Cherry Grove Apartments is an existing 76-unit affordable family apartment development located in Altoona, Pennsylvania. The property consists of seven, two-story apartment structures, a single-story community building, and a maintenance building. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,041,000 with a 40-year at a fixed interest rate. Equity of approximately $3,732,529 was provided through the sale of 4% low-income housing tax credits (LIHTC).
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