Chapel Springs is a 127-unit four-story elevator senior apartment building to be built in Perry Hall, Maryland. The community will to be age restricted to occupants aged 62 and older and is a 9% Low Income Housing Tax Credit affordable project. Using HUD’s Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $6,713,100 at a fixed interest rate with a 40-year term. The loan will be funded pursuant to HUD’s program for insured advances. The project includes 103 one-bedroom/one-bath, 6 two-bedrooms/one-bath, and 18 two-bedrooms/two-bath units.
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