NHP Foundation Lands $9M Loan for Affordable MD Purchase

The NHP Foundation (NHPF) received an $8.7 million loan for the acquisition of Princess Anne Townhouses in Somerset County, Md. The 105-percent loan-to-value deal came through the National Affordable Housing Trust, in partnership with the Low-Income Investment Fund and Morgan Stanley. Located at 30475 Pine Knoll Drive in Princess Anne, Md., Princess Anne Townhouses is a year 15 tax credit property. The asset comprises 54 Section 8 units, 49 LIHTC units and 17 units restricted to residents earning 80 percent of the area’s median income. Each townhouse features two to three bedrooms.