Forest Ridge Apartments is an existing 108-unit affordable multifamily community located in Columbia, Maryland. Located on 12.29 acres of land, the project consists of six, three-story garden apartment buildings with a leasing office and community room. The community has one-bedroom, two-bedroom, and three-bedroom units. Approximately 90% of the property’s units are covered under a long-term Section 8 HAP contract. Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $10,213,900 with a 35-year term at a fixed interest rate.
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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
