Reference No. CR-015-2007    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 to approve an amendment to the Prince George’s County “Annual Action Plan:  FY 2007” to include the Newton Green Apartment Project, to provide an estimate of the cost to complete this project and identify the project financing.
Proposers/Sponsors: David C. Harrington, Will Campos, County Executive
Code sections: None - None
Attachments: 1. ACTION SUMMARY T2007015, 2. R2007015.pdf
Contact: Margaret M. Addis Office of Law
Title A Resolution to approve an amendment to the Prince George’s County “Annual Action Plan:  FY 2007” to include the Newton Green Apartment Project, to provide an estimate of the cost to complete this project and identify the project financing. Background The purpose of this legislation is to amend the Prince George’s County “Annual Action Plan: FY 2007” to include the Newton Green Apartment Project and provide an estimate of the cost to complete this project and identify the project financing as required by Section 15A-105(a)(2) of the Prince George’s County Code. The Newton Green Apartments is a 78 unit apartment building for seniors consisting of 64 one-bedroom and 14 two-bedroom apartments to be owned and operated by Newton Green, LLC a joint venture of Ingerman Affordable Housing, Inc. and Housing Initiative Partnership, Inc. The County Council approved the project financing for Newton Green as required by State law and regulations in CR-80-2006, adopted on October 31, 2006. The Developer proposes adjustments to the project financing ratified in CR-80-2006 in the following amounts: CDA Low-Income Housing Tax Credit equity ($8,886,000) (a decrease from the approved amount of $9,040,478); Rental Housing Funds from DHCD ($1,038,730) (no change from the approved amount); private financing ($1,500,000) (an increase from the approved amount of $1,405,644); a HOME Loan from Prince George’s County ($685,000) (an increase from the approved amount of $500,000) and Developer’s Equity ($660,983) (an increase from the approved amount of $331,478). The Project implements an activity described and funded in the Prince George’s County “Annual Action Plan: FY 2007” and, therefore, the proposed amendment will not require a public hearing pursuant to the revised Citizen Participation Plan.



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