- Income-Restricted Housing
Availability of affordable housing for our most cult to establish a clear understanding of the avail- vulnerable populations: low-income individuals and ability of income-restricted housing. It also makes it families; seniors; and persons with disabilities difficult to craft a comprehensive strategy around pre- remains a serious concern of housing advocates as serving affordable housing in Baltimore. Moreover, well as federal, state and local governments. In mar- it places this important housing stock at risk of being kets where there is significant property appreciation, lost due to non-compliance, poor maintenance and the risk of losing affordable housing units is great. opting-out. Federal, state and local To begin to remedy this situa- governments could not fill the tion and begin a serious dialogue growing need. In order to about affordable housing preserva- encourage the development of tion, the Community Law Center, such housing by commercial at the request of, and with the sup- developers and non-profit enti- port of, Healthy Neighborhoods, ties, various forms of financial Inc. has performed research of the incentives and subsidies to low-income-restricted housing. make the creation and mainte- Our research was limited to nance of affordable housing properties located in and around attractive and, presumably, the 10 Baltimore City communities more profitable, were created. designated as "healthy neighbor- The incentives and spe- hoods." Those areas include Belair- cialized financial products Edison, Charles Village, Ednor offered include: low-income Gardens/Lakeside, Garwyn Oaks, housing tax credits (LIHTC); Midtown, Greater Mondawmin, the community development block grant funds; bonds; Neighborhoods of Greater Lauraville, Patterson Park, HOME funds, ERHP, RHPP, Section 202 and 236 Reservoir Hill, and Southeast Baltimore. loans; and the project-based section 8 program. All To identify the units located in our target areas, of these programs require that as a condition subse- we first reviewed Baltimore Housing's Consolidated quent to receipt of such incentives, the financed units Plan July 2005 - June 2010. The plan lists Baltimore must be maintained and offered as low-income- City as having a total of 28,436 low income-restricted restricted housing for a fixed period of time. As such, housing units. Next, we reviewed data sets available they all carry income and rent restrictions ensuring from the United States Department of Housing and that the units are accessible to specific populations Urban Development (HUD) including the which can protect units from gentrification. Multifamily Assistance and Section 8 Contract Various government agencies are responsible for Database, HUD's Subsidized Apartment Search, and tracking compliance and establishing strategies to HUD's Lists of Active 202 loans and 236 Projects. ensure maintainence of these units. There is no cen- Then, we sent public information act requests to tral database or collection of information about the Maryland's Department of Housing and Community properties utilizing these programs that is complete Development to receive copies of the covenants filed and easily accessible to the public. In many upon receipt of low income housing tax credits. We instances, there is no active enforcement of the also sent public information act requests to Baltimore restrictions. This lack of information makes it diffi- City Housing to receive a thorough list of the i Low-Income Restricted Housing Study in Baltimore’s Healthy Neighborhoods
income-restricted programs associated with the prop- vital data in an easily accessible format will allow erties in our ten target areas. The bulk of our those interested in preservation to effectively track researched focused upon reviewing Baltimore City the life of this important housing stock and therefore land records to locate signed agreements and the limit the number of units that can be lost; and ii) craft terms of financing including, but not limited to: the creative solutions to ensure that there are adequate rent and income restrictions; the required length of resources available at such time as the compliance compliance; and possible opt-out options. Finally, we periods are due to expire. consulted with community leaders in the healthy We hope that the readers of this document find neighborhoods and conducted tours of the communi- the data contained herein informative. Our overall ties to identify and to visually assess the condition of goal was to help to establish a clearer picture of the the income-restricted housing stock. housing options available to low-income residents. It Through this research, we have identified is, however, in no way exhaustive as some data was approximately 5,951 subsidized units in and around nearly impossible to find. Also, we did not consider the "healthy neighborhoods" that have both income properties that participate in the section 8 voucher and rent restrictions: 2,173 units are designated for program. low-income families; 2,808 units are designated Special thanks goes to the following individuals specifically for elderly and disabled residents; and for their assistance and support of this study: 970 units are for mixed use. We found that several Jonathon Herz, Mike Farmer, Chris Godwin, Virajita neighborhoods: Belair Edison, Charles Village, David, Danielle Deckard, and Susan Hughes. Midtown, Ednor Gardens, and Southeast Baltimore, had a higher concentration of housing dedicated to elderly and disabled residents than to families. Kristine Dunkerton Michelle W. Pierce All of thes 5,951 units were created and main- tained with various combinations of the funding sub- sidies. Many of the units are designated as public housing and as such can not be converted to maket- rate housing without approval from HUD as well as consultation and appropriate notice to residents. Compliance periods for these units vary between 30 to 99 years. Although the period the units must be maintained as both income and rent restricted truly varies, most of the units carry use restrictions that require they be preserved for at least the next 20-30 This report is a project of the Community Law years. Center, Inc. and Healthy Neighborhoods Inc. Consequently, now is the time for those interest- ed in preserving this important housing to i) encour- Primary funding for this report has been provided age the creation of a central database or collection of by the Surdna, Abell, and Goldseker Foundations, information about the properties utilizing these pro- and Healthy Neighborhoods, Inc. grams which includes the project addresses and the- dates the restrictions are expected to end. Having this
Low-Income Restricted Housing Study ii TABLE OF CONTENTS
SYNOPSIS OF FINDINGS 1
COMMUNITIES Belair-Edison 2 Charles Village 4 Ednor Gardens/Lakeside 14 Garwyn Oaks 19 Greater Lauraville 20 Midtown 22 Greater Mondawnin 43 Patterson Park 48 Reservoir Hill 57 Southeast Baltimore 67 PROGRAM DESCRIPTIONS 68
GLOSSARY 72
iii Low-Income Restricted Housing Study SYNOPSIS OF FINDINGS BY NEIGHBORHOOD Total number of low income-restricted units in the 10 Healthy Neighborhoods: 5,951
BELAIR EDISON MIDTOWN Total income-restricted units: 108 Total income-restricted units: 2,865 30 will expire between 2018-2029 760 will expire between 2018-2029 0 will expire between 2030-2040 560 will expire between 2030-2040 78 will expire after 2041 224 will expire after 2041 0 are public housing units which will remain 1321 are public housing units which will remain income-restricted indefinitely income-restricted indefinitely
CHARLES VILLAGE GREATER MONDAWMIN Total income-restricted units: 972 Total income-restricted units: 226 172 will expire between 2018-2029 20 will expire in 2011 unless section 8 program contin- 22 will expire between 2030-2040 ues 0 will expire after 2041 166 will expire between 2018-2029 778 are public housing units or project-based section 8 40 will expire between 2030-2040 units which will remain income-restricted indefinitely 0 will expire after 2041 0 are public housing units which will remain income- EDNOR GARDENS/LAKESIDE restricted indefinitely Total income-restricted units: 323 0 will expire between 2018-2029 PATTERSON PARK 40 will expire between 2030-2040 Total income-restricted units: 116 283 will expire after 2041 28 will expire before 2018 0 are public housing units which will remain income- 42 will expire between 2030-2040 restricted indefinitely 37 will expire after 2041 9 are public housing units which will remain income- GARWYN OAKS restricted indefinitely Total income-restricted units: 53 0 will expire between 2018-2029 RESERVOIR HILL 0 will expire between 2030-2040 Total income-restricted units: 945 53 will expire after 2041 478 will expire between 2018-2029 0 are public housing units which will remain income- 24 will expire between 2030-2040 restricted indefinitely 102 will expire after 2041 341 are public housing units, Project-based section 8 GREATER LAURAVILLE units which will remain income-restricted indefinitely Total income-restricted units: 269 68 will expire between 2018-2029 SOUTHEAST BALTIMORE 201 will expire between 2030-2040 Total income-restricted units: 74 0 will expire after 2041 0 will expire between 2018-2029 0 are public housing units, Project-based section 8 0 will expire between 2030-2040 units which will remain income-restricted indefinitely 74 will expire after 2041
Low-Income Restricted Housing Study 1 BELAIR-EDISON
Total income-restricted units: 108 30 will expire between 2018-2029 0 will expire between 2030-2040 78 will expire after 2041
All units are designated for elderly/disabled residents BELAIR EDISON BOWLEY’S GARDEN VILLA 5200 Bowley’s Lane Baltimore, MD 21206 78 INCOME-RESTRICTED UNITS ELDERLY
SUBSIDY PROGRAMS ASSOCIATED TRANSFER RESTRICTIONS: WITH THE PROPERTY: LIHTC: After end of 83rd year of extended use period owner LIHTC; HOME; ERHP may submit written request to the Administration that the Administration find a person or entity to acquire owner's FINANCIAL DETAILS OF SUBSIDIES: interest in project. Must submit description of property, LIHTC: Reserved in the amount of $466,324; Placed in serv- appraisal of the project, if required by the Administration, and ice: October 3, 1997 financial statements for the project covering the 3-year period HOME: $800,000 received on November 8, 1996 prior to the submission of said request. At the expiration of ERHP: $1,100,000 received on November 8, 2006. Reserve 1 year period following receipt of request, if Administration fund: $1,625/monthly unable to secure a qualified contract, Agreement shall auto- matically terminate and be released upon request of owner. INCOME RESTRICTION: HOME: Without prior written approval of DHCD, may not LIHTC: i) 46 units shall be occupied by families, one mem- sell or transfer the premises. Upon sale of the project or dis- ber of which, is at least 62 years of age, whose income is continuance of use as income-restricted, the borrower shall 60% or less of AMI (AMI), ii) 32 units for individuals whose pay DHCD an additional interest on the loan in the amount income is 50% or less of AMI. HOME: 60% shall be rented equal to: 1) the lesser of: i) the original loan; ii) divided by to families whose income is not greater than 60% of the AMI the sum of: a) the total original costs of the HOME Project, (high HOME unit), 40% of the units shall be rented to fami- and b) documented capital expenditures for the benefit of the lies whose annual gross income is not greater than 50% of the HOME project; iii) multiplied by the a) net sales proceeds AMI (low HOME units). ERHP: All units shall be occupied realized upon the sale of the project or portion thereof, or b) by families, one member of which, is at least 62 years of age, imputed equity based on an appraisal, satisfactory to DHCD whose income is 60% or less of AMI. in the event the HOME project discontinues occupancy by income eligible households but is not sold, or 2) the differ- RENT RESTRICTION: ence between i) the amount of actual interest, accruing at 1% Gross rent may not exceed 30% of imputed income limitation per annum due and payable on the unpaid principal balance adjusted for family size. of the loan for the period commencing on the first day of the permanent loan period until and including the date on which COMPLIANCE PERIOD: the loan in repaid in full, and ii) the amount of interest, accru- LIHTC: Compliance period is 15 years and the extended use ing at a rate of 8% per annum (which interest is the rate of period ends 84 years after the close of the compliance period. interest which would have been imputed had the loan been a Any time after the end of the 20th year after the compliance market rate loan), on the unpaid principal balance of the loan period, the owner may request relief from the covenants if the for the period commencing on the first day of the permanent project is economically distressed. The CDA Administration, loan period until and including the date on which the loan is in its sole discretion, may reduce the percentage of units sub- repaid in full. ject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal PROJECTED DATE IN WHICH tax law. Ends: October 2096. HOME: The compliance peri- RESTRICTION WILL TERMINATE: od is 40 years commencing on first day of the permanent loan November 2105 period or for so long as the loan is outstanding, whichever is longer. Prepayment does not terminate restrictions. Ends: OWNER INFORMATION: November 2036 ERHP: The compliance period is the Bowley's Lane Limited Partnership greater of i) 99 years, or ii) so long as the loan is outstanding. 8425 E. 12 Mile Road May prepay with written consent of CDA. Ends: November Wallen, Michigan 48093 2105.
Low-Income Restricted Housing Study 2 BELAIR EDISON HARFORD COMMONS/HARFORD SENIOR HALL 1508 Harford Avenue Baltimore, MD 21202 30 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED Prepayment does not terminate restrictions. Ends: November 2036 RHPP: The compliance period is the greater of i) 31 WITH THE PROPERTY: years, or ii) so long as the loan is outstanding. Ends: 2026. LIHTC; HOME; RHPP TRANSFER RESTRICTIONS: FINANCIAL DETAILS OF SUBSIDIES: LIHTC: After end of 29th year of extended use period owner LIHTC: Reserved in the amount of $226,370. Placed in may submit written request to the Administration that the service: December 27, 1995 Administration find a person or entity to acquire owner's inter- HOME: $900,000 granted on February 27, 1995 est in project. Must submit description of property, appraisal RHPP: $875,000 granted on October 9, 1996. Reserve fund: of the project if required by the Administration, and financial $1,194/month statements for the project covering the 3-year period prior to the submission of said request. At the expiration of 1-year INCOME RESTRICTION: period following receipt of request, if Administration unable to LIHTC, RHPP: At least 100% of units shall be rent-restricted secure a qualified contract, Agreement shall automatically ter- and occupied by individuals whose income is 50% or less of minate and be released upon request of owner. HOME: AMI. At least one member of the family shall be at least 62 Without prior written approval of DHCD, may not sell or years old. HOME: 80% of the units shall be rented to fami- transfer the premises. Upon sale or discontinuation of project lies whose annual gross income is not greater than 60% of the as income-restricted, the borrower shall pay DHCD an addi- AMI (high HOME units); 20% of the units shall be rented to tional interest on the loan in the amount equal to 1) the lesser families whose annual gross income is not greater than 50% of of: i) the original loan; ii) divided by the sum of: a) the total the AMI (low HOME units). original costs of the HOME Project, and b) documented capi- tal expenditures for the benefit of the HOME project; iii) mul- RENT RESTRICTION: tiplied by the a) net sales proceeds realized upon the sale of LIHTC: Gross rent may not exceed 30% of the imputed the project or portion thereof, or b) imputed equity based on income limitation adjusted for a household consisting of the an appraisal, satisfactory to DHCD in the event the HOME number obtained by multiplying 1.5 by the number of bed- project discontinues occupancy by income eligible households rooms. HOME: High units: rent shall not exceed the lesser but is not sold, or 2) the difference between i) the amount of of: a) the section 8 (24 CFR 888.111) fair market rents for calculatable interest, accruing at a rate 8% per annum, on the existing housing for comparable area units; or b) 30% of the unpaid principal balance of the loan for the period commenc- adjusted income of a family whose gross income equals 65% ing on the first day of the permanent loan period until and or AMI with adjustments for number of bedrooms in unit. including the date on which the loan in repaid in full, and ii) Low units: shall not exceed the lesser of a) 30% of the tenant the amount of actual interest, accruing at a rate of 2% per family's adjusted income; or b) 30% of the gross income of a annum due and payable on the unpaid principal balance of the family whose income equals 50% of AMI with adjustment for loan for the period commencing on the first day of the perma- family size. nent loan period until and including the date on which the loan is repaid in full. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use PROJECTED DATE IN WHICH period ends 15 years after the close of the compliance period. RESTRICTION WILL TERMINATE: Any time after the end of the 15th year after the compliance October 2027 period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its OWNER INFORMATION: sole discretion, may reduce the percentage of units subject to BHP/Harford Commons Limited Partnership the covenants, increase the income limits or adjust the date of 1800 N. Charles Street termination of the agreement, if permitted by federal tax law. Baltimore, MD 21201 Ends: December 2025. HOME: The compliance period is 30 years commencing on first day of the permanent loan period or for so long as the loan is outstanding, whichever is longer. 3 Low-Income Restricted Housing Study CHARLES VILLAGE
Total income-restricted units: 972 172 will expire between 2018-2029 22 will expire between 2030-2040 778 are public housing units, project-based section 8 units which will remain income-restricted indefinitely
798 units are designated for elderly/disabled residents 174 units are designated for families CHARLES VILLAGE BARCLAY TOWNHOUSES 341 East 20th Street Baltimore, MD 21218 91 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: Locally Administered Project-Based Section 8
FINANCIAL DETAILS OF SUBSIDIES: The amount of the monthly assistance payment with respect to any dwelling unit shall be the difference between the maxi- mum monthly rent which the contract provides that the owner is to receive for the unit and the rent the family is required to pay under 42 U.S.C.A. Section 1437a(a). Not more than 20% of the funding available for tenant-based assistance that is administered by the agency may be attached to structures. INCOME RESTRICTION: All units shall be reserved for families whose income does not exceed 50% of AMI. However, of the families initially provid- ed project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose incomes do not exceed 30% of the AMI adjusted for family size; except that the Secretary of HUD may establish income ceilings high- er or lower than 30% of AMI on the basis of the Secretary's findings that such variations are necessary because of unusually high or low family incomes. RENT RESTRICTION: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the family's monthly income; or (C) if the family is receiving payments for welfare assis- tance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designat- ed.
COMPLIANCE PERIOD: A housing assistance payment contract may have a term of up to 10 years, subject to the availability of sufficient appropriated funds for the purpose of renewing expiring contracts. If the units covered by the contract are owned by the agency, the term of the contract shall be agreed upon by the agency and the local government. TRANSFER RESTRICTIONS: Not less than one year before termination of any contract under which assistance payments are received, an owner shall pro- vide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will provide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any such contract that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropriations for any year.
