Title
A RESOLUTION CONCERNING PARK TANGLEWOOD APARTMENTS for the purpose of approving the issuance and sale of revenue bonds by the Housing Authority of Prince George’s County (the “Housing Authority”), the awarding of Low Income Housing Tax Credits by the Community Development Administration (“CDA”) of the State of Maryland to Park Tanglewood Venture, LP (the “Owner”), for the acquisition and rehabilitation of the Park Tanglewood Apartments and pay certain other costs associated therewith (collectively, the “Project”).
Background
Pursuant to Sections 12-101, 17-102 and 17-107 of the Housing and Community Development Article of the Annotated Code of Maryland (the “Code”), as amended, with the approval of the County governing body, the Housing Authority has the power to make construction loans and long-term mortgage loans to produce housing, to purchase and to insure mortgages secured by housing, and to issue and sell bonds and notes to finance housing, housing rehabilitation and housing projects as it may determine necessary.
Park Tanglewood Venture, LP (the “Owner”) has requested assistance in financing the Project through the issuance of the Housing Authority's Multifamily Revenue Bonds in an aggregate principal amount not to exceed $25,000,000.
The Authority will loan the proceeds of the bonds to the Owner to acquire and rehabilitate the Park Tanglewood Apartments rental complex, which is situated on approximately 3.96 acres located at 5309 Riverdale Road, Riverdale, Maryland 20737 and currently consists of one hundred eighty (180) units located in a seven (7) story building.