Princess Anne Townhouses
Princess Ann Townhouses was built in 1975 and originally financed through HUD under Section 236 of the National Housing Act. This community includes 120 two and three bedroom townhouses, 54 of which covered by Section 8 project-based subsidy. Princess Anne Townhouses is conveniently located on Maryland's Eastern Shore.
Princess Anne Townhouses
30475 Pine Knoll Drive
Princess Anne, Maryland 21853
Phone: (410) 651 4800
Fax: (410) 651 5800
Office Hours: M-F 9:00 am - 5:00 pm
Preservation Transaction Description
First Mortgage Financing: Tax-exempt financing with bonds issued by the Maryland Community Development Authority and credit enhanced through Freddie Mac.
Equity Financing: Equity raised through sale of 4% low income housing tax credits.
Additional Financing: Additional loan proceeds were raised by working with HUD to securitize interest reduction payments associated with the orginal project mortgage.
Section 8 Contract Renewal: Yes - rents increased to market rents.
Property Rehabilitation Scope
$3.36 million in total rehabilitation expenditures including:
- Kitchen cabinets, countertops, appliances and flooring replacement
- Bathroom vanity, water closet, lavatory & flooring replacement
- Furnace and air conditioning replacement
- Facade improvements
- New community building and management office construction
Other Benefits for Residents and the Community
A new playground, a computer center, new exercise room and Resident Services Program.
Development Partners
Allocating Agency
Maryland Community Development Administration a Division of the Maryland Department of Housing and Community Development
Local HUD Office
Baltimore HUD Office
Municipality
Town of Princess Anne, Maryland
Somerset County, Maryland
First Mortgage Lender
Capri Capital
Tax Credit Investor
SunAmerica Affordable Housing Partners, Inc.
Legal Counsel
Holland & Knight LLP
Nixon Peabody LLP
Architect
Hord, Coplan & Macht
General Contractor
Harkins Builders, Inc.
Due Diligence Contractors
Appraisal: The Signal Group
Capital Needs: EMG Corporation
Environmental: John D. Hynes & Associates
Surveyor: John H Plummer & Associates, Inc.
