Title
A RESOLUTION CONCERNING HOUSING AND COMMUNITY DEVELOPMENT PARK VIEW AT LAUREL II for the purpose of approving the project and project financing through the Community Development Administration ("CDA") of the Department of Housing and Community Development of the State of Maryland ("DHCD") for the acquisition and rehabilitation of the Park View at Laurel II, a rental housing project to be acquired and rehabilitated by Laurel II LLLP, a Maryland limited liability limited partnership, (the "Owner").
Background
This resolution will approve the project and project financing for the acquisition and rehabilitation of Park View at Laurel II by Laurel II LLLP. Financing will consist of approximately $4,233,000 in tax-exempt bonds from the Maryland Department of Housing and Community Development, Community Development Administration ("CDA"), $2,326,479 from the sale of Low Income Housing Tax Credits allocated by CDA, $1,230,000 in Rental Housing Works Program funds, $300,000 in Reserve Transfers/Taxes/Escrows, $238,032 in Interim Income and $220,316 in Developer's Equity. In addition, as part of the financing, Laurel II LLLP will assume the project's existing debt in the approximate amount of $759,555 from the Maryland Elderly Rental Housing Fund Loan Program and $519,540 from the Prince George's County HOME Program.