The Brentwood is a 150-unit existing elderly and disabled rental property located on approximately 0.6305 acres in Baltimore, Maryland. Using HUD’s Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $10,700,000 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. The sponsor plans to invest approximately $92,090 per unit in rehabilitation costs for the property.
The project will also be financed with equity from the sale of 4% low-income housing tax credits (LIHTC), Rental Housing Works Funds (PHWF) as well as Consumer Investment Funds (CIF). The Housing Authority of Baltimore City (HABC) will maintain its participation in the tenant selection and oversight of the property, and has provided a seller take-back mortgage loan.
The property 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 on all units pending final income verification.
