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Title:
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A Resolution to approve an amendment to the Prince George’s County “Annual Action Plan: FY2007” to include the Renaissance Square Artists’ Housing Project, to provide an estimate of the cost to complete this project and identify the project financing
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Title
A Resolution to approve an amendment to the Prince George’s County “Annual Action Plan: FY2007” to include the Renaissance Square Artists’ Housing 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 Renaissance Square Artists’ Housing 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 Renaissance Square Artists’ Housing is a 44 unit apartment building for artists consisting of 36 one-bedroom and 8 two-bedroom apartments to be owned and operated by Renaissance Square Artists’ Housing LLLP, a joint venture of Green Hippopotamus Development Corporation and Housing Initiative Partnership, Inc. The project financing is as follows: CDA Low-Income Housing Tax Credit equity $4,902,278; Rental Housing Funds from Maryland Department of Housing and Community Development $1,316,909; a HOME Loan from Prince George’s County $915,000; a Maryland Board of Public Works Bond Bill $400,000; Housing and Urban Development Economic Development Initiative Grant from the City of Hyattsville $247,500; Maryland Energy Administration Grant $75,000 and Developer’s Equity $30,148. 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.