OWNER INFORMATION: Housing Authority of Baltimore City 417 E. Fayette Street Baltimore, MD 21202
4 Low-Income Restricted Housing Study CHARLES VILLAGE BETHANY COMMUNITIES 2305 North Charles Street Baltimore, MD 21218 102 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: 202 Direct loan FINANCIAL DETAILS OF SUBSIDIES: 202 Direct loan: Original amount $4,015,028.29; (no information is available on endorsement dates) first payment date January 1, 2003; maturity date June 1, 2029; loan term 318 months; 9.25% interest rate; monthly principal and interest pay- ment: $33,898.32 INCOME RESTRICTION: All of the units shall be rented to families comprised of at least one person who is at least 62 years old at the time of initial occupancy or who is physically handicapped, whose annual gross income is not greater than 50% of the AMI. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Not less than 40 years or for so long as the loan is outstanding. Maturity Date February 1, 2027. TRANSFER RESTRICTIONS: May not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project without the prior written consent of HUD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: June 2029 OWNER INFORMATION: The Associated Catholic Charities, Inc. 2305 N. Charles Street Baltimore, MD 21218 Nonprofit Owner
Low-Income Restricted Housing Study 5 CHARLES VILLAGE JOHNSTON SQUARE Multiple properties: 800, 802, 804, 806, 808, 810, 812, 814, 816, 818 E. Eager Street; 1003, 1005, 1007, 1009, 1011, 1013, 1015, 1017, 1019, 1021, 1024, 1022, 1020, 1018, 1016, 1014, 1012, 1010, 1008, 1006, 1004, 1002 Hillman Street; 1003, 1005, 1007, 1009, 1011, 1013, 1015, 1017, 1019, 1021, 1023, 1025 Homewood Avenue Baltimore, MD 21218 44 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED to identify a qualified contract within 1 year following receipt of request, the Agreement shall automatically terminate and WITH THE PROPERTY: shall be released upon request of the owner. RHPP: The LIHTC; RHPP; HOME greater of a) 30 years, or b) so long as the loan is outstanding. HOME: Begins on first day of the permanent loan period and FINANCIAL DETAILS OF SUBSIDIES: continues for a period of 20 years or as long as the loan is LIHTC: Reserved in the amount of $281,700. Placed in serv- outstanding whichever is longer. Prepayment will not termi- ice: December 1994 nate restrictions. RHPP: $1,000,000 made February 10, 1995 HOME: Received on December 29, 1993 $1,320,000 TRANSFER RESTRICTIONS: th INCOME RESTRICTION: LIHTC: After the end of the 20 year of the extended use LIHTC: 60% of the units to be occupied by individuals period, Owner may submit a written request to the whose income is 50% or less of AMI (the 50% units) and Administration requesting they find a person/entity to acquire 40% of the residential units to be occupied by individuals the Owner's interest. If the Administration is unable to identi- whose income is 60% or less of AMI (the 60% units) all fy a "qualified contract" within 1 year following receipt of adjusted for family size. RHPP: All of the units shall be request, the Agreement shall automatically terminate and shall occupied by families of lower income meaning those whose be released upon request of the owner. RHPP: If owner income does not exceed 50% of AMI. HOME: 80% of the wishes to prepay, must provide notice of prepayment and units shall be considered high HOME units and shall be rent- offer a right of first purchase to the Maryland Department of ed to families whose annual gross income is not greater than Housing and Community Development, the local political 60% of the AMI, 20% of the units shall be considered low subdivision, the local public housing authority, if any, and any HOME units and shall be rented to families whose annual parties registered with DHCD. gross income is not greater than 50% of the AMI. PROJECTED DATE IN WHICH RENT RESTRICTION: RESTRICTION WILL TERMINATE: Gross rent may not exceed 30% of imputed income limitation December 2024 adjusted by multiplying 1.5 by number of bedrooms. HOME: High units: rent shall not exceed the lesser of: a) the section 8 OWNER INFORMATION: (24 CFR 888.111) fair market rents for existing housing for BHP/Johnston Square Limited Partnership comparable area units; or b) 30% of the adjusted income of a C/O City Homes, Inc. family whose gross income equals 65% or AMI with adjust- 330 E. 25TH Street ments for number of bedrooms in unit. Low units: shall not Baltimore, MD 21218 exceed the lesser of a) 30% of the tenant family's adjusted income; or b) 30% of the gross income of a family whose income equals 50% of AMI with adjustment for family size. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. Ends: December 2024. After the end of the 30th year of the extended use period, owner may submit a written request to the Administration requesting they find a person/entity to acquire the owner's interest. If the Administration is unable
6 Low-Income Restricted Housing Study CHARLES VILLAGE 2323 MARYLAND AVENUE 2323 Maryland Avenue Baltimore, MD 21218 11 INCOME-RESTRICTED UNITS FAMILY NEED COMPLIANCE INFO AND HOME INFO
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC; HOME
FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $60,700. Placed in service: November 1995 HOME: $200,000 on October 31, 1994 INCOME RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. RENT RESTRICTION: LIHTC: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. Ends: November 2025. After the end of the 19th year of the extended use period, owner may submit a written request to the Administration requesting they find a person/entity to acquire the owner's interest. If the Administration is unable to identify a "qualified contract" within 1 year following receipt of request, the Agreement shall automatically terminate and shall be released upon request of the owner. HOME: 10 years from start of permanent loan period or for so long as loan is outstand- ing. Prepayment will not terminate the compliance period. Ends: 2004 depending upon when loan period began. TRANSFER RESTRICTIONS: LIHTC: After the end of the 19th year of the extended use period, owner may submit a written request to the Administration requesting they find a person/entity to acquire the Owner's interest. If the Administration is unable to identify a qualified con- tract within 1 year following receipt of request, the Agreement shall automatically terminate and shall be released upon request of the owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: November 2025
OWNER INFORMATION: MD Ave LLC 1254 Harbor Island Walk Baltimore, MD 21230
Low-Income Restricted Housing Study 7 CHARLES VILLAGE ROYALTON ARMS 1900 Maryland Avenue Baltimore, MD 21218 15 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED od. Ends: June 2014. RHPP: The greater of i) 31 years or ii) WITH THE PROPERTY: so long as the loan is outstanding. Ends 2025. LIHTC; HOME; RHPP TRANSFER RESTRICTIONS: LIHTC: After the end of the extended use period, owner may FINANCIAL DETAILS OF SUBSIDIES: submit a written request to the Administration requesting they LIHTC: Reserved in the amount of $116,590. Placed in serv- find a person/entity to acquire the owner's interest. If the ice: October 18, 1994 Administration is unable to identify a qualified contract with- HOME: $623,937 on June 22, 1994 in 1 year following receipt of request, the Agreement shall RHPP: $650,000 on June 22, 1994. Reserve fund: automatically terminate and shall be released upon request of $644/ month. the owner. At anytime after the 20th year of the compliance period the owner may request relief from the covenants if INCOME RESTRICTION: project is economically distressed. RHPP: If owner wishes to LIHTC, RHPP: 100% of the units to be occupied by individ- prepay, must provide notice of prepayment and offer a right of uals whose income is 50% or less of AMI. HOME: 80% of first purchase to the Maryland Department of Housing and the units shall be considered high HOME units and shall be Community Development, the local political subdivision, the rented to families whose annual gross income is not greater local public housing authority, if any, and any parties regis- than 60% of the AMI, 20% of the units shall be considered tered with DHCD. low HOME Units and shall be rented to families whose annu- al gross income is not greater than 50% of the AMI. PROJECTED DATE IN WHICH RENT RESTRICTION: RESTRICTION WILL TERMINATE: Gross rent may not exceed 30% of imputed income limitation October 2025 adjusted by multiplying 1.5 by number of bedrooms. HOME: High units: rent shall not exceed the lesser of: a) the OWNER INFORMATION: section 8 (24CFR 888.111) fair market rents for existing hous- BHP/Royalton Limited Partnership ing for comparable area units; or b) 30% of the adjusted 330 E. 25th Street income of a family whose gross income equals 65% or AMI Baltimore, MD 21218 with adjustments for number of bedrooms in unit. Low units: shall not exceed a) 30% of the tenant family's adjusted income; or b) 30% of the gross income of a family whose income equals 50% of AMI with adjustment for family size. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 25 years after the close of the compliance period. Ends: December 2024. Any time after the end of the 15th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the per- centage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. HOME: 20 years from date of deed of trust (June 22, 1994) or for so long as loan is out- standing. Prepayment will not terminate the compliance peri-
8 Low-Income Restricted Housing Study CHARLES VILLAGE ST.PHILLIP AND JAMES 18-22 West 27th Street Baltimore, MD 21218 22 INCOME-RESTRICTED UNITS ELDERLY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $133,186. Placed in service: January 1, 1994. INCOME RESTRICTION: 18 units occupied by individuals whose income is 60% or less of AMI adjusted for size. Rent restricted if gross rent does not exceed 30% of-for a unit without a separate bedroom, 60% of AMI adjusted; for a unit with one or more separate bedrooms, 60% of AMI adjusted; 4 units occupied by individuals whose income is 50% or less of AMI, rent restricted if gross rent does not exceed 30% of for a unit without a separate bedroom, 50% of AMI adjusted; for a unit with one or more separate bed- rooms, 50% of AMI adjusted. RENT RESTRICTION: Gross rent may not exceed 30% of imputed income limitation adjusted by multiplying 1.5 by number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 25 years after the close of the compliance period. Ends: January 2034. At anytime after the 20th year of the compliance period the owner may request relief from the covenants if proj- ect is economically distressed.
TRANSFER RESTRICTIONS: After the end of the 25th year of the extended use period, owner may submit a written request to the Administration requesting they find a person/entity to acquire the owner's interest. If the Administration is unable to identify a qualified contract within 1 year following receipt of request, the Agreement shall automatically terminate and shall be released upon request of the owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: January 2034 OWNER INFORMATION: City Homes, Inc. 330 E. 25th St. Baltimore, MD 21218
Low-Income Restricted Housing Study 9 CHARLES VILLAGE THE BRENTWOOD 410 East 25th Street Baltimore, MD 21218 150 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED public housing project or other real property (A) the retention of the property is not in the best interests of the residents or WITH THE PROPERTY: the public housing agency because (i) conditions in the area Public Housing surrounding the public housing project adversely affect the health or safety of the residents or the feasible operation of INCOME RESTRICTION: the project by the public housing agency; or (ii) disposition All units shall be reserved for families, one member of which allows the acquisition, development, or rehabilitation of other is at least 62 years of age or disabled, whose income does not properties that will be more efficiently or effectively operated exceed 50% of AMI; however, of the public housing dwelling as low-income housing; (B) the public housing agency has units of a public housing agency made available for occupan- otherwise determined the disposition to be appropriate for cy in any fiscal year by eligible families, not less than 40% reasons that are (i) in the best interests of the residents and shall be occupied by families whose incomes at the time of the public housing agency; and (ii) consistent with the goals commencement of occupancy do not exceed 30% of the AMI, of the public housing agency and the public housing agency except that the Secretary of HUD may establish income ceil- plan. The public housing agency must notify each family ings higher or lower than 30 % of the AMI on the basis of the residing in a project subject to demolition or disposition 90 Secretary's findings that such variations are necessary because days prior to the displacement date, except in cases of immi- of unusually high or low family incomes. nent threat to health or safety. Low-income families residing in a public housing project shall be provided with the oppor- RENT RESTRICTION: tunity to purchase the dwelling units in the project through a Gross rent shall be the highest of the following amounts, qualifying resident management corporation as follows: (A) rounded to the nearest dollar: (A) 30 percentof the family's the adult residents of a public housing project shall have monthly adjusted income; (B) 10 percentof the family's formed a resident management corporation in accordance monthly income; or (C) if the family is receiving payments with regulations and requirements of the Secretary; (B) the for welfare assistance from a public agency and a part of such resident management corporation shall have entered into a payments, adjusted in accordance with the family's actual contract with the public housing agency establishing the housing costs, is specifically designated by such agency to respective management rights and responsibilities of the resi- meet the family's housing costs, the portion of such payments dent management corporation and the public housing agency; which is so designated. Tenants also have the option to pay a and (C) the resident management corporation shall have "flat rent," which will be based on the market rate obtained demonstrated its ability to manage public housing effectively for a comparable unit in the area in which the housing is and efficiently for a period of not less than 3 years. located. TRANSFER RESTRICTIONS: PROJECTED DATE IN WHICH Public housing agency must submit an application to demol- RESTRICTION WILL TERMINATE: ish or dispose of a public housing project or a portion of a N/A public housing project certifying that (1) in the case of (A) an application proposing demolition of a public housing project OWNER INFORMATION: or a portion of a public housing project, that (i) the project or Housing Authority of Baltimore City portion of the public housing project is obsolete as to physical 417 E. Fayette Street condition, location, or other factors, making it unsuitable for Baltimore, MD 21202 housing purposes; and (ii) no reasonable program of modifi- cations is cost-effective to return the public housing project or portion of the project to useful life; and (B) an application proposing the demolition of only a portion of a public hous- ing project, that the demolition will help to ensure the viabili- ty of the remaining portion of the project; (2) in the case of an application proposing disposition by sale or other transfer of a 10 Low-Income Restricted Housing Study CHARLES VILLAGE THE CALVERTON 119 East 25th Street Baltimore, MD 21218 13 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: Locally Administered Project-Based Section 8
FINANCIAL DETAILS OF SUBSIDIES: The amount of the monthly assistance payment with respect to any dwelling unit shall be the difference between the maximum monthly rent which the contract provides that the owner is to receive for the unit and the rent the family is required to pay under 42 U.S.C.A. Section 1437a(a). Not more than 20% of the funding available for tenant-based assistance that is adminis- tered by the agency may be attached to structures. INCOME RESTRICTION: All units shall be reserved for families whose income does not exceed 50% of AMI. However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose incomes do not exceed 30% of the AMI adjusted for family size; except that the Secretary of HUD may establish income ceilings higher or lower than 30% of AMI on the basis of the Secretary's findings that such variations are necessary because of unusually high or low family incomes. RENT RESTRICTION: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the family's monthly income; or (C) if the family is receiving payments for welfare assis- tance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designat- ed.
COMPLIANCE PERIOD: A housing assistance payment contract may have a term of up to 10 years, subject to the availability of sufficient appropriated funds for the purpose of renewing expiring contracts. If the units covered by the contract are owned by the agency, the term of the contract shall be agreed upon by the agency and the local government. TRANSFER RESTRICTIONS: Not less than one year before termination of any contract under which assistance payments are received, an owner shall pro- vide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will pro- vide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropriations for any year.
OWNER INFORMATION: Calverton Limited Partnership 119 E 25TH Street Baltimore, MD 21218
Low-Income Restricted Housing Study 11 CHARLES VILLAGE THE WEST TWENTY 11 West 20th Street Baltimore, MD 21218 356 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED of the property is not in the best interests of the residents or the public housing agency because (i) conditions in the area WITH THE PROPERTY: surrounding the public housing project adversely affect the Public Housing health or safety of the residents or the feasible operation of the project by the public housing agency; or (ii) disposition INCOME RESTRICTION: allows the acquisition, development, or rehabilitation of other All units shall be reserved for families, one member of which properties that will be more efficiently or effectively operated is at least 62 years of age or disabled, whose income does not as low-income housing; (B) the public housing agency has exceed 50% of AMI; however, of the public housing dwelling otherwise determined the disposition to be appropriate for units of a public housing agency made available for occupan- reasons that are (i) in the best interests of the residents and cy in any fiscal year by eligible families, not less than 40% the public housing agency; (ii) consistent with the goals of shall be occupied by families whose incomes at the time of the public housing agency and the public housing agency commencement of occupancy do not exceed 30% of the AMI, plan. The public housing agency must notify each family except that the Secretary of HUD may establish income ceil- residing in a project subject to demolition or disposition 90 ings higher or lower than 30% of the AMI on the basis of the days prior to the displacement date, except in cases of immi- Secretary's findings that such variations are necessary because nent threat to health or safety. Low-income families residing of unusually high or low family incomes. in a public housing project shall be provided with the oppor- tunity to purchase the dwelling units in the project through a RENT RESTRICTION: qualifying resident management corporation as follows: (A) Shall be the highest of the following amounts, rounded to the the adult residents of a public housing project shall have nearest dollar: (A) 30% of the family's monthly adjusted formed a resident management corporation in accordance income; (B) 10% of the family's monthly income; or (C) if with regulations and requirements of the Secretary; (B) the the family is receiving payments for welfare assistance from a resident management corporation shall have entered into a public agency and a part of such payments, adjusted in accor- contract with the public housing agency establishing the dance with the family's actual housing costs, is specifically respective management rights and responsibilities of the resi- designated by such agency to meet the family's housing costs, dent management corporation and the public housing agency; the portion of such payments which is so designated. Tenants and (C) the resident management corporation shall have also have the option to pay a "flat rent," which will be based demonstrated its ability to manage public housing effectively on the market rate obtained for a comparable unit in the area and efficiently for a period of not less than 3 years. in which the housing is located. TRANSFER RESTRICTIONS: PROJECTED DATE IN WHICH Public housing agency must submit an application to demol- RESTRICTION WILL TERMINATE: ish or dispose of a public housing project or a portion of a N/A public housing project certifying that: (1) in the case of (A) an application proposing demolition of a public housing proj- OWNER INFORMATION: ect or a portion of a public housing project, that (i) the project Housing Authority of Baltimore City or portion of the public housing project is obsolete as to phys- 417 E. Fayette Street ical condition, location, or other factors, making it unsuitable Baltimore, MD 21202 for housing purposes; and (ii) no reasonable program of mod- ifications is cost-effective to return the public housing project or portion of the project to useful life; and (B) an application proposing the demolition of only a portion of a public hous- ing project, that the demolition will help to ensure the viabili- ty of the remaining portion of the project; (2) in the case of an application proposing disposition by sale or other transfer of a public housing project or other real property (A) the retention 12 Low-Income Restricted Housing Study CHARLES VILLAGE WYMAN HOUSE 123 West 29th Street Baltimore, MD 21218 168 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED public housing project or other real property (A) the retention of the property is not in the best interests of the residents or WITH THE PROPERTY: the public housing agency because (i) conditions in the area Public Housing surrounding the public housing project adversely affect the health or safety of the residents or the feasible operation of INCOME RESTRICTION: the project by the public housing agency; or (ii) disposition All units shall be reserved for families, one member of which allows the acquisition, development, or rehabilitation of other is at least 62 years of age or disabled, whose income does not properties that will be more efficiently or effectively operated exceed 50% of AMI; however, of the public housing dwelling as low-income housing; (B) the public housing agency has units of a public housing agency made available for occupan- otherwise determined the disposition to be appropriate for rea- cy in any fiscal year by eligible families, not less than 40% sons that are (i) in the best interests of the residents and the shall be occupied by families whose incomes at the time of public housing agency; (ii) consistent with the goals of the commencement of occupancy do not exceed 30% of the AMI, public housing agency and the public housing agency plan. except that the Secretary of HUD may establish income ceil- The public housing agency must notify each family residing ings higher or lower than 30% of the AMI on the basis of the in a project subject to demolition or disposition 90 days prior Secretary's findings that such variations are necessary because to the displacement date, except in cases of imminent threat to of unusually high or low family incomes. health or safety. Low-income families residing in a public housing project shall be provided with the opportunity to pur- RENT RESTRICTION: chase the dwelling units in the project through a qualifying Shall be the highest of the following amounts, rounded to the resident management corporation as follows: (A) the adult nearest dollar: (A) 30 percentof the family's monthly adjusted residents of a public housing project shall have formed a resi- income; (B) 10 percentof the family's monthly income; or (C) dent management corporation in accordance with regulations if the family is receiving payments for welfare assistance and requirements of the Secretary; (B) the resident manage- from a public agency and a part of such payments, adjusted in ment corporation shall have entered into a contract with the accordance with the family's actual housing costs, is specifi- public housing agency establishing the respective manage- cally designated by such agency to meet the family's housing ment rights and responsibilities of the resident management costs, the portion of such payments which is so designated. corporation and the public housing agency; and (C) the resi- Tenants also have the option to pay a "flat rent," which will dent management corporation shall have demonstrated its be based on the market rate obtained for a comparable unit in ability to manage public housing effectively and efficiently the area in which the housing is located. for a period of not less than 3 years. TRANSFER RESTRICTIONS: Public housing agency must submit an application to demol- PROJECTED DATE IN WHICH ish or dispose of a public housing project or a portion of a RESTRICTION WILL TERMINATE: public housing project certifying that (1) in the case of (A) an N/A application proposing demolition of a public housing project or a portion of a public housing project, that (i) the project or OWNER INFORMATION: portion of the public housing project is obsolete as to physical Housing Authority of Baltimore City condition, location, or other factors, making it unsuitable for 417 E. Fayette Street housing purposes; and (ii) no reasonable program of modifi- Baltimore, MD 21202 cations is cost-effective to return the public housing project or portion of the project to useful life; and (B) an application proposing the demolition of only a portion of a public housing project, that the demolition will help to ensure the viability of the remaining portion of the project; (2) in the case of an application proposing disposition by sale or other transfer of a
Low-Income Restricted Housing Study 13 EDNOR GARDENS/ LAKESIDE
Total income-restricted units: 323 40 will expire between 2030-2040 283 will expire after 2041
293 units are designated for elderly/disabled residents 30 units are designated for families EDNOR GARDENS CLARE COURT 3725 Ellerslie Ave Baltimore, MD 21218 30 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: HOME; RHPP; LIHTC FINANCIAL DETAILS OF SUBSIDIES: HOME: $850,000 granted on December 24, 2003 RHPP: $1,392,484 granted on December 24, 2003 LIHTC: Reserved in the amount of $317,239 INCOME RESTRICTION: RHPP: 22 of the units are to be occupied by families whose income is 40% or less of AMI and 8 of the units are to be occu- pied by families whose income is 50% or less than AMI. HOME: 100% of the units shall be rented to families whose annual gross income is not greater than 50% of the AMI. LIHTC: 20% of the units to be occupied by individuals whose income is 50% or less of AMI. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: HOME: Compliance period lasts for 10 years, commencing on the first day of the permanent loan period, or for so long as loan is outstanding. Prepayment will not terminate compliance period. Ends: August 2013. RHPP: The greater of i) 41 years and 3 months or ii) so long as the loan is outstanding. Ends March 2044. LIHTC: Compliance period is 15 years and the extended use period ends 25 years after the close of the compliance period. Ends: December 2053. Any time after the end of the 15th year after the compliance period, the owner may request relief from the covenants if the project is economically dis- tressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: HOME: Without prior written approval of DHCD, may not sell or transfer the premises. upon sale or discontinuance of use as income-restricted project, the borrower shall pay DHCD an additional interest on the loan in the amount equal: i) the original loan; ii) divided by the sum of: a) the total original costs of the HOME Project, and b) documented capital expenditures for the benefit of the HOME project; iii) multiplied by the a) net sales proceeds realized upon the sale of the project or portion there- of, or b) imputed equity based on an appraisal, satisfactory to DHCD in the event the HOME project discontinues occupancy by income eligible households but is not sold. RHPP: If owner wishes to prepay, must provide notice of prepayment and offer a right of first purchase to the Maryland Department of Housing and Community Development, the local political subdivision, the local public housing authority, if any, and any parties registered with DHCD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: December 2053 OWNER INFORMATION: Clare Court Limited Partnership 222 Severn Avenue, Suite 1 Aannapolis, MD 21403
Low-Income Restricted Housing Study 14 EDNOR GARDENS EDNOR APARTMENTS AT STADIUM PLACE 1040 East 33rd Street Baltimore, MD 21218 109 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC; HOME; EHRP FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $768,156 and allocated on November 21, 2003 HOME: $475,000 received on November 21, 2003 EHRP: $900,000 received on November 21, 2003 INCOME RESTRICTION: LIHTC: i) 54 units shall be occupied by families whose income does not exceed 50% of AMI; ii) 55 units shall be occupied by families whose income does not exceed 60% of AMI. HOME: 25 units designated as HOME units must be occupied by families whose income does not exceed 50% of AMI. EHRP: 40% of units shall be occupied by families whose income does not exceed 60% of AMI. However, if the extended LIHTC covenant is released or terminated, then: i) 54 units shall be occu- pied by families whose income does not exceed 50% of AMI; ii) 55 units shall be occupied by families whose income does not exceed 60% of AMI, and iii) All such units shall be occupied by individuals or families, one member of which, is at least 62 years of age. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 26 years after the close of the compliance period. HOME: The compliance period is 40 years commencing on first day of permanent loan period. Prepayment does not termi- nate restrictions. ERHP the compliance period is 41 years and 6 months or so long as the loan is outstanding. TRANSFER RESTRICTIONS: LIHTC: Owner may sell, transfer, or exchange the entire project or any building, provided that the owner shall require as a condition precedent to any such transfer, that the successor owner execute an assumption agreement. RHPP: During the term of the loan, may not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project with- out the prior written consent of the DHCD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: November 21, 2044 OWNER INFORMATION: Ednor Apartments Limited Partnership 312 N. Martin Luther King Jr. Boulevard Baltimore, MD 21201
15 Low-Income Restricted Housing Study EDNOR GARDENS GALLAGHER MANSION 431 Notre Dame Lane Baltimore, MD 21212 40 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: HOME; 202 Capital Advance Program FINANCIAL DETAILS OF SUBSIDIES: HOME: $500,000 granted on August 17, 1995 202 Capital Advance Program: $2,488,800 on September 7, 1995. Reserve fund: $829.58/month INCOME RESTRICTION: HOME, 202: All units shall be occupied by families comprised of at least one person who is at least 62 years old at the time of initial occupancy or who is physically handicapped, whose income does not exceed 50% of AMI. RENT RESTRICTION: HOME, 202: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: 202: Not less than 40 years from September 7, 1996. Ends September 2036. HOME: Compliance period lasts for 40 years or for so long as loan is outstanding. Prepayment will not terminate compliance period. Ends: August 2035. TRANSFER RESTRICTIONS: 202: May not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project without the prior written consent of HUD. HOME: Without prior written approval of DHCD, may not sell or transfer the premises. Upon sale or discontinuance of use as income-restricted project, the borrower shall pay DHCD an additional interest on the loan in the amount equal: i) the original loan; ii) divided by the sum of: a) the total original costs of the HOME Project, and b) docu- mented capital expenditures for the benefit of the HOME project; iii) multiplied by the a) net sales proceeds realized upon the sale of the project or portion thereof, or b) imputed equity based on an appraisal, satisfactory to DHCD in the event the HOME project discontinues occupancy by income eligible households but is not sold. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: September 2036 OWNER INFORMATION: Gallagher Mansion, Inc. 5513 York Road Baltimore, MD 21215 Nonprofit Owner
Low-Income Restricted Housing Study 16 EDNOR GARDENS WEINBERG COURT (VENABLE APARTMENTS I) AT STADIUM PLACE 1020 East 33rd Street Baltimore, MD 21218 71 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: 202 Capital Advance Program FINANCIAL DETAILS OF SUBSIDIES: 202 Capital Advance Program: $5,201,700 granted on April 25, 2003; final maturity date: May 1, 2044 INCOME RESTRICTION: All units shall be occupied by families comprised of at least one person who is at least 62 years old at the time of initial occu- pancy or who is physically handicapped, whose income does not exceed 50% of AMI. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Not less than 40 years from May 1, 2004. Ends: May 2044. TRANSFER RESTRICTIONS: 202: May not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project without the prior written consent of HUD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: May 2044 OWNER INFORMATION: Venable Apartments I, Inc. C/O Habitat America LLC 175 Admiral Cochrane Drive, Suite 202 Annapolis, MD 21401 Nonprofit Owner
17 Low-Income Restricted Housing Study EDNOR GARDENS VENABLE APARTMENTS II AT STADIUM PLACE 1030 E. 33rd Street Baltimore, MD 21212 73 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: HOME; 202 Capital Advance Program
FINANCIAL DETAILS OF SUBSIDIES: HOME: $700,000 received on September 29, 2005. 202 Capital Advance Program: $5,629,000 granted on September 29, 2005
INCOME RESTRICTION: HOME, 202: All of the units shall be rented to families comprised of at least one person who is at least 62 years old at the time of initial occupancy or who is physically handicapped, whose annual gross income is not greater than 50% of the AMI.
