Old Towne Manor

Old Towne Manor is a 138-unit affordable community consisting of six three-story garden style apartment buildings located in Cumberland, Maryland. The property was initially constructed in 1975.  The community is a 4% Low Income Housing Tax Credit affordable project and contains a partial Section 8 contract provided by the Department of Housing and Urban Development.  Using HUD’s Section 221d4 Substantial Rehabilitation Program for insurance advances, AGM obtained a HUD-insured mortgage of $6,922,000 at a fixed interest rate with a 40-year term. The project includes 46 one-bedroom/one-bath, 44 two-bedroom/two bath units and 48 three-bedroom/one-bath units.