Reference No. CR-014-2007    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 4/24/2007
Introduced Date 3/13/2007 Public Hearing Date
Effective date:    
Title: A Resolution approving the proposed financing for the acquisition and development of the Marlton Plaza Senior Housing.
Proposers/Sponsors: Camille A. Exum, County Executive
Code sections: None - None
Attachments: 1. ACTION SUMMARY T2007014, 2. R2007014.pdf
Contact: David Leibowitz Office of Law
Title A Resolution approving the proposed financing for the acquisition and development of the Marlton Plaza Senior Housing. Background The purpose of this legislation is to approve the proposed financing for the acquisition and development of the Marlton Plaza Senior Housing, an approximately 102 unit apartment building for seniors consisting of 18 one-bedroom and 84 two-bedroom apartments. The proposed and approximate financing for the project includes CDA Low-Income Housing Tax Credit equity ($9,400,000), private financing ($7,425,000), and Developer’s Equity ($1,200,000). The Developer also proposes to apply to Prince George’s County for a waiver of the Washington Suburban Sanitary Commission Systems Development Charge. Approval of the project financing by the local jurisdiction in which the project is located is required pursuant to State law and regulations.



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