Mixed Finance

Mixed Finance

Hagerstown Housing Authority manages and is part owner of 2 Mixed Finance Properties. The two Mixed Financing Properties are Gateway Crossing and C. Williams Brooks.

The Mixed Financing component of these 2 developments was required to produce a quality product using the financing tools available in today’s world of community development. Both properties include Low Income Housing Tax Credit (LIHTC) financing (which involves State funding and auditing criteria), along with Federal, City, and several other funding sources.

The combination of these funding sources requires precision with their coordination during the development and ongoing management of the property. More funding sources also means more auditing to insure that the property continues to exceed market standards.

The Authority is proud to have these 2 properties symbolize the new standard of housing in the U.S.

HOA

Hagerstown Housing Authority manages 62 homeownership units located within their partnered development known as Gateway Crossing.

Two (2) of the 62 homes are Habitat for Humanity homes.

The remaining 60 homes were constructed and sold to qualifying First Time Homebuyers. Hagerstown Housing Authority made it possible for these 60 first time homebuyers to purchase due to The Authority providing money to the homeowners in the form of an Equity position.

The Housing Authority’s Equity Position diminished over a 5 year time period as the homeowner became vested in the home. The final result to the First Time Homebuyer from the Authority’s donation was that after 5 years of living in the home, the homeowner had obtained tens of thousands of dollars in free equity.

The Homeownership units continue to be a source of pride within the confines of Gateway Crossing.

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