A Maryland-based nonprofit company wants to spend up to $4 million to repair and upgrade an apartment complex on Alcorn Drive.

According to documents filed with the Board of Mayor and Aldermen, Dogwood Housing Inc. of Rockville, Md., has acquired the New Main Apartments, 2727 Alcorn St., which are located east of Greater Grove Street M.B. Church.

The organization wants to use up to $4 million of $25 million in multifamily housing bonds to finance the work on. The remaining money will be used to improve other properties the company owns, according the papers filed with the city.

A public hearing on the company’s application for the loan, which is part of the application process, is set for the board’s March 7 meeting.

Multifamily housing bonds are also known as mortgage revenue bonds, which are sold by state and local governments as tax-exempt housing bonds, and the proceeds are to finance low-cost mortgages for lower income first-time homebuyers or building affordable low-income apartments with affordable rents for lower income families.

Multifamily Housing Bonds have provided financing to produce nearly 1 million apartments affordable to lower income families, according to the National Council of State Housing Agencies.

Tom Francis, the attorney representing Dogwood, said the company is a 501(c)(3) nonprofit organization with a charitable purpose to preserve affordable housing communities for low income people and families throughout the United States.

“After rehabilitation of the apartments is complete, the same type of low income persons who presently occupy the project will continue to do so; these activities are consistent with the charitable mission of the 501(c)(3) nonprofit organization,” he said.

“What they (Dogwood) want to do is bring it up to code,” Mayor George Flaggs Jr. said, adding the project could provide some opportunities for low income residents to find a place to live.

“We will most definitely benefit from this, because some of the apartments in the complex, I believe, were vacant, and they’ll be repaired,” he said.