Woodland Springs will be a community of 36 to be built two-story townhomes in District Heights, Maryland. The project is comprised of two large units with 1,702 net square feet (1 three bedroom and 1 four bedroom); each of these large units include a residential elevator. The remaining 34 units are walk-up townhomes. Using HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $1,475,000 at a fixed interest rate with a 40-year term. Other funding included equity from the sale of low income housing tax credits, a HOME loan from Prince George’s County and a Rental Housing Production Loan from Maryland’s Community Development Administration.
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