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.