Title:
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A Resolution approving the financing for the acquisition and renovation of Rainier Manor by Rainier Redevelopment Associates Limited Partnership
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Title
A Resolution approving the financing for the acquisition and renovation of Rainier Manor by Rainier Redevelopment Associates Limited Partnership
Background
This resolution will approve financing of the acquisition and renovation of Rainier Manor by Rainier Redevelopment Associates, Limited Partnership. Financing will consist of approximately $6,500,000 in revenue bond financing through the Community Development Administration (“CDA”) of the Maryland Department of Housing and Community Development (“DHCD”); approximately $3,204,324 in Low Income Housing Tax Credits allocated by CDA; approximately $2,300,000 in Prince George’s County HOME funds; a Maryland DHCD Rental Rehabilitation Program Loan for approximately $1,000,000; and approximately $247,066 in developer equity. This resolution requires a local governing body approval for project financing.