Title
A Resolution approving the financing of the moderate rehabilitation of Glenarden Woods Apartments
Background
This resolution will approve the financing of the moderate rehabilitation of Glenarden Woods Apartments by Glenarden Housing of Maryland, Inc. and Preservation Services, LLC. Financing will consist of a Permanent Loan and a Short Term Loan under the Maryland Department of Housing and Community Development’s New Bond Issuance Program of approximately $3,651,173 and $1,758,809, respectively; a Maryland Housing Rehabilitation Program Loan of approximately $500,000; approximately $2,759,972 in Low Income Housing Tax Credit Equity; approximately $900,000 in Prince George’s County HOME funds; a Loan from National Foundation for Affordable Housing Solutions, Inc. of approximately $256,916; a Seller’s Note of approximately $4,000,000; approximately $267,832 in Interim Income, and approximately $764,424 in developer equity.