The nonprofit developer received the bulk of the funding for the complex's restoration through a $9.5 million Multifamily Bond Program loan and $414,000 in Federal Low Income Housing Tax Credits from the Maryland Department of Housing and Community Development. The tax credits will allow the owner to raise about $3.8 million in private equity.
Linden Contracting Inc. is serving as the general contractor on the project. Equity Management Co. will take on the role of property manager upon completion of the upgrade.
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