Title:
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A Resolution approving the proposed financing for the acquisition and construction of the Newton Green Apartments
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Title
A Resolution approving the proposed financing for the acquisition and construction of the Newton Green Apartments
Background
The purpose of this legislation is to approve the financing for the acquisition and construction of the Newton Green Apartments, a 78 unit apartment building for seniors consisting of 64 one-bedroom and 14 two-bedroom apartments. The proposed and approximate financing for the project includes CDA Low-Income Housing Tax Credit equity ($9,040,478), Rental Housing Funds from DHCD ($1,038,730), private financing ($1,405,644), a HOME Loan from Prince George’s County ($500,000) and Developer’s Equity ($331,478). Approval of the project financing by the local jurisdiction in which the project is located is required pursuant to State law and regulations.