RENT RESTRICTION: HOME, 202: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: HOME: 20 years commencing on first day of permanent loan period or so long as the loan is outstanding. Prepayment does not terminate restrictions. Ends: September 2025 202: Not less than 40 years from September 29, 2006. Ends: September 2046. 202: Not less than 40 years. Ends: September 2045. TRANSFER RESTRICTIONS: 202: May not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project without the prior written consent of HUD. HOME: May not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project without the prior written consent of the DHCD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: September 2046
OWNER INFORMATION: Venable Apartments II, Inc. 5513 York Road Baltimore, MD 21212 Nonprofit Owner
Low-Income Restricted Housing Study 18 GARWYN OAKS
Total income-restricted units: 53 53 will expire after 2041
All units are designated for families GARWYN OAKS DOLFIELD VILLAGE APARTMENTS 3902-3909 Renhurst Avenue Baltimore, Maryland 21215 53 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED years after the first day of the permanent loan, or b) so long as the loan is outstanding. Prepayment will not terminate WITH THE PROPERTY: restrictions. LIHTC; HOME TRANSFER RESTRICTIONS: FINANCIAL DETAILS OF SUBSIDIES: After end of 50th year of extended use period owner may sub- LIHTC: Reserved in the amount of $121,540. Placed in serv- mit written request to the Administration that the ice: December 1996 Administration find a person or entity to acquire owner's HOME: $626,881 (original loan $284,946 made on February interest in project. Must submit description of property, 10, 1997 subsequent loan $341,935 made February 17, 1998. appraisal of the project if required by the Administration, and They were consolidated to constitute a single debt.) financial statements for the project covering the 3 year period INCOME RESTRICTION: prior to the submission of said request. At the expiration of 1 LIHTC: All units must be occupied by individuals whose year period following receipt of request, if Administration income is 60% or less of AMI provided that at least 30% of unable to secure a qualified contract, Agreement shall auto- such units shall be occupied by individuals whose income is matically terminate and be released upon request of owner. 50% or less of AMI and at least 10% of units shall be occu- HOME: Without prior written approval of DHCD, may not pied by individuals whose income is 30% or less of AMI. sell or transfer the premises. Upon sale or discontinuation of HOME: 17 units shall be rented to familes whose annual project as income-restricted, the borrower shall pay DHCD an gross income is not greater than 60% of the AMI (high additional interest on the loan in the amount equal to 1) the HOME units), 4 units shall be rented to families whose annu- lesser of: i) the original loan; ii) divided by the sum of: a) the al gross income is not greater than 50% of the AMI (low total original costs of the HOME project, and b) documented HOME units). capital expenditures for the benefit of the HOME project; iii) multiplied by the a) net sales proceeds realized upon the sale of the project or portion thereof, or b) imputed equity based RENT RESTRICTION: on an appraisal, satisfactory to DHCD in the event the HOME LIHTC: Gross rent may not exceed 30% of the imputed project discontinues occupancy by income eligible house- income limitation adjusted for a household consisting of the holds but is not sold, or 2) the difference between i) the number obtained by multiplying 1.5 by the number of bed- amount of calculatable interest, accruing at a rate 1% per rooms. HOME: High units: rent shall not exceed the lesser annum, on the unpaid principal balance of the loan for the of: a) the section 8 (24 CFR 888.111) fair market rents for period commencing on the first day of the permanent loan existing housing for comparable area units; or b) 30% of the period until and including the date on which the loan in adjusted income of a family whosee gross income equals 65% repaid in full, and ii) the amount of actual interest, accruing at or AMI with adjustments for number of bedrooms in unit. a rate of 8% per annum due and payable on the unpaid princi- Low units: shall not exceed a) 30% of the tenant family's pal balance of the loan for the period commencing on the first adjusted income; or b) 30% of the gross income of a family day of the permanent loan period until and including the date whose income equals 50% of AMI with adjustment for family on which the loan is repaid in full. size. COMPLIANCE PERIOD: PROJECTED DATE IN WHICH LIHTC: Compliance period is 15 years and the extended use RESTRICTION WILL TERMINATE: period ends 35 years after the close of the compliance period. December 2046 Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the OWNER INFORMATION: project is economically distressed. The Administration, in its Burdol Limited Partnership sole discretion, may reduce the percentage of units subject to c/o Wallace H. Campbell & Co., Inc. the covenants, increase the income limits or adjust the date of 6212 York Road termination of the agreement, if permitted by federal tax law. Baltimore, MD 21212 HOME: The longer of a) period commencing on the date of the original deed of trust and continuing for a period of 30
Low-Income Restricted Housing Study 19 GREATER LAURAVILLE
Total income-restricted units: 269 68 will expire between 2018-2029 201 will expire between 2030-2040
68 units are designated for elderly/disabled residents 201 units are designated for families GREATER LAURAVILLE MT.PLEASANT VILLAGE/ARBOR OAKS Multiple properties: 5601-5607, 5602-5618 McClean Boulevard; 3401-3413, 3416- 3424 Mary Avenue; 801-803 Lenton Avenue; and 800-816, 801-825 Dartmouth Road Baltimore, MD 21212 201 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $132,733. Placed in service: July 1, 1996 INCOME RESTRICTION: All units for households whose income is 60% or less of AMI. RENT RESTRICTION: Gross rent may not exceed 30% of imputed income limitation adjusted by multiplying 1.5 by number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 25 years after the close of the compliance period. Ends: July 2036. Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After end of 39th year of extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration unable to secure a qualified con- tract, Agreement shall automatically terminate and be released upon request of owner.
PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: July 2036
OWNER INFORMATION: MPV Associates Limited Partnership 8403 Colesville Road, Suite 400 Silver Spring, MD 20910
Low-Income Restricted Housing Study 20 GREATER LAURAVILLE NORTHEAST ELDERLY APARTMENTS 6100 Everall Avenue Baltimore, MD 21206 68 INCOME-RESTRICTED UNITS ELDERLY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $379,900. Date awarded: February 6, 1996 INCOME RESTRICTION: 40 units are reserved for families whose income is 60% of AMI; 28 units for households whose income is 50% of AMI. RENT RESTRICTION: Gross rent may not exceed 30% of imputed income limitation adjusted by multiplying 1.5 by number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. Ends: February 2026. Any time after the end of the 14th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After end of 29th year of extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration unable to secure a qualified con- tract, agreement shall automatically terminate and be released upon request of owner.
PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: February 2026 OWNER INFORMATION: BHP/Belair Limited Partnership 104 E. 25th Street Baltimore, MD 21218
21 Low-Income Restricted Housing Study MIDTOWN
Total income-restricted units: 2,865 760 will expire between 2018-2029 560 will expire between 2030-2040 224 will expire after 2041 1321 are public housing units which will remain income-restricted indefinitely
1049 units are designated for elderly/disabled residents 846 units are designated for families 970 units are mixed use MIDTOWN BARCLAY GREENMOUNT Multiple properties: 1706, 1710-12, 1716, 1720, 1734, 2205 Guilford St.; 211, 219, 223, 231, 235-237, 424 E. Lafayette Ave.; 447-451 E. 23rd St; 310-16, 320-332, 424, 428, 343, 444 E. 22nd St; 1700, 1708, 1714, 1716, 1718, 2100-02, 2204-06, 2221, 2227, 2423, 2437-39 Barclay St.; 302, 22-26 E. Lanvale St. 139 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED provide written notice to the Secretary of HUD and the ten- ants involved of the proposed termination. The notice shall WITH THE PROPERTY: also include a statement that, if the Congress makes funds HUD Project-Based Section 8; MAHRA Restructuring loan, available, the owner and the Secretary may agree to a renewal 221 insured loan of the contract, thus avoiding termination, and that in the FINANCIAL DETAILS OF SUBSIDIES: event of termination, HUD will provide tenant-based rental MAHRA Restructuring loan: $4,020,623.23 at 1% interest assistance to all eligible residents, enabling them to choose granted on April 27, 2005 the place they wish to rent, which is likely to include the Reserve fund: $5,500/month. Endorsed for insurance under dwelling unit in which they currently reside. Any contract Section 221(d)(4) covered by this paragraph that is renewed may be renewed 221 insured loan: $1,037,600 granted on April 27, 2005 for a period of up to 1 year or any number or years, with pay- ments subject to the availability of appropriations for any INCOME RESTRICTION: year. During the period of affordability, if less than 20% of the units in the project receive rental assistance under a section 8 PROJECTED DATE IN WHICH project-based housing assistance payment contract, at least 40% of the units must be occupied by individuals/families RESTRICTION WILL TERMINATE: having an annual gross income greater than 50% but not more May 1, 2035 than 60% adjusted by family size. OWNER INFORMATION: RENT RESTRICTION: Barclay Greenmount NSA Limited Partnership Gross rent may not exceed 30% of the imputed income limi- 1706 Guilford Avenue tation adjusted for a household consisting of the number Baltimore, MD 21202 obtained by multiplying 1.5 by the number of bedrooms. Section 8: Gross rent shall be the highest of the following *UNITS LOCATED IN BOTH MIDTOWN amounts, rounded to the nearest dollar: (A) 30 percentof the AND CHARLES VILLAGE family's monthly adjusted income; (B) 10 percentof the fami- ly's monthly income; or (C) if the family is receiving pay- ments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. COMPLIANCE PERIOD: 30 years from closing date or completion of Section 8 hous- ing assistance contract. TRANSFER RESTRICTIONS: Shall get HUD secretary written approval prior to transfer of property. Any such transfer shall be only to a person(s) or corporation satisfactory to and approved by HUD, who shall duly assume all obligations and income restrictions. Section 8: Not less than one year before termination of any contract under which assistance payments are received, an owner shall
22 Low-Income Restricted Housing Study MIDTOWN BASILICA PLACE 124 W. Franklin St. Baltimore, MD 21201 200 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED TRANSFER RESTRICTIONS: WITH THE PROPERTY: 202: Shall get HUD secretary written approval prior to trans- HUD Project-Based Section 8; 202 Direct loan fer of property. Any such transfer shall be only to a person(s) or corporation satisfactory to and approved by HUD, who FINANCIAL DETAILS OF SUBSIDIES: shall duly assume all obligations and income restrictions. 202 Direct loan: $8,052,500; Initial endorsement date Section 8: Not less than one year before termination of any September 28, 1979; Original loan Term: 480 months, contract under which assistance payments are received, an Maturation date November 1, 2021; interest rate: 7.625%. owner shall provide written notice to the Secretary of HUD Section 8: for 40 years commitment letter dated September and the tenants involved of the proposed termination. The 28, 1979 notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and INCOME RESTRICTION: that in the event of termination the Department of Housing Section 8: All units shall be reserved for families, one mem- and Urban Development will provide tenant-based rental ber of which is at least 62 years of age, whose income does assistance to all eligible residents, enabling them to choose not exceed 50% of AMI. However, of the families initially the place they wish to rent, which is likely to include the provided project-based assistance by a public housing agency dwelling unit in which they currently reside. Any contract in any fiscal year, not less than 75 percent shall be families covered by this paragraph that is renewed may be renewed for whose incomes do not exceed 30 percent of the AMI, as a period of up to 1 year or any number or years, with pay- determined by the Secretary with adjustments for smaller and ments subject to the availability of appropriations for any larger families; except that the Secretary of HUD may estab- year. lish income ceilings higher or lower than 30 percent of the AMI on the basis of the Secretary's findings that such varia- tions are necessary because of unusually high or low family PROJECTED DATE IN WHICH incomes. RESTRICTION WILL TERMINATE: November 1, 2021 RENT RESTRICTION: Section 8: Gross rent shall be the highest of the following OWNER INFORMATION: amounts, rounded to the nearest dollar: (A) 30 percentof the The Catholic Charities Housing, Inc. family's monthly adjusted income; (B) 10 percentof the fami- 218 N. Charles Street ly's monthly income; or (C) if the family is receiving pay- Baltimore, MD 21201 ments for welfare assistance from a public agency and a part Nonprofit Owner of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. Tenants also have the option to pay a "flat rent," which will be based on the market rate obtained for a comparable unit in the area in which the housing is located. COMPLIANCE PERIOD: Section 8: 40 years from commitment letter dated September 28, 1979
Low-Income Restricted Housing Study 23 MIDTOWN BELLEVIEU-MANCHESTER APARTMENTS 342-344 Bloom Street Baltimore, Maryland 21217 48 INCOME-RESTRICTED UNITS ELDERLY
SUBSIDY PROGRAMS ASSOCIATED the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. WITH THE PROPERTY: RHPP: In effect for the longer of 41 years and 2 months or Locally Administered Project-Based Section 8; LIHTC; so long as the loan is outstanding. RHPP TRANSFER RESTRICTIONS: FINANCIAL DETAILS OF SUBSIDIES: LIHTC: After end of 30th year of extended use period owner LIHTC: reserved in the amount of $448,150 may submit written request to the Administration that the RHPP: $1,300,000 received on February 21, 1995 Administration find a person or entity to acquire owner's interest in project. Must submit description of property, INCOME RESTRICTION: appraisal of the project if required by the Administration, and All units reserved for individuals over the age of 62 whose financial statements for the project covering the 3 year period income is 60% or less of AMI adjusted for family size, target- prior to the submission of said request. At the expiration of 1 ing individuals whose income is 50% or less of AMI. Section year period following receipt of request, if Administration is 8: All units shall be reserved for families, one member of unable to secure a qualified contract, Agreement shall auto- which is at least 62 years of age, whose income does not matically terminate and be released upon request of Owner. exceed 50% of AMI. However, of the families initially pro- RHPP: The owner must receive written approval from vided project-based assistance by a public housing agency in DHCD prior to transfer of property. Section 8: Not less than any fiscal year, not less than 75% shall be families whose one year before termination of any contract under which incomes do not exceed 30% of the AMI adjusted for family assistance payments are received, an owner shall provide size; except that the Secretary of HUD may establish income written notice to the Secretary of HUD and the tenants ceilings higher or lower than 30% of AMI on the basis of the involved of the proposed termination. The notice shall also Secretary's findings that such variations are necessary because include a statement that, if the Congress makes funds avail- of unusually high or low family incomes. able, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event RENT RESTRICTION: of termination the Department of Housing and Urban Gross rent may not exceed 30% of the imputed income limi- Development will provide tenant-based rental assistance to all tation adjusted for a household consisting of the number . eligible residents, enabling them to choose the place they Section 8: Gross rent shall be the highest of the following wish to rent, which is likely to include the dwelling unit in amounts, rounded to the nearest dollar: (A) 30 percentof the which they currently reside. Any contract covered by this family's monthly adjusted income; (B) 10 percentof the fami- paragraph that is renewed may be renewed for a period of up ly's monthly income; or (C) if the family is receiving pay- to 1 year or any number or years, with payments subject to ments for welfare assistance from a public agency and a part the availability of appropriations for any year. of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such PROJECTED DATE IN WHICH agency to meet the family's housing costs, the portion of such RESTRICTION WILL TERMINATE: payments which is so designated. February 21, 2036 COMPLIANCE PERIOD: OWNER INFORMATION: LIHTC: Compliance period is 15 years and the extended use Bellevieu Manchester Limited Partnership period ends 25 years after the close of the compliance period. th 2110 Madison Avenue Any time after the end of the 15 year after the compliance Baltimore, MD 21217 period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to
24 Low-Income Restricted Housing Study MIDTOWN BOLTON HOUSE APARTMENTS 1100 Bolton Street Baltimore, MD 21201 260 INCOME-RESTRICTED UNITS FAMILIES
SUBSIDY PROGRAMS ASSOCIATED TRANSFER RESTRICTIONS: WITH THE PROPERTY: LIHTC: After end of 14th year of extended use period, owner LIHTC; bond; HUD Project-Based Section 8 may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, FINANCIAL DETAILS OF SUBSIDIES: appraisal of the project if required by the Administration, and Bond series HRB199D: $5,433.760; original loam term 213 financial statements for the project covering the 3 year period months; 7.850% interest rate prior to the submission of said request. At the expiration of 1 LIHTC: Reserved in the amount of $460,186. Placed in year period following receipt of request, if Administration is service in October 2000 unable to secure a qualified contract, agreement shall auto- matically terminate and be released upon request of owner. INCOME RESTRICTION: Section 8: Not less than one year before termination of any LIHTC: At least 40% of the residential units shall be occu- contract under which assistance payments are received, an pied by individuals whose income is 60% or less of AMI. owner shall provide written notice to the Secretary of HUD 100% of units occupied by elderly individuals whose income and the tenants involved of the proposed termination. The is 60% or less of AMI. Section 8: All units shall be reserved notice shall also include a statement that, if the Congress for families whose income does not exceed 50% of AMI. makes funds available, the owner and the Secretary may However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not agree to a renewal of the contract, thus avoiding termination, less than 75% shall be families whose incomes do not exceed and that in the event of termination the Department of 30% of the AMI, as determined by the Secretary with adjust- Housing and Urban Development will provide tenant-based ments for smaller and larger families; except that the rental assistance to all eligible residents, enabling them to Secretary of HUD may establish income ceilings higher or choose the place they wish to rent, which is likely to include lower than 30% of the AMI on the basis of the Secretary's the dwelling unit in which they currently reside. Any contract findings that such variations are necessary because of unusu- covered by this paragraph that is renewed may be renewed ally high or low family incomes. for a period of up to 1 year or any number or years, with pay- ments subject to the availability of appropriations for any RENT RESTRICTION: year. Gross rent may not exceed 30% of the imputed income limi- tation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. PROJECTED DATE IN WHICH .Section 8: Gross rent shall be the highest of the following RESTRICTION WILL TERMINATE: amounts, rounded to the nearest dollar: (A) 30 percentof the October 2030 family's monthly adjusted income; (B) 10 percentof the fami- ly's monthly income; or (C) if the family is receiving pay- OWNER INFORMATION: ments for welfare assistance from a public agency and a part Bolton MCU, L.P. of such payments, adjusted in accordance with the family's Silver Spring Metro Plaza II actual housing costs, is specifically designated by such 8403 Colesville Rd Suite 400 agency to meet the family's housing costs, the portion of such Silver Spring, MD 20910 payments which is so designated. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period.
