Key’s Pointe Phase 1B

Key’s Pointe Phase 1B is a 68-unit affordable-housing project located in Baltimore City, MD.  Key’s Pointe Phase 1B is the second portion of the first phase of Key’s Pointe Residences and consists of 11 buildings.  Using HUD’s 221(d)(4) New Construction Program for insurance advances, AGM obtained a HUD insured mortgage of $5,989,600 at a fixed interest rate with a 40-year term.  Equity of approximately $8,781,400 was provided through the sale of 4% low-income housing tax credits (LIHTC).  A total of $8,144,104 in equity was provided from Rental Housing Works (RHW) and The Housing Authority of Baltimore City (HABC).