Warwick Apartments is an 80-unit new construction affordable multifamily community located in Baltimore, Maryland. The project will contain 90% affordable units with eight market rate units and 12 project-based section 811 units. Warwick Apartments will consist of one, four-story elevator-serviced building with covered parking. Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $5,700,000 at a fixed interest rate with a 40-year term. Equity of approximately $14,395,200 was provided through the sale of 9% low income housing tax credits (LIHTC). Additional sources include a $1,045,000 loan from the State of Maryland’s Rental Housing Funds.
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