Low-Income Restricted Housing Study 25 MIDTOWN
BOLTON NORTH 1600 W. Mount Royal Baltimore, MD 21217 208 INCOME-RESTRICTED UNITS ELDERLY
SUBSIDY PROGRAMS ASSOCIATED notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may WITH THE PROPERTY: agree to a renewal of the contract, thus avoiding termination, HUD Project-Based Section 8; 236 loan and that in the event of termination the Department of Housing and Urban Development will provide tenant-based FINANCIAL DETAILS OF SUBSIDIES: rental assistance to all eligible residents, enabling them to 236 loan: $5,077,300; initial endorsement date November 12, choose the place they wish to rent, which is likely to include 1975; final endorsement date December 8, 1977; maturity the dwelling unit in which they currently reside. Any contract date July 1, 2018; term of loan 480 months; 7% interest rate. covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with pay- INCOME RESTRICTION: ments subject to the availability of appropriations for any All units shall be reserved for families, one member of which year. is at least 62 years of age, whose income does not exceed 50% of AMI. Section 8: However, of the families initially PROJECTED DATE IN WHICH provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose RESTRICTION WILL TERMINATE: incomes do not exceed 30% of the AMI, as determined by the July 2018 Secretary with adjustments for smaller and larger families; except that the Secretary of HUD may establish income ceil- OWNER INFORMATION: ings higher or lower than 30% of the AMI on the basis of the Park North-Oxford Associates Secretary's findings that such variations are necessary because 55 Beattie Place, 3rd Floor of unusually high or low family incomes. Greenville, SC 29601 RENT RESTRICTION: Section 8: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the fami- ly's monthly income; or (C) if the family is receiving pay- ments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. Tenants also have the option to pay a "flat rent," which will be based on the market rate obtained for a comparable unit in the area in which the housing is located. COMPLIANCE PERIOD: 236: Restrictions in place for so long as loan is outstanding. Maturity date is July 1, 2018. TRANSFER RESTRICTIONS: Section 8: Not less than one year before termination of any contract under which assistance payments are received, an owner shall provide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The 26 Low-Income Restricted Housing Study MIDTOWN CHASE HOUSE 1027 Cathedral Street Baltimore, MD 21201 189 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED project, that the demolition will help to ensure the viability of the remaining portion of the project; (2) in the case of an WITH THE PROPERTY: application proposing disposition by sale or other transfer of a Public Housing public housing project or other real property (A) the retention of the property is not in the best interests of the residents or INCOME RESTRICTION: the public housing agency because (i) conditions in the area All units shall be reserved for families, one member of which surrounding the public housing project adversely affect the is at least 62 years of age, whose income does not exceed health or safety of the residents or the feasible operation of 50% of AMI; however, of the public housing dwelling units the project by the public housing agency; or (ii) disposition of a public housing agency made available for occupancy in allows the acquisition, development, or rehabilitation of other any fiscal year by eligible families, not less than 40% shall be properties that will be more efficiently or effectively operated occupied by families whose incomes at the time of com- as low-income housing; (B) the public housing agency has mencement of occupancy do not exceed 30 % of the AMI, otherwise determined the disposition to be appropriate for rea- except that the Secretary of HUD may establish income ceil- sons that are (i) in the best interests of the residents and the ings higher or lower than 30% of the AMI on the basis of the public housing agency; (ii) consistent with the goals of the Secretary's findings that such variations are necessary because public housing agency and the public housing agency plan. of unusually high or low family incomes. The public housing agency must notify each family residing in a project subject to demolition or disposition 90 days prior RENT RESTRICTION: to the displacement date, except in cases of imminent threat to Shall be the highest of the following amounts, rounded to the health or safety. Low-income families residing in a public nearest dollar: (A) 30 percentof the family's monthly adjusted housing project shall be provided with the opportunity to pur- income; (B) 10 percentof the family's monthly income; or (C) chase the dwelling units in the project through a qualifying if the family is receiving payments for welfare assistance resident management corporation as follows: (A) the adult from a public agency and a part of such payments, adjusted in residents of a public housing project shall have formed a resi- accordance with the family's actual housing costs, is specifi- dent management corporation in accordance with regulations cally designated by such agency to meet the family's housing and requirements of the Secretary; (B) the resident manage- costs, the portion of such payments which is so designated. ment corporation shall have entered into a contract with the Tenants also have the option to pay a "flat rent," which will public housing agency establishing the respective manage- be based on the market rate obtained for a comparable unit in ment rights and responsibilities of the resident management the area in which the housing is located. corporation and the public housing agency; and (C) the resi- dent management corporation shall have demonstrated its COMPLIANCE PERIOD: ability to manage public housing effectively and efficiently N/A for a period of not less than 3 years.
TRANSFER RESTRICTIONS: PROJECTED DATE IN WHICH RESTRIC- Public housing agency must submit an application to demol- TION WILL TERMINATE: ish or dispose of a public housing project or a portion of a N/A public housing project certifying that: (1) in the case of (A) an application proposing demolition of a public housing project OWNER INFORMATION: or a portion of a public housing project, that (i) the project or Housing Authority of Baltimore City portion of the public housing project is obsolete as to physical 417 E. Fayette Street condition, location, or other factors, making it unsuitable for Baltimore, MD 21202 housing purposes; and (ii) no reasonable program of modifi- cations is cost-effective to return the public housing project or portion of the project to useful life; and (B) an application proposing the demolition of only a portion of a public housing Low-Income Restricted Housing Study 27 MIDTOWN DRUID HILL AVENUE, 1620 1620 Druid Hill Avenue Baltimore, MD 21217 4 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $11,900 INCOME RESTRICTION: 100% of the units in project shall be occupied by individuals whose income is 60% or less of AMI adjusted for family size. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is eco- nomically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After the end of 15th year of the extended use period, owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in the project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of the 1 year period following receipt of request, if Administration is unable to secure a qualified contract, restrictions shall automatically terminate and be released upon request of owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: December 2022 OWNER INFORMATION: Anthony B. and Nicole N. Brown 403 Glenmore Avenue Baltimore, MD 21218
28 Low-Income Restricted Housing Study MIDTOWN DRUID HOUSE TRANSITIONAL HOUSING 1711, 1820, 1904, 2102, 2135 McCulloh Street Baltimore, MD 21217 23 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC; RHPP FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $192,094. Placed in service: December 31, 1999. RHPP: $220,00 made on May 5, 1999. Reserve fund: $600/monthly
INCOME RESTRICTION: 100% of the units in project shall be occupied by individuals whose income is 50% or less of AMI adjusted for family size. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 26 years after the close of the compliance period. Any time after the end of the 15th year after the compliance period, the owner may request relief from the covenants if the proj- ect is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. RHPP: In effect for the longer of i) 41 years; or ii) so long as the loan is outstanding. TRANSFER RESTRICTIONS: LIHTC: After end of 41st year of the extended use period, owner may submit a written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of the 1 year period following receipt of request, if Administration is unable to secure a qualified contract, Agreement shall automatically terminate and be released upon request of owner.
PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: December 2040 OWNER INFORMATION: Druid House Limited Partnership 2140 McCulloh Street Baltimore, MD 21217
Low-Income Restricted Housing Study 29 MIDTOWN 221-223 EAST PRESTON STREET 221 East Preston Street Baltimore, MD 21202 9 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $39,900. Placed in service: December 28, 1994 INCOME RESTRICTION: 100% of the units in project shall be occupied by individuals whose income is 50% or less of AMI adjusted for family size. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. Any time after the end of the 15th year after the compliance period, the owner may request relief from the covenants if the project is eco- nomically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After end of 19th year of extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration unable to secure a qualified con- tract, agreement shall automatically terminate and be released upon request of owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: December 28, 2024 OWNER INFORMATION: Preston Apts. LLC 3117 E. Joppa Road Baltimore, MD 21234
30 Low-Income Restricted Housing Study MIDTOWN
EUTAW PLACE 628 North Eutaw Street Baltimore, MD 21217 58 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED HOME: Begins on November 16, 2004 and continues for a WITH THE PROPERTY: period of 20 years or as long as the loan is outstanding LIHTC; HOME; RHPP whichever is longer. Prepayment will not terminate restric- tions. FINANCIAL DETAILS OF SUBSIDIES: TRANSFER RESTRICTIONS: LIHTC: Reserved in the amount of $551,600. Placed in serv- th ice: December 1995 LIHTC: After end of 30 year of extended use period owner HOME: $2,040,000 (Two loans $1,433,407and $606,593) may submit written request to the Administration that the received on November 16, 2004) Administration find a person or entity to acquire owner's inter- RHPP: $1,500,000. Reserve Fund: $1,217.25/monthly dur- est in project. Must submit description of property, appraisal ing first year; $1,526.59/monthly during second year; of the project if required by the Administration, and financial $1,835.92 thereafter statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration unable INCOME RESTRICTION: to secure a qualified contract, agreement shall automatically LIHTC, RHPP: 100% of units shall be occupied by individu- terminate and be released upon request of owner. HOME: als whose income is 60% or less of AMI. HOME: 80% of the Upon sale or discontinuance of use of the HOME project for units shall be considered high HOME units and shall be rented income eligible households, the owner shall pay DHCD an to familes whose annual gross income is not greater than 60% additional interest on the loan in the amount equal to: i) the of the AMI, 20% of the units shall be considered low HOME original loan; ii) divided by the sum of: a) the total original units and shall be rented to families whose annual gross costs of the HOME project, and b) documented capital expen- income is not greater than 50% of the AMI. ditures for the benefit of the HOME project; iii) multiplied by the a) net sales proceeds realized upon the sale of the project RENT RESTRICTION: or portion theroeof, or b) imputed equity based on an LIHTC: Gross rent may not exceed 30% of the imputed approaisal, satisfactory to DHCD in the event the HOME proj- income limitation adjusted for a household consisting of the ect discontinues occupany by income eligible households but number obtained by multiplying 1.5 by the number of bed- is not sold; iv) Notwithstanding the foregoing, DHCD agrees rooms. HOME: High units: rent shall not exceed the lesser that if the owner complies with DHCD’s requirements to of: a) the section 8 (24 CFR 888.111) fair market rents for apply a portion of its equity towards a “sinking fund” towards existing housing for comparable area units; or b) 30% of the the repayment of the owner’s obligations under the note, then adjusted income of a family whose gross income equals 65% the equity requirements in this section will be waived. or AMI with adjustments for number of bedrooms in unit. RHPP: If the project is sold or otherwise transferred at any Low units: shall not exceed the lesser of: a) 30% of the tenant time, the owner shall pay over to DHCD, at the time of any family's adjusted income; or b) 30% of the gross income of a such refinancing, sale or other transfer of the project 25% of family whose income equals 50% of AMI with adjustment for the proceeds from such refinancing, sale or other transfer after family size deduction of customary and reasonable settlement charges and expenses. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. PROJECTED DATE IN WHICH Any time after the end of the 20th year after the compliance RESTRICTION WILL TERMINATE: period, the owner may request relief from the covenants if the December 2025 project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to OWNER INFORMATION: the covenants, increase the income limits or adjust the date of Eutaw Place Associated Limited Partnership termination of the agreement, if permitted by federal tax law. 340 Pemberwick Road Greenwich, CT 06831 Low-Income Restricted Housing Study 31 MIDTOWN FRANKLIN CENTER 410 W. Franklin Street Baltimore, MD 21201 38 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED of units to low income or very low income tenants or to oth- erwise provide for financial viability of project, HUD may WITH THE PROPERTY: agree to reconsider requirements. HUD Project-Based Section 8; MAHRA loan endorsed for insurance under section 221 TRANSFER RESTRICTIONS: Shall get HUD secretary written approval prior to transfer of FINANCIAL DETAILS OF SUBSIDIES: property. Project-Based Section 8: Not less than one year MAHRA Restructuring loan: $872,223.03 granted on before termination of any contract under which assistance October 24, 2003. Reserve fund: $1,750/month; endorsed for payments are received, an owner shall provide written notice insurance under Section 221(d)(4) to the Secretary of HUD and the tenants involved of the pro- posed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the INCOME RESTRICTION: Secretary of HUD may agree to a renewal of the contract, MAHRA: During the term less than 20% of the units in the thus avoiding termination, and that in the event of termination project, receive rental assistance under section 8 project-based HUD will provide tenant-based rental assistance to all eligible housing assistance payment contract, at least 40% of the units residents, enabling them to choose the place they wish to rent, must be occupied by tenants having an income equal to or which is likely to include the dwelling unit in which they cur- less than 50% of AMI. Section 8: All units shall be reserved rently reside. for families whose income does not exceed 50% of AMI. However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not PROJECTED DATE IN WHICH less than 75% shall be families whose incomes do not exceed RESTRICTION WILL TERMINATE: 30% of the AMI, as determined by the Secretary with adjust- November 1, 2033 ments for smaller and larger families; except that the Secretary of HUD may establish income ceilings higher or OWNER INFORMATION: lower than 30% of the AMI on the basis of the Secretary's Accessible Housing Associates findings that such variations are necessary because of unusu- 5506 Greenspring Avenue ally high or low family incomes. Baltimore, MD 21209 RENT RESTRICTION: MAHRA: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bed- rooms. Section 8: Gross rent shall be the highest of the fol- lowing amounts, rounded to the nearest dollar: (A) 30 per- centof the family's monthly adjusted income; (B) 10 percentof the family's monthly income; or (C) if the family is receiving payments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the fami- ly's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. COMPLIANCE PERIOD: Ends on the 30th anniversary of the loan closing date (October 24, 2003), however, affordability requirements may be released upon prepayment. If can demonstrate that despite good faith and diligent efforts, cannot rent sufficient amount
32 Low-Income Restricted Housing Study MIDTOWN KENNETT HOUSE APARTMENTS 1700 Eutaw Place Baltimore, MD 21217 58 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this WITH THE PROPERTY: paragraph that is renewed may be renewed for a period of up HUD Project-Based Section 8 to 1 year or any number or years, with payments subject to FINANCIAL DETAILS OF SUBSIDIES: the availability of appropriations for any year. INCOME RESTRICTION: PROJECTED DATE IN WHICH All units shall be reserved for families, one member of which RESTRICTION WILL TERMINATE: is at least 62 years of age, whose income does not exceed September 26, 2022 50% of AMI. However, of the families initially provided proj- ect-based assistance by a public housing agency in any fiscal OWNER INFORMATION: year, not less than 75% shall be families whose incomes do Valda R. Crowder not exceed 30% of the AMI, as determined by the Secretary 33 Cedar Valley Road, suite 106 with adjustments for smaller and larger families; except that Poughkeepsie, NY 12603 the Secretary of HUD may establish income ceilings higher or lower than 30% of the AMI on the basis of the Secretary's findings that such variations are necessary because of unusu- ally high or low family incomes. RENT RESTRICTION: Section 8: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the fami- ly's monthly income; or (C) if the family is receiving pay- ments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. COMPLIANCE PERIOD: Section 8 contract expires on Sept 26, 2022 TRANSFER RESTRICTIONS: Not less than one year before termination of any contract under which assistance payments are received, an owner shall provide written notice to the Secretary of HUD and the ten- ants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will provide tenant-based rental assistance to all eligible residents, enabling them to choose the place they
Low-Income Restricted Housing Study 33 MIDTOWN MARGARET J. BENNETT HOUSE 14 East Franklin Street Baltimore, MD 21201 29 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED longer. Prepayment will not terminate restrictions. WITH THE PROPERTY: LIHTC; RHPP; HOME TRANSFER RESTRICTIONS: HOME: Without prior written approval of DHCD, may not sell or transfer the premises. If they do, the borrower shall FINANCIAL DETAILS OF SUBSIDIES: pay DHCD an additional interest on the loan in the amount LIHTC: Reserved in the amount of $155,843. Placed in serv- equal to the lesser of: 1) the original loan; 1) divided by the ice: November 17, 1999 sum of: a) the total original costs of the HOME Project, and RHPP: $837,112 granted on November 15, 1999: Reserve b) documented capital expenditures for the benefit of the Fund: $625/monthly HOME project; 2) multiplied by the a) net sales proceeds HOME: $250,000 granted on November 15, 1999 realized upon the sale of the project or portion thereof, or b) imputed equity based on an appraisal, satisfactory to DHCD INCOME RESTRICTION: in the event the HOME project discontinues occupancy by LIHTC: 20% of the units in project shall be rent-restricted income eligible households but is not sold, or ii) the differ- and occupied by individuals whose income is 50% or less of ence between 1) the amount of actual interest, accruing at an AMI adjusted for family size. RHPP: All units for families interest rate equal to the Applicable Federal Rate per annum of lower income (income level of 30% of the greater of (AFR) due and payable on the unpaid principal balance of the statewide or AMI adjusted). HOME: 80% of the units (23) loan for the period commencing on the first day of the perma- shall be considered high HOME units and shall be rented to nent loan period until and including the date on which the families whose annual gross income is not greater than 60% loan in repaid in full, and 2) the amount of interest, accruing of the AMI, 20% of the units (6) shall be considered low at a rate of 8% per annum (which interest is the rate of inter- HOME units and shall be rented to families whose annual est which would have been imputed had the loan been a mar- gross income is not greater than 50% of the AMI. ket rate loan), if the AFR is less than 8% on the unpaid prin- cipal balance of the loan for the period commencing on the RENT RESTRICTION: first day of the permanent loan period until and including the LIHTC: Gross rent may not exceed 30% of the imputed date on which the loan is repaid in full. WHC: owner shall income limitation adjusted for a household consisting of the give FHLB and Crestar written notice of any sale or refinanc- number obtained by multiplying 1.5 by the number of bed- ing if occurring prior to the end of the 15 year retention peri- rooms. HOME: High units: rent shall not exceed the lesser od. In the event of such a sale or refinancing of the project of: a) the section 8 (24 CFR 888.111) fair market rents for an amount equal to the full amount of the direct subsidy existing housing for comparable area units; or b) 30% of the funds shall be repaid to FHLB unless the project continues to adjusted income of a family whose gross income equals 65% be subject to a deed restriction or other legally enforceable or AMI with adjustments for number of bedrooms in unit. retention agreement or mechanism incorporating the income Low units: shall not exceed a) 30% of the tenant family's eligibility and affordability restrictions for the duration of the adjusted income; or b) 30% of the gross income of a family 15 year retention period. whose income equals 50% of AMI with adjustment for family size. PROJECTED DATE IN WHICH COMPLIANCE PERIOD: RESTRICTION WILL TERMINATE: LIHTC: Compliance period is 15 years and the extended use November 2040 period ends 26 years after the close of the compliance period. Ends: November 2040. RHPP: Compliance period is the OWNER INFORMATION: greater of a) 40 years and 11 months from November 15, Bennett Limited Partnership c/o Women's Housing Coalition 1999 or b) so long as the loan is outstanding. Ends: October 119 E. 25th Street 2040. HOME: period of affordability begins on first day of Baltimore, MD 21208 the Permanent loan period and continuing for a period of 40 years or as long as the loan is outstanding whichever is 34 Low-Income Restricted Housing Study MIDTOWN MARLBOROUGH APARTMENTS 1701-1719 Eutaw Place Baltimore, MD 21217 224 INCOME-RESTRICTED UNITS ELDERLY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC; 236 loan FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $821,572. Placed in service on October 31, 1997 236 Loan: The initial endorsement date was September 8, 1972; original loan amount was $4,037,800; 7% interest rate; projected maturity date is October 1, 2014 and the term of the loan: 480 months INCOME RESTRICTION: 100% of units occupied by elderly individuals whose income is 50% or less of AMI.
RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms.
COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 41 years after the close of the compliance period.
