved underwriter who has transitioned to loan origination. During the 2015-16 academic year, Steve served as an Adjunct Professor for the University of Maryland’s Colvin Institute of Real Estate Development, co-teaching the Market Analysis and Valuation courses. Steve is also an Instructor for the Mortgage Bankers Association’s FHA Multifamily Underwriting Training Program, teaching a course entitled Valuation Analysis & Investment Mathin 2013-18. Before joining the AGM team, he was a senior underwriter in the Bank of America CMBS conduit program. Previously, Steve was a commercial real estate appraiser and consultant, earning the MAI designation in 1992. Steve received a Liberal Arts BA in 1985 from St. Johns College, Annapolis, MD. Steve’s wonderful daughter is a graduate of Hood College.

AGM Update 8.6.2020: HUD Multifamily Finance during COVID-19

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HUD recently published answers to several new questions and answers, expanding and revising their guidance during the COVID-19 emergency.   

We recommend Borrowers read all of HUD’s guidance and remain in frequent contact with their Lenders. AGM’s website features links to HUD’s COVID-19 related publications for your convenience. Highlights from the new Q&A’s include: 

  • HUD addressed several issues for Owners and Agents including tenant testing for COVID-19, a tenant’s positive test results, house rules to require face coverings, and tenant income calculations.

  • Clarification that eviction prohibitions apply to the entire time a mortgage is under forbearance, including any extensions.

  • Audited Financial reporting deadlines have been extended from June 30, 2020 to September 30.

  • Income Certification procedures during the COVID-19 emergency for tenants with HUD assistance were revised and clarified in several Q&A’s; electronic signatures from applicants are acceptable.

  • With certain conditions, HUD has relaxed the inspection requirements for Lenders and CNA needs assessors until the earlier of September 30, 2020 or when the COVID-19 national emergency is lifted. Certain minimum unit sampling and additional due diligence is required. This includes the RAD program.

  • HUD’s Asset Management is permitted to accept electronic signatures on all subsidy administration documents. For real estate transactions, the HUD closing attorney will have to advise if electronic signatures are acceptable in the recording offices of the local jurisdiction. Documents not being recorded may be signed electronically (also see Notice H 20-4).  

We hope you and your colleagues, friends and family stay safe and healthy as we all try to limit the impact of COVID-19.

AGM’s website features links to HUD’s COVID-19 related publications for your convenience.

Steve Rudow

Steve joined AGM in 2001 and is a HUD-approved underwriter who has transitioned to loan origination. During the 2015-16 academic year, Steve served as an Adjunct Professor for the University of Maryland’s Colvin Institute of Real Estate Development, co-teaching the Market Analysis and Valuation courses. Steve is also an Instructor for the Mortgage Bankers Association’s FHA Multifamily Underwriting Training Program, teaching a course entitled Valuation Analysis & Investment Mathin 2013-18. Before joining the AGM team, he was a senior underwriter in the Bank of America CMBS conduit program. Previously, Steve was a commercial real estate appraiser and consultant, earning the MAI designation in 1992. Steve received a Liberal Arts BA in 1985 from St. Johns College, Annapolis, MD. Steve’s wonderful daughter is a graduate of Hood College.