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Grand Opening for Allegany Junction

October 28th, 2022 by WCBC Radio

A Grand Opening and Ribbon-Cutting for Allegany Junction was held today in Cumberland, MD. Allegany Junction provides 40 new housing units including 36 affordable units for workforce families, singles, and seniors that earn 30 to 60% of area median income, in addition to four market rate units. The $9.6 million property was developed by Woda Cooper Companies, Inc.  Nonprofit partner is Housing Services Alliance, Inc.  The MD Department of Housing & Community Development allocated housing tax credits. Syndicator Marble Cliff Capital worked with First United Bank & Trust as investor.  First United Bank & Trust also provided a construction loan.  Cedar Rapids Bank & Trust provided permanent debt.