Legislation Details

Reference No. CR-114-2013    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 10/22/2013
Introduced Date 9/24/2013 Public Hearing Date
Effective date: 10/30/2013    
Title: CR-114-2013 - A RESOLUTION CONCERNING HOUSING AND COMMUNITY DEVELOPMENT THE RESIDENCES AT WOODLAND SPRINGS for the purpose of approving the project and project financing through the Community Development Administration (“CDA”) of the Department of Housing and Community Development of the State of Maryland (“DHCD”) for The Residences at Woodland Springs, a rental housing project to be developed by Shelter Development, LLC (the “Developer”) and acquired, owned and operated by Woodland Townhomes LLLP, a Maryland limited liability limited partnership, (the “Owner”).
Proposers/Sponsors: Andrea C. Harrison, Mel Franklin, Derrick Leon Davis, County Executive
Attachments: 1. R2013114.pdf, 2. CR-114-2013 AIS
Contact: Pamela A. Wilson, DHCD

Title

CR-114-2013 - A RESOLUTION CONCERNING HOUSING AND COMMUNITY DEVELOPMENT THE RESIDENCES AT WOODLAND SPRINGS for the purpose of approving the project and project financing through the Community Development Administration (“CDA”) of the Department of Housing and Community Development of the State of Maryland (“DHCD”) for The Residences at Woodland Springs, a rental housing project to be developed by Shelter Development, LLC (the “Developer”) and acquired, owned and operated by Woodland Townhomes LLLP, a Maryland limited liability limited partnership, (the “Owner”).

 

Background

This resolution will approve the project and project financing for the acquisition and development of The Residences at Woodland Springs from the sale of Low-Income Housing Tax Credits in an approximate amount of $6,826,672 awarded by the Maryland Department of Housing and Community Development (“DHCD”), Community Development Administration; Rental Housing Production Funds from DHCD in an approximate amount of $2,000,000; a HUD insured first mortgage in the approximate amount of $1,830,000; a Prince George’s County HOME Loan in the approximate amount of $200,000; Developer’s Equity in an approximate amount of $104,375 and Interim Rental/Other Income from the project in an approximate amount of $89,500.  State law requires local legislative approval for the project and project financing.