Allendale Apartments is a 164-unit existing elderly and disabled rental property located in Baltimore, Maryland. Using HUD’s Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $9,465,000 with a fixed rate and 40-year term. The property was acquired by the sponsor, and will be substantially renovated and preserved as affordable housing. Renovation costs are approximately $65,148 per unit. The project will also be financed with equity from the sale of 4% Low Income Housing Tax Credits, as well as a Rental Housing Works loan from CDA and a seller note.
Allendale participated in HUD’s Rental Assistance Demonstration (RAD) Program and received a Housing Assistance Payment (HAP) contract to replace the former public housing funds that HABC received from HUD. The HAP contract will provide project-based rental assistance (“PBRA”) to 100% of the units at the property. Additionally, the low income housing tax credits include the long-term use restriction of 99.4% (all but one) of the units to serve tax credit eligible tenants.
