Galaxy is a 195-unit upscale family apartment community to be built in Silver Spring, Maryland. The project includes 140 one-bedroom/one-bath units and 55 two-bedroom/two bath units. Using HUD’s Section 221d4 New Construction program for insured advances, AGM obtained an insured first mortgage of $38,450,000 with a 39-year term. The mortgage was funded through the sale of New Issue Bond Program Bonds to the US Treasury. Bonds were issued by the Housing Opportunity Commission of Montgomery County. Additional funding was provided by a second loan of $5,000,000 from Montgomery County, a PILOT for the affordable units, and the sale of Low Income Housing Tax Credits. Eighty-two units will be affordable to families earning between 30% and 60% of median income.
