This 150-unit subdivision is a 100% affordable community, the largest housing project ever undertaken by the client. The subdivision was built in several phases over a five-year period and includes 104 town homes, 46 single-family detached homes, and a 7,300 s.f. community center.
The $32 million in financing for this project was extremely complex, involving at least 19 different funding sources and 31 different funding instruments! Sources included:
- Federal Low Income Housing Tax Credits (LIHTC)
- Community Development Block Grant (CDBG)
- United States Department of Agriculture 502, 523, and 515
- Self-Help Homeownership Opportunity Program (SHOP)
- Federal Home Loan Bank’s EDGE and AHP programs
- Maryland Affordable Housing Trust (MAHT)
- Community Bank of Tri-County – construction, permanent, and letters of credit
- Other private and public sources of financing.
For more information on this organization, go to www.smtccac.org |