Catholic Charities Awarded Final Funding for its 23rd Senior Housing Community
On July 1, 2011 Catholic Charities was notified by the state of Maryland Department of Housing and Community Development of a Low Income Housing Tax Credit award for $8,084,000 completing the financing needed to build a 94-unit affordable senior community.
One year ago, on July 1, 2010 Catholic Charities was awarded a grant in the amount of $5,980,800 from the federal Department of Housing and Urban Development (HUD) for 47 of the units to be made available. The total cost of the project will be in excess of $14.0 million dollars.
To be eligible seniors must be 62 and over; for the 47 HUD subsidized units the current maximum income is $29,600 and for the remaining 47 units in the building the maximum income is $35,250. These incomes are subject to annual adjustment.
This is the first HUD202/Low Income Housing Tax Credit mixed finance project in Maryland. This particular financing structure is uncommon, with only a few similarly financed projects built in other states. This unique financing will enable Catholic Charities to offer affordable housing to a wider income range of seniors than in the past.
Catholic Charities at the Village Crossroads will be located at 4313 Fitch Avenue in the Fullerton / South Perry Hall neighborhood of Baltimore County. It is scheduled to break ground in the late spring of 2012 and be completed in the spring of 2013.
This will be the 11th affordable senior community Catholic Charities will have built in Baltimore County ultimately making 740 apartments available to needy seniors. Once this project is completed, it will be Catholic Charities 23rd senior housing community in Maryland, providing over 1,700 apartments in five jurisdictions.
Inquiries about the project should be directed to Alison Chapman at 443-798-3423 or Theresa Watson at 443-798-3453.
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