Riverwatch

Riverwatch is an 84 unit new construction rental townhouse community located in Elkridge, Maryland.  This mixed income community includes integrated garages in the residential units as well as approximately 4,200 square feet of commercial space. Using HUD’s Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $14,126,200 at a fixed interest rate with a 40 year term. Maryland DHCD issued tax exempt bonds in the amount of $11,750,000. Equity of approximately $2,850,000 was provided through the sale of low income housing tax credits. Additional sources include $2,400,000 in Partnership Funds and $2,500,000 in Rental Housing Works both from Maryland DHCD. The Howard County Housing Commission owns the underlying land and leased it to the partnership under a long term agreement.