Princess Anne
About Princess Anne
The small historic town of Princess Anne sits in southern Maryland between the Chesapeake Bay and the Atlantic Ocean. Despite its charms, Princess Anne is an economically disadvantaged area where the annual median household income is just $23,000.
LIIF partnered with Morgan Stanley to provide a $9.5 million Fund to Preserve Affordable Communities (FPAC) loan to preserve the long-term affordability of Princess Anne Townhomes, a 120-units affordable housing development. All of the units are dedicated to households earning less than 60% of Area Median Income (AMI), including 50 units set aside for households likely to earn less than 30% AMI.
The permanent financing will provide the necessary capital to renovate to the 45-year-old property, including upgrading the electric wiring, bringing the parking lot into ADA compliance, and improving drainage. The building will also continue to offer resident services, which include afterschool and summer programs for youth, and adult and senior programs in the on-site community center.
FPAC is a $100 million initiative that allows developers to quickly acquire and redevelop affordable housing properties dedicated to low income families across the nation. The fund is a partnership among LIIF, the National Affordable Housing Trust and Morgan Stanley.
Project Details
- Impact
- 120 housing units dedicated to those earning below 60% AMI
40% of units dedicated to those earning below 50% AMI, many of whom are seniors - Financing
- $3.3 million acquisition loan
- Partners
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- Morgan Stanley
- National Affordable Housing Trust
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