Tax-Exempt Bond Financing Program

The Redevelopment Authority facilitates the development of affordable housing in Prince George’s County by managing the tax-exempt bond financing program for the Housing Authority of Prince George’s County; and, providing oversight for the allocation of HOME Investment Partnership gap financing for multifamily rental and homeownership development projects.

During Fiscal Year 2007, construction and rehabilitation of 504 units of affordable housing financed with tax-exempt bonds and HOME Funds commenced. In addition, the Redevelopment Authority reviewed, underwrote, and facilitated State and Council approvals for funding an additional 177 units of affordable housing with tax-exempt bonds and HOME funds. Closing and the start of construction on these units is scheduled to begin in FY 2008.

The Housing Authority issued $25,620,000 in tax-exempt bonds to provide primary financing for the acquisition and rehabilitation of the 414-unit Courts of Camp Springs. Construction is now 75 percent complete. Bank of America Community Development Corporation, a for-profit subsidiary of Bank of America, is the developer.

The 177-unit Allentowne Apartments, directly adjacent to the Courts of Camp Springs, is slated for acquisition and renovation, with $13,900,000 in tax-exempt bonds and $1,700,000 in HOME financing. Construction will begin in FY 2008. RST Development is the project developer.