Title:
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A Resolution concerning leasehold acquisition and new construction of the Jericho Senior Living Center, (“Jericho Project”), located on the west side of Brightseat Road and Arena Drive in Landover, Maryland
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Title
A Resolution concerning leasehold acquisition and new construction of the Jericho Senior Living Center, (“Jericho Project”), located on the west side of Brightseat Road and Arena Drive in Landover, Maryland
Background
This Resolution will approve the Jericho Project financing including the awarding of Low Income Housing Tax Credits by Maryland Community Development Administration; a $1,000,000 HOME loan; and amending the Prince George’s County “Annual Action Plan: FY 2007” to include the Project.
The Jericho Project is proposed as a 270-unit rental facility for independent seniors, to be located on approximately five and one-half (5 ½) acres on the west side of Brightseat Road and Arena Drive in Landover, Maryland. Forty percent (40%) or 110 of the units will be affordable, targeted to households with incomes at or below sixty percent (60%) of the area median income. Sixty percent (60%) or 160 of the units will be market rate, with no income limits.