What the Story Illustrates/ Smart Growth Features
These before and after images show the Admiral Oaks rental housing development in Annapolis, Md. This 159-unit, unsubsidized property was purchased by the Washington, D.C.-based nonprofit, Community Preservation Development Corporation. The purchaser preserved the affordability of this housing in a fast-appreciating market, while significantly improving its physical condition. The resources for this preservation transaction were raised through low-income housing tax credits, market-rate financing, and other state and local sources.
Part III: Section 2: Program-Related Investments