Riverwoods at Lake Ridge is a 72-unit family affordable apartment community to be built in Woodbridge, Virginia. Using HUD’s Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $7,400,000 at a fixed interest rate with a 40-year term. The project includes 2 one-bedrooms, 50 two-bedrooms, and 20 three-bedrooms. Equity of $10,600,000 will be provided through the sale of low income housing tax credits.
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