Service-Enriched Affordable Housing in Hagerstown, Maryland
Prominently located in the center of downtown Hagerstown, Maryland, Alexander House was built in 1928 as a hotel in the Renaissance Revival style. It was renovated in 1978 to accommodate 95 units set aside for low-income disabled residents and elderly residents aged 62 and over. The 10-story property also includes over 30,000 square feet of commercial and community space.
Alexander House consists of 68 studio and 27 one-bedroom units. All of the current households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.
The Alexander House purchase price was $5,700,000. It was 100% financed by the Enterprise Community Loan Fund. Acquisition and closing costs were covered by NHPF equity and a loan for predevelopment expenses was provided by Falls Church Development Corporation (FCDC). Secured financing and funding for this project include:
|$5,700,000||Enterprise Community Loan Fund (Purchase Price)|
|$275,000||Owner Equity (Transaction Costs & Immediate Repairs)|