Golden Ring is an existing 153-unit affordable elderly community located in Essex, MD. Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $6,301,400 with a 35-year term at a fixed interest rate. Maryland DHCD issued tax-exempt bonds in the amount of $10,000,000. Equity of approximately $5,513,000 was provided through the sale of 4% low income housing tax credits and a Rental Housing Works loan of $1,950,000 was provided from Maryland CDA. Project sources allowed for approximately $30,000 per unit in renovations.
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When the ball stops rolling…
The way to catch a knuckleball is to wait until it stops rolling and then pick it up. – Bob Uecker In baseball, the knuckleball
