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Board approves DHCD loan modification, forgives interest and extends affordability for Reservoir Hill properties
Summary
The Board of Estimates approved a loan modification with Reservoir Hill LLP that includes a cash payment to DHCD, forgiveness of interest, and a five-year extension of affordability restrictions.
The Baltimore City Board of Estimates approved on Jan. 8 a loan modification with Reservoir Hill LLP that will deliver a cash payment to the Department of Housing and Community Development (DHCD), forgive a large portion of accrued interest and extend affordability restrictions for multiple Reservoir Hill properties.
DHCD staff presented the amendment and the terms. Stephanie Estrada, Director of Project Finance at DHCD, told the board the department will receive $1,152,599.70 and will forgive $11,401,340.60 in interest…
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