Admiral Oaks

445-C Captain's Circle
Annapolis, MD

Admiral Oaks is a 159-unit community composed of two-bedroom town houses and flats, and two-, three-, and four-bedroom garden apartments. Acquired by CPDC in 1991, every facet of the community has been substantially rehabilitated, creating a vibrant, mixed-income community and resulting in a successful transformation for a place once known as Boston Heights, an open-air drug market and the "housing of last resort."

Financing on the property includes: tax-exempt bonds tied to the non-tax credit eligible acquisition costs; taxable bonds for the tax credit eligible costs (both issued by the State of Maryland); a state-funded soft third mortgage structured to allow for the leaner start-up years; and $4.12 million of equity raised through a direct placement of Low-Income Housing Tax Credits with Fannie Mae.

In keeping with its mission, CPDC agreed to keep 100% of the units affordable for 99 years. CPDC obtained the first payment in lieu of taxes agreements from the City of Annapolis and Anne Arundel County to mitigate the impact of the property tax increase caused by the renovation.

In 2003, Fannie Mae donated its partnership interest to Community Housing, Inc., CPDC's 501(c)(3) real estate arm.

Click here to view additional photos of this CPDC project.