Title
A Resolution amending the Prince George’s County “Annual Action Plan: FY 2008” to include the Marlton Plaza Senior Housing Project (“Marlton Project”), its estimated cost of completion and sources of funding
Background
This Resolution amends the Prince George’s County “Annual Action Plan: FY 2008” to include the Marlton Project, its estimated cost of completion and sources of funding, as required by Section 15A-105(a)(2) of the County Code. Marlton Project is a proposed 102-unit, senior rental housing project, located at 9590 Robert Crain Highway in Upper Marlboro, targeting primarily low-income senior households.
On April 24, 2007, the County Council adopted CR-14-2007, approving project financing, comprising approximately $9,400,000 in low-income housing tax credit equity, $7,425,000 in private financing, and $1,200,000 in developer’s equity. This resolution revises those amounts and adds a $750,000 HOME Loan and a $500,000 Land Seller Note.
Because this amendment implements a project under “Redevelopment Authority Rental Housing Rehabilitation Program FY 08” - an activity already funded in the “Annual Action Plan: FY 08” - a public hearing is not required under the “County Citizen Participation Plan FY: 2006-2010,” as amended by CR-81-2005.