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.