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
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.
$3.36 million in total rehabilitation expenditures including:
A new playground, a computer center, new exercise room and Resident Services Program.
Local HUD Office
Baltimore HUD Office
First Mortgage Lender
Tax Credit Investor
SunAmerica Affordable Housing Partners, Inc.
Hord, Coplan & Macht
Harkins Builders, Inc.