Churchill Senior Living II is a 133 unit elevator served senior community in Germantown, Maryland. Using HUD’s Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $18,634,300 at a fixed interest rate with a 40 year term. The Housing Opportunities Commission (HOC) of Montgomery County issued tax exempt bonds in the amount of $16,500,000. Equity of approximately $7,350,000 was provided through the sale of 4% low income housing tax credits. The Montgomery County Department of Housing Community Affairs provided $3,100,000 in secondary financing.
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There are Encouraging Signs, But No Clear Direction…Yet
Long-term rates have been rising since their recent lows in September. The bond market is reacting to uncertainty – uncertainty about inflation, jobs, tariffs, tax
