Mikulski Announces Nearly $3 Million Conditional Loan Guarantee to Rehabilitate Affordable Housing Complexes in Kent County
WASHINGTON, DC - December 10, 2009 - (RealEstateRama) — U.S. Senator Barbara A. Mikulski (D-Md.) announced today that Kent County Associates, L.P. in Kent County, Maryland, has been awarded a conditional $2.97 million loan to guarantee the rehabilitation and revitalization of affordable rental housing complexes in Fairlee and Rock Hill, Maryland. The conditional loan guarantee has been awarded through the USDA Rural Rental Housing Guaranteed Loan program.
“Providing safe, affordable and adequate housing has always been one of my top priorities. During these tough economic times, it’s critical that the federal government invest in projects that will help people have a safe, affordable place to live. I’m proud this funding will help provide the resources necessary for Kent County residents to get the affordable housing they need,” Senator Mikulski said.
The loan will be used to guarantee the rehabilitation and revitalization of four existing project complexes consisting of a total of 104 units of affordable rental housing located in Fairlee and Rock Hall, Maryland. The four properties will be combined into one operating property. There are 102 units of rental assistance and project-based Section 8, which will result in 98 percent of the units being rented to tenants making less than 50 percent of area median income.
In addition to this loan guarantee, ARRA Tax Credits Exchange Funds will provide $7.85 million; Kent Housing Associates, LP will provide $393,776; DHCD Rental Housing Loan Funds will provide $2.04 million; Assumption of Existing 515 loans will provide $1.31 million; and local and interim contributions will provide nearly $100,000, bringing the total project cost to $14.4 million.
CONTACT: Press Office
202-228-1122
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