Riverwatch II

Riverwatch II is a 58-unit new construction mixed-income multifamily community located in Elkridge, Maryland.  Of the 58 units, 15 will be restricted at 30% of AMI covered by a project-based voucher contract, 15 will be restricted at 40% of AMI, 15 will be restricted at 50% of AMI, and 13 will be market rate.  The property is located on 3.07 acres of land and will consist of four separate townhouse-style buildings and one elevator-serviced community building with a clubhouse, on-site leasing office, and handicapped accessible units.  Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $7,666,400 at a fixed interest rate with a 40-year term.  Additional sources include $11,954,306 from the sale of 9% low income housing tax credits (LIHTC) and a $2,800,000 contribution from Howard County.