Monument East Apartments is an existing 170-unit rental property for elderly and non-elderly disabled tenants located in Baltimore City, Maryland. 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 $12,110,000 at a fixed interest rate and a 40-year term. Equity of approximately $15,025,794 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources from Maryland Department of Community Development (CDA) included a $2,500,000 Rental Housing Works (RHW) loan and a $3,000,000 Partnership Rental Housing Works (PRHP) loan. Site control was achieved through an upfront payment on a ground lease evidenced by a note.
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