Calvin Mowbray Park & Stephen Camper Park
Affordable Living in Cambridge, Maryland
REDEVELOPMENT
Total Cost
| $ 32,455,000 |
Description
With the property in need of massive renovation, NHPF and its partners began a two-year redevelopment project including the installation of kitchen and bathroom upgrades, new energy efficient lighting and HAC, washers and dryers, the repair of driveways and sidewalks, and other improvements.
Financing
Secured financing and funding or this redevelopment project included:
| $ 12,700,000 | HUD 221(d) (4) Mortgage |
|---|---|
| $ 9,975,000 | Federal Low-Income Tax Credits (LIHTCs) |
| $ 900,000 | Energy Loan |
| $ 8,880,000 | Deferred Sale Price |
ACQUISITION / PRESERVATION
Total Cost
| $ 11,000,000 | Property was acquired through a 98-year capital lease |
Description
Calvin Mowbray Park and Stephen Camper mix includes all units at or below 60% AMI. All of the current households will receive rental subsidy through a project-based housing contract with HUD.