Adams Crossing Apartments Phase 3

Adams Crossing Apartments Phase 3 is a 48-unit new construction affordable multifamily community located in Waldorf, Maryland.  The project will contain all affordable units restricted to tenants earning at or below 60% of area median income (AMI).  The project will consist of two, three-story residential apartment buildings.  The project will have a shared facility agreement with Adams Crossing Phase 1 and Phase 2 for the leasing office, clubhouse, and swimming pool.  Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $8,505,000 at a fixed interest rate with a 40-year term.  Equity of approximately $2,639,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).