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St. Mary’s County commissioners back Spring Valley renovation; authorize $515,000 CDBG application
Summary
The Board of County Commissioners approved a support letter to the Maryland Department of Housing and Community Development for tax-exempt bond financing and authorized a $515,000 Community Development Block Grant application to reduce principal on Spring Valley Apartments, a 128-unit mixed-income complex in Lexington Park.
The Board of County Commissioners for St. Mary’s County on May 15 approved a county support letter to the Maryland Department of Housing and Community Development for tax-exempt bond financing and separately authorized submission of a $515,000 Community Development Block Grant (CDBG) application to reduce outstanding debt on Spring Valley Apartments, a 128-unit rental complex in Lexington Park.
The measures, approved in separate votes, aim to fund renovation work — including new roofs, windows and energy-efficient HVAC systems — while keeping the development’s mixed-income character and limiting upward pressure on rents. County staff said the CDBG award, if granted, would reduce the loan principal by about $500,000 and translate…
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