Reserve at Somerset Commons is an existing 75-unit affordable multifamily community located within an Opportunity Zone in Princess Anne, Maryland. Located on 5.04 acres of land, the project consists of three separate three-story garden-style apartment buildings and one centrally located clubhouse building. The community contains one-, two-, three-, and four-bedroom units to accommodate larger families. Reserve at Somerset Commons is a mixed-income community with a combination of units restricted to 30%, 40%, 50% and 60% AMI levels. Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $816,400 with a 35-year term at a fixed interest rate.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
