Coleman Manor is a 50-unit elderly property in Baltimore, Maryland. Using HUD’s Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $1,126,400 with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Additional funds were contributed through the sale of tax credits, the State’s second loan program, and HOME dollars from Baltimore City. The new owner will spend $19,600 per unit to upgrade the property.
