Princess Anne Townhouses

Princess Anne Townhouses is an existing 120-unit affordable rental property in Princess Anne, Maryland.  The project consists of 12 townhouse style apartment buildings and a freestanding clubhouse.  All of the units will be affordable, restricted to households earning at or below 60% of area median income (AMI).  Amenities at the property include a community room, shared green space, on-site leasing, and a playground.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $13,000,000 at a fixed interest rate and a 40-year term.  Equity of approximately $6,375,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).   Additional sources include a Rental Housing Works (RHW) loan, HOME loan, Affordable Housing Trust funds, and Multifamily Energy Efficiency (MEEHA) funds.