Heritage Forest II is a 3-story, 104-unit affordable apartment community to be built in Newport News, Virginia. Using HUD’s Section 221(d)(4) New Construction program for insured advances, AGM obtained an insured mortgage of $7,000,000 with a fixed interest rate over a 40-year term. Additional funding was provided through the sale of 9% Low Income Housing Tax Credits. The project includes 16 one-bedroom, 66 two-bedroom and 22 three-bedroom units.
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