Prince George's County Council - Reference No. CR-102-2010

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Details

Reference No.

CR-102-2010 Draft No. 1

Type:

Resolution

Status:

Adopted

Meeting Body

County Council

Meeting Date

10/26/2010

Introduced Date

10/12/2010

Public Hearing Date

Effective date:

Title:

A Resolution approving the financing for the acquisition, rehabilitation and operation of a rental housing project by Laurel, LLLP

Proposers/Sponsors:

Thomas E. Dernoga, County Executive

Code sections:

None - None

Attachments:

1. ACTION SUMMARY T2010102, 2. R2010102.pdf

Contact:

Shirley E. Grant DHCD

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	adopted	Pass	Action details	Meeting details	Not available
10/14/2010	1	Transportation, Housing and the Environment Committee	Favorably recommended		Action details	Meeting details	Not available
10/12/2010	1	County Council	referred	Pass	Action details	Meeting details	Not available
10/12/2010		County Council	introduced		Action details	Meeting details	Not available

Title A Resolution approving the financing for the acquisition, rehabilitation and operation of a rental housing project by Laurel, LLLP Background This resolution will approve financing of the acquisition, rehabilitation and operation of a rental housing project by Laurel, LLLP. Financing will consist of approximately $7,850,000 in revenue bond financing through the CDA; approximately $2,107,748 in low-income housing tax credits allocated by CDA, approximately $800,000 in Prince George’s County HOME funds; approximately $655,000 in Partnership Rental Housing Funds; approximately $282,240 in Shelter Foundation Loan funding; approximately $289,812 in Escrow/Reserves Transfers; and approximately $412,507 in Interim Income and Developer’s Equity. State law requires local governing body approval for project financing.

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