Linwood Terrace Apartments

Linwood Terrace Apartments is a 100-unit existing senior rental property located in Gastonia, North Carolina.  Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract.  The project consists of 26 one-story quad and duplex apartment buildings and two community buildings on 11.46 acres of land.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $3,160,000 at a fixed interest rate and a 40-year term.  Equity of approximately $3,187,417 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Additional sources include a $500,000 Federal Home Loan Bank of Atlanta (AHP) loan and $2,634,080 in Gastonia Housing Authority (GHA) Reserves.