TRANSFER RESTRICTIONS: LIHTC:After end of 41st year of extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration is unable to secure a qualified contract, Agreement shall automatically terminate and be released upon request of owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: October 2053 OWNER INFORMATION: Marlborough Revitalization LP Post Office Box 4308 Silver Spring, MD 20914
Low-Income Restricted Housing Study 35 MIDTOWN MCCULLOH HOMES & EXTENSION/ALBERT SPENCER GARDENS 501 Dolphin Street Baltimore, MD 21201 970 INCOME-RESTRICTED UNITS FAMILY/ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED the public housing agency because (i) conditions in the area WITH THE PROPERTY: surrounding the public housing project adversely affect the Public Housing health or safety of the residents or the feasible operation of the project by the public housing agency; or (ii) disposition allows the acquisition, development, or rehabilitation of other INCOME RESTRICTION: properties that will be more efficiently or effectively operated Public housing dwelling units of a public housing agency as low-income housing; (B) the public housing agency has made available for occupancy in any fiscal year by eligible otherwise determined the disposition to be appropriate for families, not less than 40 percent shall be occupied by fami- reasons that are (i) in the best interests of the residents and lies whose incomes at the time of commencement of occu- the public housing agency; (ii) consistent with the goals of pancy do not exceed 30 percent of the AMI, except that the the public housing agency and the public housing agency Secretary of HUD may establish income ceilings higher or plan. The public housing agency must notify each family lower than 30 percent of the AMI on the basis of the residing in a project subject to demolition or disposition 90 Secretary's findings that such variations are necessary because days prior to the displacement date, except in cases of immi- of unusually high or low family incomes. nent threat to health or safety. Low-income families residing in a public housing project shall be provided with the oppor- RENT RESTRICTION: tunity to purchase the dwelling units in the project through a Shall be the highest of the following amounts, rounded to the qualifying resident management corporation as follows: (A) nearest dollar: (A) 30 percentof the family's monthly adjusted the adult residents of a public housing project shall have income; (B) 10 percentof the family's monthly income; or (C) formed a resident management corporation in accordance if the family is receiving payments for welfare assistance with regulations and requirements of the Secretary; (B) the from a public agency and a part of such payments, adjusted in resident management corporation shall have entered into a accordance with the family's actual housing costs, is specifi- contract with the public housing agency establishing the cally designated by such agency to meet the family's housing respective management rights and responsibilities of the resi- costs, the portion of such payments which is so designated. dent management corporation and the public housing agency; Tenants also have the option to pay a "flat rent," which will and (C) the resident management corporation shall have be based on the market rate obtained for a comparable unit in demonstrated its ability to manage public housing effectively the area in which the housing is located. and efficiently for a period of not less than 3 years. TRANSFER RESTRICTIONS: Public housing agency must submit an application to demol- PROJECTED DATE IN WHICH ish or dispose of a public housing project or a portion of a RESTRICTION WILL TERMINATE: public housing project certifying that: (1) in the case of (A) N/A an application proposing demolition of a public housing proj- ect or a portion of a public housing project, that (i) the project OWNER INFORMATION: or portion of the public housing project is obsolete as to phys- Housing Authority of Baltimore City ical condition, location, or other factors, making it unsuitable 417 E. Fayette Street for housing purposes; and (ii) no reasonable program of mod- Baltimore, MD 21202 ifications is cost-effective to return the public housing project or portion of the project to useful life; and (B) an application proposing the demolition of only a portion of a public hous- ing project, that the demolition will help to ensure the viabili- ty of the remaining portion of the project;(2) in the case of an application proposing disposition by sale or other transfer of a public housing project or other real property (A) the retention of the property is not in the best interests of the residents or 36 Low-Income Restricted Housing Study MIDTOWN MEMORIAL APARTMENTS 301 McMechen Baltimore, MD 21217 57 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress WITH THE PROPERTY: makes funds available, the owner and the Secretary may HUD Project-Based Section 8; 202 Direct loan agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of FINANCIAL DETAILS OF SUBSIDIES: Housing and Urban Development will provide tenant-based 202 Direct loan: original loan amount $3,312,400; initial and rental assistance to all eligible residents, enabling them to final endorsement date April 1, 1967; first payment date June choose the place they wish to rent, which is likely to include 1, 1969; maturity date: May 1, 2019; loan term 600 months; the dwelling unit in which they currently reside. Any contract 3% interest rate; monthly interest and principal covered by this paragraph that is renewed may be renewed payment $10,665 for a period of up to 1 year or any number or years, with pay- ments subject to the availability of appropriations for any INCOME RESTRICTION: year. 202: May not sell, cease to own, assign, transfer, or dis- Section 8: All units shall be reserved for families, one mem- pose of all or any part of the owner’s interest in the project ber of which is at least 62 years of age or disabled, whose without the prior written consent of HUD. income does not exceed 50% of AMI. However, of the fami- lies initially provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be PROJECTED DATE IN WHICH families whose incomes do not exceed 30% of the AMI, as RESTRICTION WILL TERMINATE: determined by the Secretary with adjustments for smaller and May 2019 larger families; except that the Secretary of HUD may estab- lish income ceilings higher or lower than 30% of the AMI on OWNER INFORMATION: the basis of the Secretary's findings that such variations are The Memorial Apartments Corporation necessary because of unusually high or low family incomes. 1401 Bolton Street Memorial Church RENT RESTRICTION: Baltimore, MD 21217 Section 8: Gross rent shall be the highest of the following Nonprofit Owner amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the fami- ly's monthly income; or (C) if the family is receiving pay- ments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. COMPLIANCE PERIOD: 202: Units must remain affordable so long as loan is out- standing. TRANSFER RESTRICTIONS: Section 8: Not less than one year before termination of any contract under which assistance payments are received, an owner shall provide written notice to the Secretary of HUD
Low-Income Restricted Housing Study 37 MIDTOWN MEDESO MANOR APARTMENTS 2004 Eutaw Street Baltimore, MD 21217 56 INCOME-RESTRICTED UNITS FAMILIES
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: HUD Project-Based Section 8
INCOME RESTRICTION: All units shall be reserved for families whose income does not exceed 50% of AMI. However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose incomes do not exceed 30% of the AMI, as determined by the Secretary with adjustments for smaller and larger families; except that the Secretary of HUD may establish income ceilings higher or lower than 30% of the AMI on the basis of the Secretary's findings that such variations are necessary because of unusually high or low family incomes. RENT RESTRICTION: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the family's monthly income; or (C) if the family is receiving payments for welfare assis- tance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. TRANSFER RESTRICTIONS: Section 8: Not less than one year before termination of any contract under which assistance payments are received, an owner shall provide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will provide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropriations for any year. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: N/A OWNER INFORMATION: Medeso Manor Apartments, LLC 1480 Laurelwood Ave Lakewood, NJ 08701
38 Low-Income Restricted Housing Study MIDTOWN MULBERRY COURT 401 North Eutaw Court Baltimore, MD 21201 62 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $344,475. Placed in service: December 28, 1993 INCOME RESTRICTION: At least 15% of the units shall be occupied by individuals whose income is 50% or less of AMI and all of the remaining units shall be occupied by individuals whose income is 60% or less of AMI, in either case adjusted for family size. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. Ends: December 2023 Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After end of the extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration is unable to secure a qualified con- tract, Agreement shall automatically terminate and be released upon request of owner.
PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: December 2023
OWNER INFORMATION: 306 West Mulberry Limited Partnership 429 N. Eutaw St., Ste. 3 Baltimore, MD 21201
Low-Income Restricted Housing Study 39 MIDTOWN
PEDESTAL GARDENS 325 McMechen Baltimore, MD 21201 106 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: HUD Project-Based Section 8 INCOME RESTRICTION: All units shall be reserved for families whose income does not exceed 50% of AMI. However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose incomes do not exceed 30% of the AMI, as determined by the Secretary with adjustments for smaller and larger families; except that the Secretary of HUD may establish income ceilings higher or lower than 30% of the AMI on the basis of the Secretary's findings that such variations are necessary because of unusually high or low family incomes. RENT RESTRICTION: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30% of the family's monthly adjust- ed income; (B) 10% of the family's monthly income; or (C) if the family is receiving payments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically desig- nated by such agency to meet the family's housing costs, the portion of such payments which is so designated. TRANSFER RESTRICTIONS: Not less than one year before termination of any contract under which assistance payments are received, an owner shall pro- vide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will pro- vide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropriations for any year. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: N/A OWNER INFORMATION: Interstate Realty 325 McMechen Baltimore, MD 21201
40 Low-Income Restricted Housing Study MIDTOWN WALKER-DANIELS HOUSE 2100 Madison Ave Baltimore, MD 21217 23 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED TRANSFER RESTRICTIONS: WITH THE PROPERTY: Shall receive written approval from HUD secretary prior to HUD Project-Based Section 8; 202 Direct loan; ERHP transfer of property. Any such transfer shall be only to a per- son(s) or corporation satisfactory to and approved by HUD, who shall duly assume all obligations and income restrictions. FINANCIAL DETAILS OF SUBSIDIES: Section 8: Not less than one year before termination of any 202 Direct loan: $1,041,100 received on September 27, 1990. contract under which assistance payments are received, an Reserve fund: $354.34/month owner shall provide written notice to the Secretary of HUD ERHP: $723,852 received on September 26, 1990 and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress INCOME RESTRICTION: makes funds available, the owner and the Secretary may All units shall be reserved for families, one member of which agree to a renewal of the contract, thus avoiding termination, is at least 62 years of age or disabled, whose income does not and that in the event of termination the Department of exceed 50% of AMI. However, of the families initially pro- Housing and Urban Development will provide tenant-based vided project-based assistance by a public housing agency in rental assistance to all eligible residents, enabling them to any fiscal year, not less than 75% shall be families whose choose the place they wish to rent, which is likely to include incomes do not exceed 30% of the AMI, as determined by the the dwelling unit in which they currently reside. Any contract Secretary with adjustments for smaller and larger families; covered by this paragraph that is renewed may be renewed except that the Secretary of HUD may establish income ceil- for a period of up to 1 year or any number or years, with pay- ings higher or lower than 30% of the AMI on the basis of the ments subject to the availability of appropriations for any Secretary's findings that such variations are necessary because year. of unusually high or low family incomes. PROJECTED DATE IN WHICH RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limi- RESTRICTION WILL TERMINATE: tation adjusted for a household consisting of the number August 9, 2031 or when there ceases to be a section 8 assis- obtained by multiplying 1.5 by the number of bedrooms. tance agreement associated with the property. Section 8: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the OWNER INFORMATION: family's monthly adjusted income; (B) 10 percentof the fami- Marguerite and Regionald Daniels Housing for Elderly ly's monthly income; or (C) if the family is receiving pay- 429 N. Eutaw Street ments for welfare assistance from a public agency and a part Baltimore, MD 21201 of such payments, adjusted in accordance with the family's Nonprofit Owner actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. COMPLIANCE PERIOD: ERHP: the compliance period remains in place for 40 years. 202 loan: the units must remain affordable until the loan is satisfied.
Low-Income Restricted Housing Study 41 MIDTOWN WESTMINSTER HOUSE 524 North Charles Street Baltimore, MD 21201 104 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: Locally Administered Project-Based Section 8; 202 FINANCIAL DETAILS OF SUBSIDIES: 202 Direct loan: Original loan Amount $3,940,000; 3% interest rate; final endorsement date April 20, 1967; loan term 600 months; maturity date October 1, 2020
INCOME RESTRICTION: At least 20% of the units shall be occupied by individuals of low or moderate income (or 15% of the dwelling units if the proj- ect is or subsequently becomes, a targeted area project) which means individuals of low or moderate income as determined by the Secretary of the US Dept of the Treasury in a manner consistent with determinations of lower income families under sec- tion 8 of the US Housing Act of 1937 except that the percentage of median gross income which qualifies as low or moderate income shall be 80%. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: A period beginning on the first day on which 10% of the units in the project are occupied until the later of 1) the date which is 10 years after the date on which 50% of the units in the project are occupied, 2) the date which is a qualified number of days after the date of initial occupancy of the project (3932 days) or 3) the date on which any assistance provided with respect to the project under section 8 terminates. TRANSFER RESTRICTIONS: May not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project without the prior written consent of HUD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: October 1, 2020 OWNER INFORMATION: United Presbyterian Ministries 524 N. Charles Street Baltimore, MD 21201 Nonprofit Owner
42 Low-Income Restricted Housing Study GREATER MONDAWMIN
Total income-restricted units: 226 20 will expire in 2011 unless section 8 program continues 166 will expire between 2018-2029 40 will expire between 2030-2040
80 units are designated for elderly/disabled residents 146 units are designated for families MONDAWMIN BURLIETH RIDGE APARTMENTS 2601-2613 Fairview Avenue Baltimore, MD 21215 40 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED date of deed of trust (February 10, 1997). Prepayment will WITH THE PROPERTY: not end compliance period. Ends: February 2027. LIHTC; HOME TRANSFER RESTRICTIONS: LIHTC: After end of 50th year of extended use period owner FINANCIAL DETAILS OF SUBSIDIES: may submit written request to the Administration that the LIHTC: Reserved in the amount of $92,360. Placed in serv- Administration find a person or entity to acquire owner's inter- ice: December 1996 est in project. Must submit description of property, appraisal HOME: $215,054 of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to INCOME RESTRICTION: the submission of said request. At the expiration of 1 year LIHTC: 100% of the units shall be reserved for individuals period following receipt of request, if Administration unable whose income is 60% or less of AMI provided that at least to secure a qualified contract, Agreement shall automatically 30% of the units shall be occupied by individuals whose terminate and be released upon request of owner. HOME: income is 50% or less of AMI and at least 10% of the units Without prior written approval of DHCD, may not sell or shall be occupied by indivuduals whose income is 30% or less transfer the premises. If they do, the borrower shall pay of AMI. HOME: 13 of the units rented to families whose DHCD an additional interest on the loan in the amount equal annual gross income is not greater than 60% of the AMI (high to the lesser of: 1) i) the original loan; ii) divided by the sum HOME units); 3 of the units shall be rented to families whose of: a) the total original costs of the HOME Project, and b) annual gross income is not greater than 50% of the AMI (low documented capital expenditures for the benefit of the HOME HOME units). project; iii) multiplied by the a) net sales proceeds realized upon the sale of the project or portion thereof, or b) imputed RENT RESTRICTION: equity based on an appraisal, satisfactory to DHCD in the LIHTC: Gross rent may not exceed 30% of the imputed event the HOME project discontinues occupancy by income income limitation adjusted for a household consisting of the eligible households but is not sold, or 2) the difference number obtained by multiplying 1.5 by the number of bed- between i) the amount of actual interest, accruing at a rate 1% rooms. HOME: High units: rent shall not exceed the lesser per annum, on the unpaid principal balance of the loan for the of: a) the section 8 (24 CFR 888.111) fair market rents for period commencing on the first day of the permanent loan existing housing for comparable area units; or b) 30% of the period until and including the date on which the loan in repaid adjusted income of a family whose gross income equals 65% in full, and ii) the amount of actual interest, accruing at a rate or AMI with adjustments for number of bedrooms in unit. of 8% per annum (which is the rate of interest which would Low units: shall not exceed the lesser of a) 30% of the tenant have been imputed had the HOME loan been a market rate family's adjusted income; or b) 30% of the gross income of a loan) due and payable on the unpaid principal balance of the family whose income equals 50% of AMI with adjustment for loan for the period commencing on the first day of the perma- family size. nent loan period until and including the date on which the loan is repaid in full. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 35 years after the close of the compliance period. PROJECTED DATE IN WHICH Any time after the end of the 20th year after the compliance RESTRICTION WILL TERMINATE: period, the owner may request relief from the covenants if the December 2046 project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to OWNER INFORMATION: the covenants, increase the income limits or adjust the date of Burdol Limited Partnership termination of the agreement, if permitted by federal tax law. 6212 York Road Ends: December 2046. HOME: Continues for 30 years after Baltimore, MD 21212 43 Low-Income Restricted Housing Study MONDAWMIN COLEMAN MANOR APARTMENTS 2201 Walbrook Avenue Baltimore, MD 21216 50 INCOME-RESTRICTED UNITS FAMILIES
SUBSIDY PROGRAMS ASSOCIATED TRANSFER RESTRICTIONS: WITH THE PROPERTY: Section 8: Not less than one year before termination of any HUD Project-Based Section 8; RHPP; 202 loan contract under which assistance payments are received, an owner shall provide written notice to the Secretary of HUD FINANCIAL DETAILS OF SUBSIDIES: and the tenants involved of the proposed termination. The RHPP: $847,600 issued on May 16, 1988 notice shall also include a statement that, if the Congress 202 insured loan: $1,477,400 granted on May 16, 1988. makes funds available, the owner and the Secretary may Reserve fund: $492.50/monthly agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of INCOME RESTRICTION: Housing and Urban Development will provide tenant-based RHPP: Units shall be occupied by families whose income rental assistance to all eligible residents, enabling them to does not exceed 60% of AMI. Section 8: All units shall be choose the place they wish to rent, which is likely to include reserved for families, one member of which is at least 62 the dwelling unit in which they currently reside. Any contract years of age, whose income does not exceed 50% of AMI. covered by this paragraph that is renewed may be renewed However, of the families initially provided project-based for a period of up to 1 year or any number or years, with pay- assistance by a public housing agency in any fiscal year, not ments subject to the availability of appropriations for any less than 75 percent shall be families whose incomes do not year. exceed 30 percent of the AMI, as determined by the Secretary with adjustments for smaller and larger families; except that PROJECTED DATE IN WHICH the Secretary of HUD may establish income ceilings higher RESTRICTION WILL TERMINATE: or lower than 30 percent of the AMI on the basis of the March 2029 Secretary's findings that such variations are necessary because of unusually high or low family incomes. OWNER INFORMATION: Coleman Manor Associates Limited Partnership RENT RESTRICTION: 1500 Sulgrave Avenue RHPP, 202: Gross rent may not exceed 30% of the imputed Baltimore, MD 21209 income limitation adjusted for a household consisting of the Nonprofit Owner number obtained by multiplying 1.5 by the number of bed- rooms. Section 8: Gross rent shall be the highest of the fol- lowing amounts, rounded to the nearest dollar: (A) 30 per- centof the family's monthly adjusted income; (B) 10 percentof the family's monthly income; or (C) if the family is receiving payments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the fami- ly's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. COMPLIANCE PERIOD: RHPP: For the greater of i) 20 years, or ii) so long as the loan is outstanding. 202: 40 years or as long as the loan is outstanding. loan matures on March 1, 2029.
Low-Income Restricted Housing Study 44 MONDAWMIN SCHOOL 149/ROSEDALE TERRACE 1801 North Rosedale Street Baltimore, MD 21216 34 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: HDG; RHPP FINANCIAL DETAILS OF SUBSIDIES: Housing Development Grant (HDG): $572,156 on June 11, 1989 RHPP: $880,000 on January 5, 1990 Reserve fund: $750/month INCOME RESTRICTION: RHPP: i) not less than 14 units shall be occupied by families whose gross annual income for families of like size does not exceed 50% of AMI, and ii) all remaining units shall be occupied by families whose income does not exceed 60% of AMI. HDG: At least 14 units shall be occupied by families whose gross annual income does not exceed 60% of AMI adjusted for family size. RENT RESTRICTION: Gross rent may not exceed 30% of imputed income limitation adjusted for family size. COMPLIANCE PERIOD: RHPP: The greater of i) so long as the loan is outstanding, or ii) one-half of the initial term of loan. HDG: 30 years from the date when 50% of the units in the project are occupied. TRANSFER RESTRICTIONS: RHPP: If owner wishes to prepay, must provide notice of prepayment and offer a right of first purchase to the Maryland Department of Housing and Community Development, the local political subdivision, the local public housing authority, if any, and any parties registered with DHCD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: On or about 2020 OWNER INFORMATION: Rosedale Terrace Limited Partnership 1701 Meridene Drive Baltimore, MD 21239
45 Low-Income Restricted Housing Study MONDAWMIN ST.STEPHEN’S COURT 2401 St. Stephen’s Court Baltimore, MD 21216 20 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: HUD Project-Based Section 8; 236 FINANCIAL DETAILS OF SUBSIDIES: 236 loan; Endorsement Date December 19, 1970; original loan amount $939,7000; loan term 480 months; 7.5% interet rate; monthly principal and interest $6,195.74 INCOME RESTRICTION: Section 8: All units shall be reserved for families, one member of which is at least 62 years of age, whose income does not exceed 50% of AMI. However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose incomes do not exceed 30% of the AMI, as determined by the Secretary with adjustments for smaller and larger families; except that the Secretary of HUD may establish income ceilings higher or lower than 30% of the AMI on the basis of the Secretary's findings that such variations are necessary because of unusually high or low family incomes. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. Section 8: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the family's monthly income; or (C) if the family is receiving payments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated. COMPLIANCE PERIOD: 236: For so long as the loan is outstanding. Maturity date: January 11, 2011. Prepayment shall extinquish affordability require- ments. TRANSFER RESTRICTIONS: Section 8: Not less than one year before termination of any contract under which assistance payments are received, an owner shall provide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will provide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropria- tions for any year. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: January 2011 OWNER INFORMATION: St. Stephen’s Court Apartments, Inc. 2401 St. Stephen’s Court, 2A Baltimore, MD 21216 Nonprofit Owner
Low-Income Restricted Housing Study 46 MONDAWMIN 2236 WEST NORTH AVENUE 2236 West North Avenue Baltimore, MD 21216 2 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: Reserved in the amount of $6,000. Placed in service on September 14, 1993 INCOME RESTRICTION: All units occupied by individuals whose income is 60% or less of AMI. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 20 years after the close of the compliance period. Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is eco- nomically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After the end of the 20th year of the extended use period, owner may submit a written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. At the expiration of 1 year period following receipt of request, if Administration unable to secure a qaualified contract, Agreement shall automatically terminate and be released upon request of owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: September 2028 OWNER INFORMATION: Clarice Shropshire Post Office Box 29825 Baltimore, MD 21216
47 Low-Income Restricted Housing Study PATTERSON PARK
Total income-restricted units: 116 28 will expire before 2018 42 will expire between 2030-2040 37 will expire after 2041 9 are public housing units which will remain income-restricted indefinitely
37 units are designated for elderly/disabled residents 79 units are designated for families PATTERSON PARK 9 SOUTH CHAPEL STREET 9 South Chapel Street Baltimore, MD 21231 1 INCOME-RESTRICTED UNIT FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: reserved in the amount of $3,820. Placed in service: December 31, 1996 INCOME RESTRICTION: 100% of units shall be occupied by individuals whose income is 50% or less of AMI RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 30 years after the close of the compliance period. Ends: December-2041. Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After end of 30th year of extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration unable to secure a qualified con- tract, agreement shall automatically terminate and be released upon request of owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: December 2041 OWNER INFORMATION: 9 South Limited Partnership 1228 N. Calvert Street Baltimore, MD 21202
48 Low-Income Restricted Housing Study PATTERSON PARK
2017-2024 E. BALTIMORE STREET 2017 - 2024 E. Baltimore Street Baltimore, MD 21231 4 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: MHRP FINANCIAL DETAILS OF SUBSIDIES: $198,922 received on February 28, 1997 INCOME RESTRICTION: All of the units shall be rented to families whose annual gross income is not greater than 50% of the AMI. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Commences on date of deed of trust and continues for the longer of a) so long as the loan is outstanding; or b) 15 years after the completion of the rehabilitation work financed by the loan. Ends: On or about February 2012. TRANSFER RESTRICTIONS: A borrower may not sell, cease to own, assign, transfer, dispose of, or lease all or any part of the property except for residen- tial leases of not more than 3 years duration, during the loan term, without the prior written consent of the department, except as permitted by federal law. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: On or about February 2012 OWNER INFORMATION: Neighborhood Rental Services of Baltimore, Inc. 244 N. Patterson Park Avenue Baltimore, MD 21231
Low-Income Restricted Housing Study 49 PATTERSON PARK
2312 - 2314 JEFFERSON STREET 2312 - 2314 Jefferson Street Baltimore, MD 21205 2 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED PROJECTED DATE IN WHICH WITH THE PROPERTY: RESTRICTION WILL TERMINATE: HOME June 2008 FINANCIAL DETAILS OF SUBSIDIES: OWNER INFORMATION: $120,000 received on July 15, 1995. Loan modified as of Neighborhood Rental Services of Baltimore, Inc. June 24, 1998 to reflect houses sold to eligible low income 244 N. Patterson Park Avenue families. Revised loan amount is $60,0000. Baltimore, MD 21231 INCOME RESTRICTION: 100% of the units shall be rented to families whose annual gross income is not greater than 60% of the AMI (high HOME units); 3 of the units shall be rented to families whose annual gross income is not greater than 50% of the AMI (low HOME units). RENT RESTRICTION: Rent shall not exceed the lesser of: a) the section 8 (24 CFR 888.111) fair market rents for existing housing for compara- ble area units; or b) 30% of the adjusted income of a family whose gross income equals 65% or AMI with adjustments for number of bedrooms in unit. COMPLIANCE PERIOD: Commences on date of deed of trust and continues for the longer of a) so long as the loan is outstanding; or b) a period of 10 years thereafter. Ends: June 2008.
