Greenspring Overlook is an existing 189-unit affordable rental property in Baltimore, Maryland. The project consists of 13 residential buildings including a leasing office/community building centrally located on the property. A long-term Section 8 contract covers 188 of the 189 units. Amenities at the property include a large community room, shared green space, a playground, and available daycare/after school services. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $12,500,000 at a fixed interest rate and a 40-year term. Equity of approximately $9,529,577 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include an EmPower loan, Rental Housing Program (RHP) loan, HOME loan, and Affordable Housing Program (AHP) loan.
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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
