Reserve at Somerset Commons

Reserve at Somerset Commons is a 75 unit new construction community located in Princess Anne, Maryland.  Using HUD’s Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $625,000 at a fixed interest rate with a 40 year term. Equity of approximately $10,390,000 was provided through the sale of 9% low income housing tax credits. Secondary financing includes Rental Housing Production Program funds from Maryland DHCD, Weinberg Foundation Loan Program funds, a Community Development Block Grant Loan and a loan from the Town of Princess Anne’s Strategic Demolition and Smart Growth Impact Fund.