TRANSFER RESTRICTIONS: HOME: Without prior written approval of DHCD, may not sell or transfer the premises. Upon sale of the project or any portion thereof, or upon discontinuance of use of the project for income eligible househoulds , the borrower shall pay DHCD an additional interest on the loan in the amount equal to: i) the original loan; ii) divided by the sum of: a) the total original costs of the HOME Project, and b) documented capi- tal expenditures for the benefit of the HOME project; iii) multiplied by the a) net sales proceeds realized upon the sale of the project or portion thereof, or b) imputed equity based on an appraisal, satisfactory to DHCD in the event the HOME project discontinues occupancy by income eligible households but is not sold.
50 Low-Income Restricted Housing Study PATTERSON PARK BRADFORD STREET TOWNHOUSES 501-510, 512, 514, 521, 523 N. Bradford Street; 429 N. Castle; 2044, 2046, 2108, 2112, 2308, 2325 E. Fayette; 228 N. Madeira Street; 2048 Orleans Street; 201 N. Rose Street; and 230 N. Duncan Street Baltimore, MD 21205 25 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED DHCD an additional interest on the loan in the amount equal to: i) the original loan; ii) divided by the sum of: a) the total WITH THE PROPERTY: original costs of the HOME Project, and b) documented capi- HOME; RHPP tal expenditures for the benefit of the HOME project; iii) multiplied by the a) net sales proceeds realized upon the sale FINANCIAL DETAILS OF SUBSIDIES: of the project or portion thereof, or b) imputed equity based HOME: $750,000 received on July 22, 1994 on an appraisal, satisfactory to DHCD in the event the RHPP: $1,000,000 received on July 22, 1994. Reserve fund: HOME project discontinues occupancy by income eligible $950/monthly households but is not sold. PROJECTED DATE IN WHICH INCOME RESTRICTION: HOME: 80% of the units shall be rented to families whose RESTRICTION WILL TERMINATE: annual gross income is not greater than 60% of the AMI October 2030 (high HOME units); 3 of the units shall be rented to families whose annual gross income is not greater than 50% of the OWNER INFORMATION: AMI (low HOME units). RHPP: Units shall be occupied by Bradford Street Development Corporation families whose income does not exceed 30% of AMI. 244 N. Patterson Park Avenue Baltimore, MD 21231 RENT RESTRICTION: HOME: High units: rent shall not exceed the lesser of: a) the section 8 (24 CFR 888.111) fair market rents for existing housing for comparable area units; or b) 30% of the adjusted income of a family whose gross income equals 65% or AMI with adjustments for number of bedrooms in unit. Low units: shall not exceed the lesser of a) 30% of the tenant fam- ily's adjusted income; or b) 30% of the gross income of a family whose income equals 50% of AMI with adjustment for family size. RHPP: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household con- sisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: HOME: Commences on date of deed of trust and continues for the longer of a) so long as the loan is outstanding; or b) a period of 10 years thereafter for the rehabilitated properties and 20 years for the newly constructed properties. Ends: July 2004-2014. RHPP: For the greater of i) 35 years and 14 months, or ii) so long as the loan is outstanding. Ends: October 2030. TRANSFER RESTRICTIONS: HOME: Without prior written approval of DHCD, may not sell or transfer the premises. Upon sale of the project or any portion thereof, or upon discontinuance of use of the project for income eligible househoulds , the borrower shall pay Low-Income Restricted Housing Study 51 PATTERSON PARK
BUTCHERS ROW PHASE II 2021, 2022, 2025, 2027, 2029, 2032 E. Baltimore Street Baltimore, MD 21231 16 INCOME-RESTRICTED UNIT FAMILY
SUBSIDY PROGRAMS ASSOCIATED Administration find a person or entity to acquire owner's interest in project. Must submit description of property, WITH THE PROPERTY: appraisal of the project if required by the Administration, LIHTC; HOME and financial statements for the project covering the 3 year period prior to the submission of said request. At the expi- FINANCIAL DETAILS OF SUBSIDIES: ration of 1 year period following receipt of request, if LIHTC: Reserved in the amount of $104,881. Placed in Administration unable to secure a qualified contract, agree- service: November 29, 2000. ment shall automatically terminate and be released upon HOME: $306,000 received on July 11, 2000 request of owner. HOME: Without prior written approval of DHCD, may not sell or transfer the premises. INCOME RESTRICTION: LIHTC: At least 20% of units shall be occupied by individ- PROJECTED DATE IN WHICH uals whose income is 50% or less of AMI. HOME: 100% of the units shall be rented to families whose RESTRICTION WILL TERMINATE: annual gross income is not greater than 50% of the AMI. November 2041 RENT RESTRICTION: OWNER INFORMATION: LIHTC: For units with and without separate bedrooms, Butchers Row Limited Partnership gross rent may not exceed 30% of 50% of AMI adjusted for 244 N. Patterson Park Avenue Baltimore, MD 21231 household size by multiplying 1.5 by the number of bed- rooms. HOME: Rents shall not exceed the lesser of a) 30% of the tenant family's adjusted income; or b) 30% of the gross income of a family whose income equals 50% of AMI with adjustment for family size. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 26 years after the close of the compliance period. Ends: November 2041. Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is economi- cally distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. HOME: Commences on the first day of the permanent loan period and continues for the longer of a) so long as the loan is out- standing; or b) a period of 20 years thereafter.Prepayment will not terminate affordability restrictions. Ends: July 2020. TRANSFER RESTRICTIONS: LIHTC: After end of 41st year of extended use period owner may submit written request to the Administration that the
52 Low-Income Restricted Housing Study PATTERSON PARK INDECCO APARTMENTS 934 S. Lakewood Avenue Baltimore, MD 21224 9 INCOME-RESTRICTED UNIT FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: Locally Administered Project-Based Section 8
FINANCIAL DETAILS OF SUBSIDIES: The amount of the monthly assistance payment with respect to any dwelling unit shall be the difference between the maximum monthly rent which the contract provides that the owner is to receive for the unit and the rent the family is required to pay under 42 U.S.C.A. Section 1437a(a). Not more than 20% of the funding available for tenant-based assistance that is adminis- tered by the agency may be attached to structures. INCOME RESTRICTION: All units shall be reserved for families whose income does not exceed 50% of AMI. However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose incomes do not exceed 30% of the AMI adjusted for family size; except that the Secretary of HUD may establish income ceilings higher or lower than 30% of AMI on the basis of the Secretary's findings that such variations are necessary because of unusually high or low family incomes. RENT RESTRICTION: Gross rent shall be the highest of the following amounts, rounded to the nearest dollar: (A) 30 percentof the family's monthly adjusted income; (B) 10 percentof the family's monthly income; or (C) if the family is receiving payments for welfare assis- tance from a public agency and a part of such payments, adjusted in accordance with the family's actual housing costs, is specifically designated by such agency to meet the family's housing costs, the portion of such payments which is so designated.
COMPLIANCE PERIOD: A housing assistance payment contract may have a term of up to 10 years, subject to the availability of sufficient appropriated funds for the purpose of renewing expiring contracts. If the units covered by the contract are owned by the agency, the term of the contract shall be agreed upon by the agency and the unit of general local government. TRANSFER RESTRICTIONS: Not less than one year before termination of any contract under which assistance payments are received, an owner shall pro- vide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will pro- vide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropriations for any year.
OWNER INFORMATION: Kousouris Brothers Real Estate 934 S. Lakewood Avenue Baltimore, MD 21224
Low-Income Restricted Housing Study 53 PATTERSON PARK MESSIAH HALL HOUSING/CANTON ELDERLY HOUSING 1024 South Decker Avenue Baltimore, MD 21224 17 INCOME-RESTRICTED UNIT ELDERLY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC; RHPP
FINANCIAL DETAILS OF SUBSIDIES: LIHTC :Reserved in the amount of $107,400. Placed in service: November 23, 1993 RHPP: $868,000 on February 25, 1993. Reserve fund: i) $177.34 month/ in year one; ii) $354.67/month in year two; iii) $532.08/monthly in year three; and iv) $595.38/month in year four and continuing until loan is paid in full. INCOME RESTRICTION: LIHTC: 100% of units reserved for households whose income is 50% or less of AMI. RHPP: 100% of units reserved for households whose income is 50% or less of AMI. RENT RESTRICTION: LIHTC: For units with and without separate bedrooms, gross rent may not exceed 30% of 50% of AMI adjusted for household size by multiplying 1.5 by the number of bedrooms. RHPP: For units with and without separate bedrooms, gross rent may not exceed 30% of 60% of AMI adjusted for household size by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 25 years after the close of the compliance period. Ends: November 2033. Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. RHPP: Compliance period for so long as the loan is outstanding. TRANSFER RESTRICTIONS: LIHTC: After end of 40th year of extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration unable to secure a qualified contract, Agreement shall automatically terminate and be released upon request of owner. RHPP: During the term of the loan, may not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the project with- out the prior written consent of the DHCD. May prepay loan. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: November 2033 OWNER INFORMATION: O'Donnell Square Housing Limited Partnership 1228 N. Calvert Street Baltimore, MD 21202
54 Low-Income Restricted Housing Study PATTERSON PARK NRS TOWNHOUSES II 2213, 2231, 2237, 2306 Jefferson Street; 226 N. Madeira Street; 2204, 2208, 2210, 2231, 2234 Orleans Street; 501 N. Patterson Park Ave; 201, 420 N. Chester Street; 228, 509 N. Collington Street; 2032, 2040, 2042, 2203, E. Fayette Street Baltimore, MD 21231 22 INCOME-RESTRICTED UNIT FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: RHPP FINANCIAL DETAILS OF SUBSIDIES: RHPP: $1,176,128.34 received on October 28, 1992 (modified from June 29, 1989 agreement when original loan amount of $1,158,971 was received). Reserve fund: $618/monthly INCOME RESTRICTION: All units shall be occupied by families whose gross annual income for families of like size does not exceed 50% of AMI. RENT RESTRICTION: Gross rent may not exceed 30% of imputed income limitation adjusted for family size. COMPLIANCE PERIOD: The greater of i) so long as the loan is outstanding, or ii) 14 years and 15 days. May have ended in 2006. TRANSFER RESTRICTIONS: If owner wishes to prepay, must provide notice of prepayment and offer a right of first purchase to the Maryland Department of Housing and Community Development, the local political subdivision, the local public housing authority, if any, and any parties registered with DHCD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: May have ended in 2006 unless additional financing was received. OWNER INFORMATION: Neighborhood Rental Services of Baltimore, Inc. 244 N. Patterson Park Avenue Baltimore, MD 21231
*There may be more subsidy programs associated with this property. The documents demonstrating receipt of such subsidies were not available when this was prepared.
Low-Income Restricted Housing Study 55 PATTERSON PARK ST.ELIZABETH’S CONVENT 35 North Lakewood Avenue Baltimore, MD 21224 20 INCOME-RESTRICTED UNIT ELDERLY
SUBSIDY PROGRAMS ASSOCIATED RHPP: 30 years or so long as loan is outstanding. WITH THE PROPERTY: LIHTC; HOME; RHPP TRANSFER RESTRICTIONS: LIHTC: After end of 50th year of extended use period owner may submit written request to the Administration that the FINANCIAL DETAILS OF SUBSIDIES: Administration find a person or entity to acquire owner's inter- LIHTC: Reserved in the amount of $108,150. Placed in serv- est in project. Must submit description of property, appraisal ice: August 1, 1997 of the project if required by the Administration, and financial HOME: $450,000 granted on September 5, 1996 statements for the project covering the 3 year period prior to RHPP: $493,900 granted on September 5, 1996. Reserve the submission of said request. At the expiration of 1 year fund: $500/monthly period following receipt of request, if Administration unable to secure a qualified contract, Agreement shall automatically INCOME RESTRICTION: terminate and be released upon request of owner. HOME: LIHTC: At least 20% of units for households whose income Without prior written approval of DHCD, may not sell or is 50% or less of AMI. HOME: 80% shall be rented to fami- transfer the premises. Upon sale of the project or discontinu- lies whose income is not greater than 60% of the AMI (high ance of use as income-restricted, the borrower shall pay HOME unit), 20% of the units shall be rented to families DHCD an additional interest on the loan in the amount equal whose annual gross income is not greater than 50% of the to the lesser of: i) the original loan; 1) divided by the sum of: AMI (low HOME units). RHPP: At least 20% of units for a) the total original costs of the HOME Project, and b) docu- households whose income is 60% or less of AMI . mented capital expenditures for the benefit of the HOME proj- ect; 2) multiplied by the a) net sales proceeds realized upon RENT RESTRICTION: the sale of the project or portion thereof, or b) imputed equity LIHTC: Gross rent may not exceed 30% of the imputed based on an appraisal, satisfactory to DHCD in the event the income limitation adjusted for a household consisting of the HOME project discontinues occupancy by income eligible number obtained by multiplying 1.5 by the number of bed- households but is not sold, or ii) the difference between 1) the rooms. HOME: High units: rent shall not exceed the lesser amount of actual interest, accruing at 1% per annum (AFR) of: a) the section 8 (24 CFR 888.111) fair market rents for due and payable on the unpaid principal balance of the loan existing housing for comparable area units; or b) 30% of the for the period commencing on the first day of the permanent adjusted income of a family whose gross income equals 65% loan period until and including the date on which the loan in repaid in full, and 2) the amount of interest, accruing at a rate or AMI with adjustments for number of bedrooms in unit. of 8% per annum (which interest is the rate of interest which Low units: shall not exceed the lesser of a) 30% of the tenant would have been imputed had the loan been a market rate family's adjusted income; or b) 30% of the gross income of a loan), on the unpaid principal balance of the loan for the peri- family whose income equals 50% of AMI with adjustment for od commencing on the first day of the permanent loan period family size. until and including the date on which the loan is repaid in full. RHPP: During the term of the loan, may not sell, cease to COMPLIANCE PERIOD: own, assign, transfer, or dispose of all or any part of the LIHTC: Compliance period is 15 years and the extended use owner’s interest in the project without the prior written con- period ends 35 years after the close of the compliance period. sent of the DHCD. Ends: August 2047. Any time after the end of the 20th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The PROJECTED DATE IN WHICH Administration, in its sole discretion, may reduce the percent- RESTRICTION WILL TERMINATE: age of units subject to the covenants, increase the income lim- August 2047 its or adjust the date of termination of the agreement, if per- mitted by federal tax law. HOME: 30 years from start of per- OWNER INFORMATION: manent loan period. Prepayment will not terminate compli- STE Limited Partnership ance period. Ends: September 2026. 1228 N. Calvert Street Baltimore, MD 21202
56 Low-Income Restricted Housing Study RESERVOIR HILL
Total income-restricted units: 945 478 will expire between 2018-2029 24 will expire between 2030-2040 102 will expire after 2041 341 are public housing units, Project-based section 8 units which will remain income-restricted indefinitely
301 units are for elderly/disabled residents 644 units are designated for families RESERVOIR HILL LAKEVIEW TOWERS AND EXTENSION 717 Druid Park Lake Drive Baltimore, MD 21217 301 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED ty of the remaining portion of the project; (2) in the case of an application proposing disposition by sale or other transfer of a WITH THE PROPERTY: public housing project or other real property (A) the retention Public Housing of the property is not in the best interests of the residents or the public housing agency because (i) conditions in the area INCOME RESTRICTION: surrounding the public housing project adversely affect the All units shall be reserved for families whose income does health or safety of the residents or the feasible operation of not exceed 50% of AMI; however, of the public housing the project by the public housing agency; or (ii) disposition dwelling units of a public housing agency made available for allows the acquisition, development, or rehabilitation of other occupancy in any fiscal year by eligible families, not less than properties that will be more efficiently or effectively operated 40% shall be occupied by families whose incomes at the time as low-income housing; (B) the public housing agency has of commencement of occupancy do not exceed 30% of the otherwise determined the disposition to be appropriate for AMI, except that the Secretary of HUD may establish income reasons that are (i) in the best interests of the residents and ceilings higher or lower than 30% of the AMI on the basis of the public housing agency; (ii) consistent with the goals of the Secretary's findings that such variations are necessary the public housing agency and the public housing agency because of unusually high or low family incomes. plan. The public housing agency must notify each family residing in a project subject to demolition or disposition 90 RENT RESTRICTION: days prior to the displacement date, except in cases of immi- Shall be the highest of the following amounts, rounded to the nent threat to health or safety. Low-income families residing nearest dollar: (A) 30 percentof the family's monthly adjusted in a public housing project shall be provided with the oppor- income; (B) 10 percentof the family's monthly income; or (C) tunity to purchase the dwelling units in the project through a if the family is receiving payments for welfare assistance qualifying resident management corporation as follows: (A) from a public agency and a part of such payments, adjusted in the adult residents of a public housing project shall have accordance with the family's actual housing costs, is specifi- formed a resident management corporation in accordance cally designated by such agency to meet the family's housing with regulations and requirements of the Secretary; (B) the costs, the portion of such payments which is so designated. resident management corporation shall have entered into a Tenants also have the option to pay a "flat rent," which will contract with the public housing agency establishing the be based on the market rate obtained for a comparable unit in respective management rights and responsibilities of the resi- the area in which the housing is located. dent management corporation and the public housing agency; and (C) the resident management corporation shall have COMPLIANCE PERIOD: demonstrated its ability to manage public housing effectively N/A and efficiently for a period of not less than 3 years.
TRANSFER RESTRICTIONS: PROJECTED DATE IN WHICH Public housing agency must submit an application to demol- ish or dispose of a public housing project or a portion of a RESTRICTION WILL TERMINATE: public housing project certifying that: (1) in the case of (A) N/A an application proposing demolition of a public housing proj- ect or a portion of a public housing project, that (i) the project OWNER INFORMATION: or portion of the public housing project is obsolete as to phys- Housing Authority of Baltimore City ical condition, location, or other factors, making it unsuitable 417 E. Fayette Street for housing purposes; and (ii) no reasonable program of mod- Baltimore, MD 21202 ifications is cost-effective to return the public housing project or portion of the project to useful life; and (B) an application proposing the demolition of only a portion of a public hous- ing project, that the demolition will help to ensure the viabili-
57 Low-Income Restricted Housing Study RESERVOIR HILL MADISON PARK NORTH 850 West North Avenue Baltimore, MD 21217 202 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: 236; HUD Project-Based Section 8
FINANCIAL DETAILS OF SUBSIDIES: 236: Original loan amount $2,319,500; initial endorsement date August 11, 1976; final endorsement September 8, 1978; matu- rity date September 1, 2018; original loan term 480 months; 7% interest rate; monthly interest and principal $14,414. Reserve fund: $2,007.30/month
INCOME RESTRICTION: All units shall be reserved for families, one member of which is at least 62 years of age, whose income does not exceed 50% of AMI. However, of the families initially provided project-based assistance by a public housing agency in any fiscal year, not less than 75% shall be families whose incomes do not exceed 30% of the AMI, as determined by the Secretary with adjust- ments for smaller and larger families; except that the Secretary of HUD may establish income ceilings higher or lower than 30% of the AMI on the basis of the Secretary's findings that such variations are necessary because of unusually high or low family incomes. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: So long as the loan is outstanding. Maturity date September 1, 2018. Prepayment will extinguqish affordability requirements.
