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.
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