Commons of Avalon is a 113-unit affordable new construction rental townhouse community located in Frederick, Maryland. Using HUD’s Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $19,569,800 at a fixed interest rate with a 40 year term. Maryland DHCD issued tax exempt bonds in the amount of $12,850,000. Equity of approximately $6,585,000 was provided through the sale of 4% low income housing tax credits.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
