Prince George's County Council - Reference No. CR-093-2010

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Details

Reference No.

CR-093-2010 Draft No. 1

Type:

Resolution

Status:

Adopted

Meeting Body

County Council

Meeting Date

10/26/2010

Introduced Date

9/28/2010

Public Hearing Date

Effective date:

10/19/2010

Title:

A Resolution approving the financing for the moderate rehabilitation of Glenreed Apartments

Proposers/Sponsors:

Andrea C. Harrison, County Executive

Code sections:

None - None

Attachments:

1. ACTION SUMMARY T2010093, 2. R2010093.pdf

Contact:

Russell A. King, Jr. Office of Law

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
11/5/2010		County Executive	signed		Action details	Meeting details	Not available
10/26/2010	1	County Council	Public hearing	Pass	Action details	Meeting details	Not available
10/19/2010	1	County Council	adopted	Pass	Action details	Meeting details	Not available
10/19/2010		County Council	effective		Action details	Meeting details	Not available
10/14/2010	1	Transportation, Housing and the Environment Committee	Favorably recommended		Action details	Meeting details	Not available
9/28/2010	1	County Council	referred	Pass	Action details	Meeting details	Not available
9/28/2010		County Council	introduced		Action details	Meeting details	Not available

Title A Resolution approving the financing for the moderate rehabilitation of Glenreed Apartments Background This resolution will approve financing of the moderate rehabilitation of Glenreed Apartments by Glenreed Housing Inc. and Preservation Services, LLC. Financing will consist of a Permanent and Short Term Loan under the Maryland Department of Housing and Community Development’s New Bond Issuance Program for approximately $3,458,600 and $1,603,189, respectively; a Maryland Housing Rehabilitation Program Loan of approximately $500,000; approximately $2,216,976 in Low Income Housing Tax Credit Equity; approximately $1,200,000 in Prince George’s County HOME funds; a Loan of approximately $89,967 from the National Foundation for Affordable Housing Solutions, Inc.; a Seller’s Note of approximately $2,500,000; approximately $251,996 in Interim Income, and approximately $265,386 in developer equity.

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