TRANSFER RESTRICTIONS: Section 8: Not less than one year before termination of any contract under which assistance payments are received, an owner shall provide written notice to the Secretary of HUD and the tenants involved of the proposed termination. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will provide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropriations for any year. 236: May not sell, cease to own, assign, transfer, or dispose of all or any part of the owner’s interest in the proj- ect without the prior written consent of HUD. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: September 2018
OWNER INFORMATION: Madison Park North Apartments, L.P. 1801 Avenue Of The Stars Los Angeles, CA 90067
Low-Income Restricted Housing Study 58 RESERVOIR HILL RENAISSANCE AT RESERVOIR HILL Multiple sites: 2209 Brookfield Avenue; 2203, 2208, 2210, 2300, 2308, 2325, 2402, 2408, 2416, 2422 Callow Avenue; 2014, 2030, 2032, 2042, 2212, 2235, 2241, 2243, 2248, 2250, 2258 Linden Avenue; 739 Newington Avenue; 800 Reservoir Street; 802, 816, 819, 908, 910 Whitelock Street Baltimore, MD 21217 64 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED tion precedent to any such transfer, that the successor owner execute an assumption agreement, which shall be delivered to the WITH THE PROPERTY: Administration prior to transfer. Must sell entire building. HABC: LIHTC; PRHP; Public Housing No transfer, conveyance, or assignment shall be made without prior written approval of HUD of any interest of a managing member, FINANCIAL DETAILS OF SUBSIDIES: general partner, or controlling stockholder or a controlling interest LIHTC: Reserved in the amount of $452,964. Placed in in any entity which has a controlling interest in the owner or prior service: October 2005 to the payment in full of all equity contributions. PRHP: If owner PRHP: $3,260,000 granted on September 27, 2005 wishes to prepay, must provide notice of prepayment and offer a HABC loan: $3,764,140 right of first purchase to the Maryland Department of Housing and Community Development, the local political subdivision, the local INCOME RESTRICTION: public housing authority, if any, and any parties registered with LIHTC: At least 40% of the units shall be occupied by individuals DHCD. Public housing agency must submit an application to whose income is 60% or less of AMI provided that occupancy of demolish or dispose of a public housing project or a portion of a the units shall be further restricted as follows: at least 24 units shall public housing project certifying that (1) in the case of (A) an for households whose income is 30% or less of AMGI; 16 units for application proposing demolition of a public housing project or a households whose income is 40% or less of AMI; 13 units for portion of a public housing project, that (i) the project or portion of households whose income is 50% or less of AMI; 11 units for the public housing project is obsolete as to physical condition, loca- households whose income is 60% or less of AMI. PRHP: All 44 tion, or other factors, making it unsuitable for housing purposes; partnership units must be occupied only by families whose annual and (ii) no reasonable program of modifications is cost-effective to income does not exceed 50% of AMI adjusted for household size. return the public housing project or portion of the project to useful 40 units are Public Housing units, 4 are low income restricted but life; and (B) an application proposing the demolition of only a por- not public housing units. Not more than 20% of households may tion of a public housing project, that the demolition will help to receive rental assistance payments or vouchers from DHCD. ensure the viability of the remaining portion of the project; (2) in the case of an application proposing disposition by sale or other RENT RESTRICTION: transfer of a public housing project or other real property (A) the Gross rent may not exceed 30% of the imputed income limitation retention of the property is not in the best interests of the residents adjusted for a household consisting of the number obtained by mul- or the public housing agency because (i) conditions in the area sur- tiplying 1.5 by the number of bedrooms. Public Housing: Shall be rounding the public housing project adversely affect the health or the highest of the following amounts, rounded to the nearest dollar: safety of the residents or the feasible operation of the project by the (A) 30 percentof the family's monthly adjusted income; (B) 10 per- public housing agency; or (ii) disposition allows the acquisition, centof the family's monthly income; or (C) if the family is receiving development, or rehabilitation of other properties that will be more payments for welfare assistance from a public agency and a part of efficiently or effectively operated as low-income housing; (B) the such payments, adjusted in accordance with the family's actual public housing agency has otherwise determined the disposition to housing costs, is specifically designated by such agency to meet the be appropriate for reasons that are (i) in the best interests of the res- family's housing costs, the portion of such payments which is so idents and the public housing agency; (ii) consistent with the goals designated. Tenants also have the option to pay a "flat rent," which of the public housing agency and the public housing agency plan. will be based on the market rate obtained for a comparable unit in The public housing agency must notify each family residing in a the area in which the housing is located. project subject to demolition or disposition 90 days prior to the dis- placement date, except in cases of imminent threat to health or safe- COMPLIANCE PERIOD: ty. LIHTC: Compliance period is 15 years and the extended use period ends 25 years after the close of the compliance period. Ends: PROJECTED DATE IN WHICH October 2045. PRHP: 40 year period that begins on date in which RESTRICTION WILL TERMINATE: project becomes available, shall be extended for 10 years after the October 2045 end of the last Public Housing Authority (PHA) fiscal year for which operating fund assistance is provided. OWNER INFORMATION: Reservoir Hill Housing LLC TRANSFER RESTRICTIONS: c/o Penrose Properties LLC LIHTC: Owner may sell, transfer or exchange the entire project or 230 Wyoming Avenue any building at any time so long as the owner requires as a condi- Kingston, PA 18704 59 Low-Income Restricted Housing Study RESERVOIR HILL RENAISSANCE PLAZA (EMERSONIAN APARTMENTS,THE ESPLANADE AND TEMPLE GARDENS) Multiple properties: 2601, 2554 Madison Avenue; 1010 Hendler Lane; 2502 Eutaw Place Baltimore, Maryland, 21217 218 INCOME-RESTRICTED UNITS FAMILY SUBSIDY PROGRAMS ASSOCIATED extended use period ends 15 years after the close of the com- pliance period. Any time after the end of the 5th year after the WITH THE PROPERTY: compliance period, the owner may request relief from the HOME; CDBG; RHPP; RELAP; LIHTC covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percent- FINANCIAL DETAILS OF SUBSIDIES: age of units subject to the covenants, increase the income lim- HOME: $4,160,000 received on February 14, 1995 its or adjust the date of termination of the agreement, if per- RHPP: $2,140,000 received on February 14, 1995. Reserve mitted by federal tax law. fund: $5,580.83/month CDBG: $3,500,000 received on February 14, 1995 RELAP: $250,000 TRANSFER RESTRICTIONS: Shall receive written approval from the Secretary of HUD, the Bond Series 1995B; $2,600,000; Original loan Tern 360 Maryland Community Development Administration, and the months; 7.400% received on September 24, 1996 Department of Housing and Community Development prior LIHTC: Reserved in the amount of $1,652,970 to transfer of property. Any such transfer shall be only to a person(s) or corporation satisfactory to and approved by such INCOME RESTRICTION: entities, who shall duly assume all obligations and income HOME: 40% of units (83) must be rented to families whose restrictions. RHPP, RELAP: If owner wishes to prepay, must income does not exceed 60% of the AMI; 11% (23) units provide notice of prepayment and offer a right of first pur- must be rented to families whose incomes do not exceed: for chase to the Maryland Department of Housing and individuals, 68% of statewide median income for a four per- Community Development, the local political subdivision, the son household, for a family of 2 or more, 85% of statewide local public housing authority, if any, and any parties regis- median income for a four person household. RELAP: 123 tered with DHCD. LIHTC: After the end of the 14th year of units in the Temple Garden apartments must be occupied by the extended use period, owner may submit written request to families whose income is 60% or less of AMI who have been the Administration that the Administration find a person or effected by lead paint. LIHTC: At least 59% of the units in entity to acquire owner's interest in project. At the expiration the project shall be occupied by individuals whose income is of 1 year period following receipt of request, if the 60% or less of AMI. Administration is unable to secure a qaualified contract, Agreement shall automatically terminate and be released upon RENT RESTRICTION: request of owner. Gross rent may not exceed 30% of the imputed income limi- tation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: COMPLIANCE PERIOD: September 2026 Beginning on the first day on which at least 10% of dwelling units in the project are first occupied following issuance of OWNER INFORMATION: bond and ending on the latest of: i) 15 years after the date in ETG Associates 94, L.P. which 50% of the units in the project are first occupied; ii) 832 Germantown Pike, Ste 5 first day on which no tax exempt bond issued with respect to Plymouth Meeting, PA 19462 the project is outstanding; or iii) the date in which any assis- tance provided with respect to the project under section 8 ter- minates. RHPP: The greater of: a) 30 years from the final closing of the loan, or b) so long as the loan is outstanding. RELAP: The longer of: 1) 15 years after completion of lead paint abatement on the project; ii) so long as the loan is out- standing. LIHTC: Compliance period is 15 years and the
Low-Income Restricted Housing Study 60 RESERVOIR HILL RENAISSANCE HILL L.P.VIII Multiple properties: 709, 714, 722, 800, 809, 830, 904 Newington Ave; 2227, 2239 Brookfield Ave; 2202, 2400 Callow Ave Baltimore, MD 21217 28 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED TRANSFER RESTRICTIONS: WITH THE PROPERTY: LIHTC: After the end of the 10th year of the extended use LIHTC; HOME period the owner may submit written request to the Administration that the Administration find a person or entity FINANCIAL DETAILS OF SUBSIDIES: to acquire owner's interest in project. At the expiration of 1 LIHTC: Reserved in the amount of $282,830. Placed in serv- year period following receipt of request, if the Administration ice: November 1994 is unable to secure a qualified contract, Agreement shall auto- HOME: $383,880 made December 21, 1994 matically terminate and be released upon request of owner. HOME: Without prior written approval of DHCD, may not INCOME RESTRICTION: sell or transfer the premises. Upon sale of the HOME LIHTC: 100% of the units will continue to to be maintained Project, or any portion thereof, or any interest therein, or dis- as both rent-restricted and occupied by individuals whose continuance of use of the HOME Project for income eligible income is 60% or less of AMI. HOME: 80% of the units households, the borrower shall pay DHCD an amount equal shall be considered high HOME units and shall be rented to to the lesser of: i) the original loan; ii) divided by the sum of: families whose annual gross income is not greater than 60% a) the total original costs of the HOME Project, and b) docu- of the AMI, 20% of the units shall be considered low HOME mented capital expenditures for the benefit of the HOME units and shall be rented to families whose annual gross project; iii) multiplied by the a) net sales proceeds realized income is not greater than 50% of the AMI. upon the sale of the project or portion thereof, or b) imputed equity based on an appraisal, satisfactory to DHCD in the RENT RESTRICTION: event the HOME project discontinues occupancy by income LIHTC: Gross rent may not exceed 30% of the imputed eligible households but is not sold. income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bed- PROJECTED DATE IN WHICH rooms. HOME: High units: rent shall not exceed the lesser RESTRICTION WILL TERMINATE: of: a) the section 8 (24 CFR 888.111) fair market rents for November 2024 existing housing for comparable area units; or b) 30% of the adjusted income of a family whose gross income equals 65% OWNER INFORMATION: or AMI with adjustments for number of bedrooms in unit. Revervoir Hill Limited Partnership VIII Low units: shall not exceed the lesser of a) 30% of the tenant 1800 N. Charles Street family's adjusted income; or b) 30% of the gross income of a Baltimore, MD 21201 family whose income equals 50% of AMI with adjustment for family size. COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 15 years after the close of the compliance period. Ends: November 2024. HOME: Commences on the first day of the permanentloan period and continues for a period of 20 years or for so long as the loan is outstanding. Prepayment will not terminate the restrictions during the period of afford- ability.
61 Low-Income Restricted Housing Study RESERVOIR HILL RENAISSANCE HILL L.P.IX Multiple properties: 2236 Brookfield Avenue; 802, 807, 818 Newington Avenue; 911, 915 N. Arlington Avenue; 1313, 1315, 1700, 1702 W. Lanvale Street; 1320, 1322, 1324 Harlem Avenue; 732, 734 N. Gilmor Street; 605 Pitcher Street Baltimore, MD 21217 30 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED Administration find a person or entity to acquire owner's interest in project. At the expiration of 1 year period follow- WITH THE PROPERTY: ing receipt of request, if Administration unable to secure a LIHTC; HOME; RHPP qualified contract, Agreement shall automatically terminate and be released upon request of owner. HOME: Without prior FINANCIAL DETAILS OF SUBSIDIES: written approval of DHCD, may not sell or transfer the prem- LIHTC: Reserved in the amount of $181,875. Placed in serv- ises. Upon sale of the HOME Project, or any portion thereof, ice: December 1997 or any interest therein, or discontinuance of use of the HOME HOME: $332,000 made on September 19, 1997 Project for income eligible households, the borrower shall pay RHPP: $950,000 madeSeptember 19, 1997. Reserve fund: DHCD an amount equal to: i) the original loan; ii) divided by $750/monthly the sum of: a) the total original costs of the HOME Project, and b) documented capital expenditures for the benefit of the INCOME RESTRICTION: HOME project; iii) multiplied by the a) net sales proceeds LIHTC: 7 (23%) of the units shall be occupied by individuals realized upon the sale of the project or portion thereof, or b) whose income is 30% or less of AMI; 7 (23%) of the units imputed equity based on an appraisal, satisfactory to DHCD shall be occupied by individuals whose income is 40% or less in the event the HOME project discontinues occupancy by of AMI; and 16 (54%) of the units shall be occupied by indi- income eligible households but is not sold. RHPP: Each viduals whose income is 50% or less of AMI, in any case grantee accepting a deed, lease or other instrument conveying adjusted for family size, as determined from time to time by any interest in the property, whether or not it incorporates or HUD. HOME: All of the units shall be rented to families refers to the agreement, covenants for itself, and its heirs, suc- whose annual gross income is not greater than 50% of AMI. cessors and assigns to observe, perform and be bound by the RHPP: 7 (23%) of the units shall be occupied by individuals restrictive covenants and, unless otherwise specifically per- whose income is 30% or less of AMI; 7 (23%) of the units mitted by DHCD, to incorporate them by reference in any shall be occupied by individuals whose income is 40% or less instrument of conveyance. If owner wishes to prepay, must of AMI; and 16 (54%) of the units shall be occupied by indi- provide notice of prepayment and offer a right of first pur- viduals whose income is 50% or less of AMI. chase to the Maryland Department of Housing and Community Development, the local political subdivision, the RENT RESTRICTION: local public housing authority, if any, and any parties regis- Gross rent may not exceed 30% of the imputed income limi- tered with DHCD. tation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. PROJECTED DATE IN WHICH COMPLIANCE PERIOD: RESTRICTION WILL TERMINATE: LIHTC: Compliance period is 15 years and the extended use November 2024 period ends 41 years after the close of the compliance period. Ends: December 2053. HOME: Is the longer of a) period OWNER INFORMATION: commencing on the date of the original deed of trust and con- Reservoir Hill Limited Partnership VIII tinuing for a period of 41 years thereafter, or b) so long as the 1800 N. Charles Street loan is outstanding. Prepayment will not terminate restric- Baltimore, MD 21201 tions. RHPP: The longer of a) 41 years, or b) so long as the loan is outstanding. TRANSFER RESTRICTIONS: LIHTC: After end of 41st year of extended use period owner may submit written request to the Administration that the
Low-Income Restricted Housing Study 62 RESERVOIR HILL RENAISSANCE HILL L.P.XI Multiple properties: 2301 Callow Avenue; 700, 702, 711, 733, 735, 906 Newington Avenue (additional sites not in target area) Baltimore, MD 21217 29 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED fy a "qualified contract" within 1 year following receipt of request, the Agreement shall automatically terminate and shall WITH THE PROPERTY: be released upon request of the owner. HOME: Without prior LIHTC; RHPP; HOME written approval of DHCD, may not sell or transfer the prem- ises. Upon sale of the HOME Project, or any portion thereof, FINANCIAL DETAILS OF SUBSIDIES: or any interest therein, or discontinuance of use of the HOME LIHTC: Reserved in the amount of $324,294. Placed in Project for income eligible households, the borrower shall pay service: March 2000 DHCD an amount equal to: i) the original loan; ii) divided by RHPP: $880,000 April 20, 1999. Reserve fund: must deposit the sum of: a) the total original costs of the HOME Project, initial amount of $7,250, thereafter $604 monthly and b) documented capital expenditures for the benefit of the HOME: $272,000 made on April 20, 1999 HOME project; iii) multiplied by the a) net sales proceeds realized upon the sale of the project or portion thereof, or b) INCOME RESTRICTION: imputed equity based on an appraisal, satisfactory to DHCD LIHTC, RHPP: a) At least 8 units shall be occupied by indi- in the event the HOME project discontinues occupancy by viduals whose income is 30% or less of AMI, adjusted for income eligible households but is not sold. RHPP: If owner family size; b) at least 8 of the units shall be occupied by wishes to prepay, must provide notice of prepayment and families whose gross annual income does not exceed 40% of offer a right of first purchase to the Maryland Department of AMI; c) at least 13 units shall be occupied by individuals or Housing and Community Development, the local political families whose income at initial occupancy is 50% or less of subdivision, the local public housing authority, if any, and any AMI. HOME: 14 units shall be rented to families whose parties registered with DHCD. annual gross income is not greater than 50% of AMI. RENT RESTRICTION: PROJECTED DATE IN WHICH Gross rent may not exceed 30% of the imputed income limi- RESTRICTION WILL TERMINATE: tation adjusted for a household consisting of the number March 2056 obtained by multiplying 1.5 by the number of bedrooms. HOME: Shall not exceed the lesser of a) 30% of the tenant OWNER INFORMATION: family's adjusted income; or b) 30% of the gross income of a Reservoir Hill Limited Partnership XI family whose income equals 50% of AMI with adjustment for 1800 N. Charles Street family size. Baltimore, MD 21201 COMPLIANCE PERIOD: LIHTC: Compliance period is 15 years and the extended use period ends 41 years after the close of the compliance period. Ends: March 2056. RHPP: The greater of a) 41 years or b) so long as the loan is outstanding. HOME: The greater of a) 41 years or b) so long as the loan is outstanding. Prepayment will not terminate the restrictions imposed during the period of affordability.
TRANSFER RESTRICTIONS: LIHTC: After the end of the 40th year of the extended use period, owner may submit a written request to the Administration requesting they find a person/entity to acquire the owner's interest. If the Administration is unable to identi-
63 Low-Income Restricted Housing Study RESERVOIR HILL RENAISSANCE HILL L.P.XII Multiple properties: 2200, 2202, 2204, 2206, 2208, 2210, 2212 McCulloh Street; 2213-2215 Stiddard Street Baltimore, MD 21217 15 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED COMPLIANCE PERIOD: WITH THE PROPERTY: LIHTC: Compliance period is 15 years and the extended use LIHTC; HOME; RHPP period ends 26 years after the close of the compliance period. Ends: March 2041. HOME: Begins on first day of the per- manent loan period and continuing for a period of 45 years or FINANCIAL DETAILS OF SUBSIDIES: as long as the loan is outstanding whichever is longer. LIHTC: Reserved in the amount of $181,875. Placed in Prepayment will not terminate restrictions. RHPP: Begins on service: March 2000 first day of the permanent loan period and continues for a HOME: $348,502 made on August 7, 2004 period of 41 years or as long as the loan is outstanding RHPP: $525,984 made on August 7, 2000 whichever is longer. INCOME RESTRICTION: LIHTC: a) At least 7 units shall be occupied by individuals TRANSFER RESTRICTIONS: whose income is 30% or less of AMI, adjusted for family HOME: Without prior written approval of DHCD, may not size; b) at least 7 of the units shall be occupied by families sell or transfer the premises. Upon sale of the HOME whose gross annual income does not exceed 40% of AMI; c) Project, or any portion thereof, or any interest therein, or dis- at least 1 unit shall be occupied by individuals or families continuance of use of the HOME Project for income eligible whose gross annual income at initial occupancy does not households, the borrower shall pay DHCD an amount equal exceed 50% of AMI. HOME: 80% (12) of the units shall be to: i) the original loan; ii) divided by the sum of: a) the total considered high HOME units and shall be rented to families original costs of the HOME Project, and b) documented capi- whose annual gross income is not greater than 60% of the tal expenditures for the benefit of the HOME project; iii) AMI, 20% (3) of the units shall be considered low HOME multiplied by the a) net sales proceeds realized upon the sale units and shall be rented to families whose annual gross of the project or portion thereof, or b) imputed equity based income is not greater than 50% of the AMI. RHPP: a) 7 on an appraisal, satisfactory to DHCD in the event the HOME units shall be occupied by individuals whose income is 30% project discontinues occupancy by income eligible house- or less of AMI, adjusted for family size; b) 7 of the units holds but is not sold. RHPP: If owner wishes to prepay, must shall be occupied by families whose gross annual income provide notice of prepayment and offer a right of first pur- does not exceed 40% of AMI; c) 1 unit shall be occupied by chase to the Maryland Department of Housing and individuals or families whose gross annual income at initial Community Development, the local political subdivision, the occupancy does not exceed 50% of AMI. local public housing authority, if any, and any parties regis- tered with DHCD. RENT RESTRICTION: Gross rent may not exceed 30% of imputed income limitation PROJECTED DATE IN WHICH adjusted for family size. HOME: High units: rent shall not RESTRICTION WILL TERMINATE: exceed the lesser of: a) the section 8 (24 CFR 888.111) fair March 2041 market rents for existing housing for comparable area units; or b) 30% of the adjusted income of a family whose gross OWNER INFORMATION: income equals 65% or AMI with adjustments for number of Reservoir Hill Limited Partnership XII bedrooms in unit. Low units: shall not exceed the lesser of a) 1800 N. Charles Street 30% of the tenant family's adjusted income; or b) 30% of the Baltimore, MD 21201 gross income of a family whose income equals 50% of AMI with adjustment for family size.
