Rock Spring Station is a 54-unit new construction affordable multifamily community located in Forest Hill, Maryland. Of the 54 units, 6 will be restricted at 30% of AMI, 36 will be restricted at 50% of AMI, 6 will be restricted at 60% of AMI, and the remaining 6 units will be market rate. The property is located on 5.39 acres of land and will consist of a three story, elevator-served building with surface parking and approximately 13,000 square feet of ground floor retail space. Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $4,800,000 at a fixed interest rate with a 40-year term. Equity of approximately $13,923,099 was provided through the sale of 9% low-income housing tax credits (LIHTC). Additional sources include a $1,325,000 loan from the State of Maryland’s Rental Housing Funds and a $200,000 loan from Harford County.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
