Park View at Emerson is a new 80-unit elderly rental apartment community to be built in the Laurel area of Howard County, Maryland. Using HUD’s Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $2,138,800 with a 40-year term. The loan will be funded pursuant to HUD’s program for insurance upon completion. Total project costs are approximately $143,000 per unit. Howard County leased the land to the borrower and provided a PILOT. Additional funds were provided through the sale of tax credits and a DHCD second mortgage. The four story, elevator served project includes 58 one-bedrooms units and 22 two-bedrooms units as well as extensive common areas.
