Holly Lane is a 170-unit family garden property in Baltimore, Maryland. Using HUD’s Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $10,648,600 with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Additional funds were contributed through the sale of tax credits and HOME dollars from Baltimore City. The new owner will spend $29,200 per unit to upgrade the property and make more units mobility accessible.
