Reserve At Somerset Commons II

Reserve at Somerset Commons II is a 54-unit new construction mixed-income multifamily community located within an Opportunity Zone in Princess Anne, Maryland.  Of the 54 units, four will be restricted at 30% of AMI, six will be restricted at 40% of AMI, 37 will be restricted at 50% of AMI, one will be restricted at 60% of AMI, and six additional units will be unrestricted.  The property is located on 4.62 acres of land and will consist of two separate three-story walk-up apartment buildings.  The community will share amenities with the adjacent Reserve at Somerset Commons Phase I through a shared use agreement.  Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $800,000 at a fixed interest rate with a 40-year term.  Additional sources include $10,273,813 from the sale of 9% low income housing tax credits (LIHTC), $1,887,000 in Rental Housing Program Funds from Maryland Department of Community Development (CDA), and $480,000 in Affordable Housing Program (AHP) funds.