Gateway Town Homes
Southeast Cumberland
Cumberland, Maryland 21502
Total Development Costs: $7.47 million
Gateway Town Homes consists of 30, 2-, 3-, and 4-bedroom town homes ranging between 1,100 and 1,547 square feet. The units are situated on 2 formerly vacant infill parcels in an underserved area of southeast Cumberland, Maryland. Twenty-six town homes, a 1,700 square feet community center and playground are located at 4th & Vancouver and four units are located nearby at the corner of Old Town & Wempe. All of the town homes contain energy efficiency and Universal Design components, central HVAC, and washers and dryers.
In addition to the support of the Maryland Department of Housing and Community Development, the development was made possible through the generous financial support of both the City of Cumberland and Allegany County, Maryland.
The town homes operate under a lease-purchase model where residents have the right of first refusal to purchase their home following the tax credit compliance period. This is one of the first lease-purchase developments financed through the State’s housing tax credit program.
Sources of Financing:
LIHTCs
Maryland Rental Housing Production Program
Maryland Partnership Rental Housing Program
Real Estate Tax Abatement
