Type: Family Acq/Rehab
Location: Princess Anne, MD
Year Developed: 2014
TDC: $7.96 million
LIHTC Equity: $2.16 million
Sources of Funds:
Maryland DHCD - 4% LIHTC, HOME, EmPower, Tax-exempt bond & HUD Sec 542(c) Risk-Share USDA-Rural Development - Section 515
Project TeamGeneral Contractor Gillis Gilkerson Architect RPH Architecture Equity Investor Boston Capital Management T.M. Associates Management Co-Developer T.M. Associates
Samuel Chase Apartments is a 56-unit affordable apartment community in Princess Anne, Maryland. Green Street Housing acquired and renovated the property in 2014/2015. The project included the acquisition of two separate RD Section 515 Rural Rental Housing projects that were located across the street from each other. Both projects were 1980’s era properties that were in need of renovations and updates to make the properties sustainable.
The financing execution was Tax Exempt Bonds with Low Income Housing Tax Credits, HOME, Maryland EmPower and RD Section 515.