Low-Income Restricted Housing Study 64 RESERVOIR HILL THE CHATEAU 903 Druid Park Lake Drive Baltimore, MD 21217 34 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED COMPLIANCE PERIOD: WITH THE PROPERTY: LIHTC: Compliance period is 15 years and the extended use LIHTC; RHPP; HOME; AHP period ends 26 years after the close of the compliance period. Owner shall have no right under this Agreement to have the FINANCIAL DETAILS OF SUBSIDIES: extended use period terminated prior to the term specified in LIHTC: Reserved in th amount of $466,986. Placed in serv- Section 3.1(b) other than as provided in Section 3.2. Ends: ice: June 2003 June 2044. RHPP: The greater of a) 41 years, or b) so long RHPP: $1,500,000 made August 15, 2002. Reserve fund: as the loan is outstanding. HOME: The period commencing $1,145.83/monthly on the first day of the Permanent loan period and continuing HOME: $1,150,000 made on August 15, 2002 for the longer of a) 40 years or b) so long as the loan is out- Affordable Housing Program (AHP) loan $293,360 standing. Prepayment will not terminate restrictions set forth during the period of affordability. INCOME RESTRICTION: LIHTC: 23 units, 30% or less of AMI; 11 units, 40% or less TRANSFER RESTRICTIONS: LIHTC: Owner shall have no right to have the extended use of AMI. RHPP: 20% of the units must be rented to families period terminated prior to the term specified. RHPP: If whose incomes do not exceed 50% of AMI, provided, howev- owner wishes to prepay, must provide notice of prepayment er that if the LIHTC covenant is released or terminated prior and offer a right of first purchase to the Maryland Department to the termination of the RHPP for any reason, the following of Housing and Community Development, the local political income restrictions shall apply: a) 23 units must be rented to subdivision, the local public housing authority, if any, and any families whose incomes do not exceed 30% of AMI; b) 11 parties registered with DHCD. units must be rented to families whose incomes do not exceed 40% of AMI. HOME: 80% of the units shall be considered high HOME units and shall be rented to families whose annu- PROJECTED DATE IN WHICH al gross income is not greater than 60% of the AMI, 20% of RESTRICTION WILL TERMINATE: the units shall be considered low HOME units and shall be June 2044 rented to families whose annual gross income is not greater than 50% of the AMI. OWNER INFORMATION: Chateau Housing Partnership, LLC/Pennrose Properties RENT RESTRICTION: 230 Wyoming Avenue Gross rent may not exceed 30% of the imputed income limi- Kingston, PA 18704 tation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. HOME: High units: rent shall not exceed the lesser of: a) the section 8 (24 CFR 888.111) fair market rents for existing housing for comparable area units; or b) 30% of the adjusted income of a family whose gross income equals 65% or AMI with adjustments for number of bedrooms in unit. Low units: shall not exceed the lesser of a) 30% of the tenant family's adjusted income; or b) 30% of the gross income of a family whose income equals 50% of AMI with adjustment for family size.
65 Low-Income Restricted Housing Study RESERVOIR HILL WHITE PARK COOPERATIVE 2200 Park Avenue Baltimore, MD 21217 24 INCOME-RESTRICTED UNITS FAMILY
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $104,000. Placed in service: April 1992 INCOME RESTRICTION: a) At least 40% or more of the units (10 units) shall be occupied by individuals whose income is 60% or less of AMI, adjusted for family size; b) at least 10% of the units (2 units) shall be occupied by families whose gross annual income does not exceed 60% of AMI; c) 50% of the units (12 units) shall be occupied by individuals or families whose gross annual income at initial occupancy does not exceed 50% of AMI. RENT RESTRICTION: Gross rent may not exceed 30% of the imputed income limitation adjusted for a household consisting of the number obtained by multiplying 1.5 by the number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 26 years after the close of the compliance period. Ends: April 2033.
TRANSFER RESTRICTIONS: LIHTC: The property and every part of it is and shall be owned, leased, or otherwise conveyed, transferred, developed, reha- bilitated, improved, built upon, occupied, or otherwise used, subject to the covenants and restrictions.
PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: April 2033 OWNER INFORMATION: BHP/White Park Limited Partnership 1800 N. Charles Street Baltimore, MD 21201
Low-Income Restricted Housing Study 66 SOUTHEAST BALTIMORE
Total income-restricted units: 74 74 will expire after 2041
All units are designated forElderly/Disabled residents SOUTHEAST BALTIMORE HIGHLANDTOWN COOPERATIVE APARTMENTS 4001- 4021 East Lombard Street Baltimore, MD 21224 74 INCOME-RESTRICTED UNITS ELDERLY/DISABLED
SUBSIDY PROGRAMS ASSOCIATED WITH THE PROPERTY: LIHTC FINANCIAL DETAILS OF SUBSIDIES: LIHTC: Reserved in the amount of $506,820. Placed in service: April 1996 INCOME RESTRICTION: 100% of units for households whose income is 60% or less of AMI RENT RESTRICTION: Gross rent may not exceed 30% of imputed income limitation adjusted by multiplying 1.5 by number of bedrooms. COMPLIANCE PERIOD: Compliance period is 15 years and the extended use period ends 84 years after the close of the compliance period. Ends: April 2095. Any time after the end of the 14th year after the compliance period, the owner may request relief from the covenants if the project is economically distressed. The Administration, in its sole discretion, may reduce the percentage of units subject to the covenants, increase the income limits or adjust the date of termination of the agreement, if permitted by federal tax law. TRANSFER RESTRICTIONS: After the end of 83rd year of extended use period owner may submit written request to the Administration that the Administration find a person or entity to acquire owner's interest in project. Must submit description of property, appraisal of the project if required by the Administration, and financial statements for the project covering the 3 year period prior to the submission of said request. At the expiration of 1 year period following receipt of request, if Administration unable to secure a qualified contract, Agreement shall automatically terminate and be released upon request of owner. PROJECTED DATE IN WHICH RESTRICTION WILL TERMINATE: April 2095 OWNER INFORMATION: Highlandtown Cooperative Limited Partnership 25900 Greenfield Road Oak Park, MI 48237
Low-Income Restricted Housing Study 67 PROGRAM DESCRIPTIONS PROGRAM DESCRIPTIONS
I. FEDERAL FUNDED PROGRAMS
202 loans 236 Program Section 202 Supportive Housing for the Elderly Program The Section 236 program, as enacted in 1968, pro- HUD provides capital advances to finance the con- vides a subsidy to reduce mortgage interest payments. struction, rehabilitation or acquisition with or without The maximum subsidy available to a project was set at rehabilitation of structures that will serve as supportive the difference between the monthly payment for princi- housing for very low-income elderly persons, including pal, interest, and mortgage insurance premium on the the frail elderly, and provides rent subsidies for the outstanding mortgage at the market rate of interest and projects to help make them affordable. the monthly payment that would be required under a The Section 202 program helps expand the supply mortgage bearing an interest rate of 1 percent. of affordable housing with supportive services for the A basic rental charge that was deemed sufficient to elderly. It provides very low-income elderly with meet operating expenses plus debt service expenses at options that allow them to live independently but in an the 1 percent rate of interest was determined for each environment that provides support activities such as unit. Every tenant is required to pay the basic rental cleaning, cooking, transportation, etc. The program is charge or up to 30 percent of income, whichever is similar to supportive housing for persons with disabili- higher. Contract approvals for new projects were dis- ties. continued in January 1973, except for "bona fide" com- HUD provides interest-free capital advances to pri- mitments outstanding at that time. In addition, con- vate, nonprofit sponsors to finance the development of tracts approved prior to termination of the Program supportive housing for the elderly. The capital advance could be amended. does not have to be repaid as long as the project serves “Deep Subsidy” Program. The rental assistance very low-income elderly persons for 40 years. payments (RAP/ "deep subsidy") program, authorized Project rental assistance funds are provided to by the Housing and Community Development Act of cover the difference between the HUD-approved oper- 1974, was designed to aid very low-income families in ating cost for the project and the tenants' contribution Section 236 projects by permitting HUD to provide towards rent. Project rental assistance contracts are additional subsidies equal to the difference between the approved initially for 5 years and are renewable based basic rent and 30 percent of income for a certain per- on the availability of funds. centage of units in a project. Most insured projects Private nonprofit organizations can apply to devel- receiving RAP funding have converted to Section 8 op a Section 202 project if they can, among other assistance. The remaining inventory of RAP assisted requirements, submit a resolution that they will provide projects is largely limited to State-aided, bond- a minimum capital investment equal to 0.5 percent of financed, projects that continue to receive amendment the HUD-approved capital advance, up to a maximum funding from a special set-aside. of $25,000 for national sponsors or $10,000 for other State agency financed projects (RAP funding). sponsors. Public entities are not eligible for funding Amendments to state agency sponsored RAP projects under this program. will continue to be made utilizing funds provided in Occupancy in Section 202 housing is open to any the 1983 Supplemental Appropriations Act. very low-income household comprised of at least one As an incentive to attract developers into the origi- person who is at least 62 years old at the time of initial nal Section 236 program, participants were given the occupancy. right to prepay their subsidized mortgage after 20 years.
Low-Income Restricted Housing Study 68 PROGRAM DESCRIPTIONS
I. FEDERAL PROGRAMS Federal Home Loan Bank Affordable Low Income Housing Tax Credit Housing Program (AHP) (LIHTC) The Affordable Housing Program (AHP) offers grants The LIHTC Program, which is based on Section 42 of to member financial institutions and their community the Internal Revenue Code, was enacted by Congress sponsors to stimulate affordable rental and homeowner- in 1986 to provide the private market with an incentive ship opportunities for low-income households. Project to invest in affordable rental housing. Each year, the sponsors must partner with a Maryland Bank member IRS allocates housing tax credits to designated state institution to submit an AHP application. AHP grants agencies-typically state housing finance agencies - can be used to reduce mortgage principal, fund rehabil- which in turn award the credits to developers of quali- itation and new construction, cover down payment and fied projects. closing costs and lower interest rates on loans. These Each state is limited to a total annual housing tax funds cannot be used for capital or operating reserves. credit allocation of $1.75 per resident, with only the first year of the 10 years of tax credits counting against HOME Investment Partnerships the allocation. Beginning in 2003, this limit will be (HOME) Program adjusted for inflation.States allocate housing tax credits The HOME program is a federal program that pro- through a competitive process. The state allocating vides funds to the State and certain local governments agency must develop a plan for allocating the credits to promote affordable housing activities. Maryland's consistent with the state's Consolidated Plan. Federal program is administered by the Community law requires that the allocation plan give priority to Development Administration (CDA). projects that (a) serve the lowest income families; and HOME funds may be used to finance the construc- (b) are structured to remain affordable for the longest tion, acquisition, and rehabilitation of rental housing, period of time. Federal law also requires that 10 per- owner-occupied housing, and special needs housing cent of each state's annual housing tax credit allocation such as group homes. be set aside for projects owned by nonprofit organiza- Nonprofit organizations, local governments, local tions. housing agencies and State government agencies are Federal housing tax credits are awarded to devel- eligible to apply for HOME funds. opers of qualified projects. Developers then sell these For rental housing units, HOME funds are targeted credits to investors to raise capital (or equity) for their to residents with incomes that do not exceed 50 percent projects, which reduces the debt that the developer of AMI or non-metro median income, whichever is the would otherwise have to borrow. Because the debt is greater, adjusted for household size. For owner-occu- lower, a tax credit property can in turn offer lower, pied units, HOME funds are targeted to those with more affordable rents. incomes at or below 55 percent of the statewide medi- Provided the property maintains compliance with an income for a four-person household. The number of the program requirements, investors receive a dollar- units restricted for income purposes will generally be for-dollar credit against their Federal tax liability each equal to the number of units determined by dividing year over a period of 10 years. The amount of the the HOME funds by the total cost of the project and annual credit is based on the amount invested in the multiplying the result times the total units in the proj- affordable housing. ect. CDA may approve a lesser number of restricted units at these income levels if the lesser number is Community Devopment Block Grant needed for financial viability of the project. (CDBG) Generally, HOME funds are provided as zero Grant/Section 108 interest deferred loans, but may be provided as grants Eligible applicants include for and nonprofit develop- under certain limited circumstances. loans require equi- ers/service providers, public housing authorities and ty sharing with CDA in the event the project is sold or government agencies. Block grants are provided to no longer provides low- income housing. loan terms state and local governments to assist in redeveloping range from 20 to 40 years depending on the type of distressed neighborhoods and provide services to low housing financed. The maximum amount of assistance moderate income residents. These funds can be used to a single project or activity generally will not exceed for acquisition, new construction, or rehabilitation of the amount needed to make the project viable and to housing for families and individuals whose income is comply with any federal HOME regulations. equal to or less than 80% of area median income.
69 Low-Income Restricted Housing Study PROGRAM DESCRIPTIONS
II. STATE FUNDED PROGRAMS Rental Housing Fund cy requirements, if the project receives federal low- This fund includes all of the following state funded income housing tax credits; and (iii) the number of loan programs: dwelling units required for community development projects under § 4-217(b)(1)(ii) of this title or the num- Rental Housing Production Program (RHPP) ber of dwelling units that the issuer of the bonds choos- Established under Housing and Community es, whichever is greater, if part of the costs of the proj- Development Article, Title 4, Subtitle 15, Annotated ect is financed with government-issued federally tax- Code of Maryland, the purposes of the Program are to: exempt revenue bonds. (1) increase the supply of decent, safe, and sanitary rental housing for occupancy by families of lower Partnership Rental Housing Program (PRHP) income; (2) provide financial assistance for acquisition, This program is designed to expand the supply of construction, or rehabilitation of rental housing, includ- affordable housing for low-income families through a ing demolition and lot consolidation so that families of partnership between State and local governments. lower income can afford the rental housing; (3) encour- New construction and acquisition or rehabilitation age political subdivisions to provide assistance in pro- of rental housing are eligible activities. Rental housing ducing rental housing that families of lower income can may include apartment buildings, townhouses, single- afford; and (4) revitalize designated neighborhoods family homes, single room occupancy (SRO) buildings through office or other commercial space conversion. and shared housing facilities. To qualify for funding under this program, a proj- Local governments and housing authorities may ect must be: (1) an office or other commercial space apply for Partnership funds. The applicant must provide conversion; or (2) an undertaking to acquire, construct, a site, including roads, water, sewer, and other infra- or rehabilitate buildings and improvements or parts of structure. Also, the local government or authority must them with at least a minimum number of dwelling units have an interest in the ownership entity of the property. restricted for occupancy by families of lower income The local participant must manage the project (the local for at least the greater of 15 years and the number of government may arrange for another party to manage years required by applicable federal law. the project). Funding is available on a first-come, first- served basis, contingent upon a completed application Elderly Rental Housing Program (ERHP) and having a date set to begin construction or rehabili- Established under Housing and Community tation. Development Article, Title 4, Subtitle 4, Annotated Repayment of the loan is not required as long as Code of Maryland, the purposes of the Program are to: the local government or housing authority continues to (1) stimulate the production of rental housing, includ- own the housing and rent it to income-eligible families. ing conversion of existing rental housing, for occupan- Failure to comply with income and use restrictions may cy by elderly households; (2) increase the supply of result in the imposition of an interest penalty and a decent, safe, and sanitary rental housing at costs that requirement for the repayment of the loan. Repayment are affordable to low-income elderly households; (3) is limited to the amount received from the sale of the use available resources to serve the elderly households housing. Any profits from the sale must be used by the that are most in need. borrower for other low-income housing purposes. A project qualifies as an elderly rental housing This program is designed for local governments project, if: (1) its purpose is to acquire, construct, or and housing authorities to be the project owner. They rehabilitate all or part of a building or improvement may develop and manage the project or contract with that will be occupied by low-income elderly households nonprofit organizations and for-profit firms to perform as provided in this subsection; (2) some dwelling units these functions. Local governments and housing in the project are set aside for low-income elderly authorities must contribute the site for the housing. households for at least the greater of 15 years or the number of years required by federal law; and (3) the number of dwelling units so set aside is at least the greatest of: (i) the number that bears the same ratio to the whole number of dwelling units in the project as the amount of the program loan bears to the whole financ- ing of the undertaking; (ii) the number of dwelling units chosen by the sponsor to satisfy federal occupan- Low-Income Restricted Housing Study 70 PROGRAM DESCRIPTIONS
II. STATE BASED PROGRAMS
Lead Hazard Reduction Loan and Grant Program (previously know as RELAP) This program has been in existence since 1987 and provides low interest and/or deferred loans and grants to assist property owners and day care centers with risk reduction work related to lead. RELAP Loans may be used to finance abatement of lead paint on the follow- ing: windows and sills; floors; wood trim; baseboards; doors; porches; exterior play areas; walls and ceilings. Maryland law focuses on pre-1950 rentals as the highest risk housing. It sets a standard for hazard reduction, confirmed by a third party inspector, to be met before each unit turnover. Since 1995, over 100,000 lead hazard reduction certificates have been issued statewide by accredited private sector lead inspectors, with over 55,000 of these certificates in Baltimore City. Compliance with registration and inspection certificate standards was recently added as a requirement for access to rent court, and for approval of payment under Section 8.
71 Low-Income Restricted Housing Study GLOSSARY
ADJUSTED INCOME the amount that such family member has a legal obligation The term "adjusted income" means, with respect to a fami- to pay, or (II) $550 for each individual for whom such pay- ly, the amount (as determined by the public housing ment is made; except that this clause shall apply only to the agency) of the income of the members of the family resid- extent approved in appropriations Acts. ing in a dwelling unit or the persons on a lease, after any (vii) Earned income of minors income exclusions as follows: The amount of any earned income of a member of the fami- ly who is not-- (A) Mandatory exclusions (I) 18 years of age or older; and In determining adjusted income, a public housing agency (II) the head of the household (or the spouse of the head of must exclude from the annual income of a family the fol- the household). lowing amounts: (B) Permissive exclusions for public housing (i) Elderly and disabled family In determining adjusted income, a public housing agency $400 for any elderly or disabled family. may, in the discretion of the agency, establish exclusions (ii) Medical expenses from the annual income of a family residing in a public The amount by which 3 percent of the annual family housing dwelling unit. Such exclusions may include the fol- income is exceeded by the sum of: lowing amounts: (I) unreimbursed medical expenses of any elderly family or (i) Excessive travel expenses disabled family; Excessive travel expenses in an amount not to exceed $25 (II) unreimbursed medical expenses of any family that is per family per week, for employment- or education-related not covered under subclause (I), except that this subclause travel. shall apply only to the extent approved in appropriation (ii) Earned income acts; and An amount of any earned income of the family, established (III) unreimbursed reasonable attendant care and auxiliary at the discretion of the public housing agency, which may apparatus expenses for each handicapped member of the be based on: family, to the extent necessary to enable any member of (I) all earned income of the family, such family (including such handicapped member) to be (II) the amount earned by particular members of the family; employed. (III) the amount earned by families having certain charac- (iii) Child care expenses teristics; or Any reasonable child care expenses necessary to enable a (IV) the amount earned by families or members during cer- member of the family to be employed or to further his or tain periods or from certain sources. her education. (iii) Others (iv) Minors, students, and persons with disabilities Such other amounts for other purposes, as the public hous- $480 for each member of the family residing in the house- ing agency may establish. hold (other than the head of the household or his or her spouse) who is less than 18 years of age or is attending EXTENDED USE PERIOD: school or vocational training on a full-time basis, or who is Used with the low income tax credit. This period extends 18 years of age or older and is a person with disabilities. the compliance period which is statutorily set at 15 years. (v) Child support payments Applicants declaring that they will allow the property to Any payment made by a member of the family for the sup- remain low income restricted for a longer period of time, port and maintenance of any child who does not reside in receive a favorable review of the project and are more like- the household, except that the amount excluded under this ly to be awarded the tax credits. clause may not exceed $480 for each child for whom such payment is made; except that this clause shall apply only to PROJECT-BASED SECTION 8 the extent approved in appropriations Acts. Project-based vouchers are a component of a public housing (vi) Spousal support expenses agency’s (PHA) housing choice voucher program which is Any payment made by a member of the family for the sup- funded by HUD. PHAs may use up to 20% of their vouch- port and maintenance of any spouse or former spouse who er funding for project-based vouchers. The rest must be does not reside in the household, except that the amount used for tenant-based vouchers excluded under this clause shall not exceed the lesser of (I)
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