McCulloh Homes is a 350-unit existing elderly and non-elderly disabled rental property located in Baltimore City, MD. Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $29,833,000 at a fixed interest rate and a 40-year term.
Equity of approximately $25,846,350 was provided through the sale of 4% low-income housing tax credits (LIHTC). Site control was achieved through an upfront payment on a ground lease evidenced by a note.
