Housing Property Receives $13M Bond Issuance

BLADENSBURG, MD-The Housing Authority of Prince George’s County has closed on the issuance of nearly $13.6 million in bonds–$13.3 million of which are tax exempt–to finance a 30-year mortgage on Emerson House Apartments at 5999 Emerson St. The refinancing deal will allow property owner Daniel Housing Corp. to take advantage of currently low interest rates, and will pave the way for a renovation of the 222-unit low-income senior housing property, which was developed in the late 1970s.

According to Prince George’s County records, the apartment community and the approximately five-acre parcel it occupies just off the Baltimore-Washington Parkway have a current assessed value of $11.2 million. “We have accomplished our dual goals of financing significant improvements to the Emerson House Apartments, and preserving this as a great resource for elderly residents of the county with limited incomes,” Prince George’s County executive Jack B. Johnson says of the bond issuance.