Enterprise Community Development Announces Funding for Redevelopment Project | Housing Finance Magazine
Enterprise Community Development (ECD) announced the closing of construction financing for the Roslyn Rise redevelopment project in Columbia, Maryland.
The first part of a multi-phase redevelopment of an aging housing community, Roslyn Rise will feature 153 units in a mixed-income community.
The property has provided affordable housing for 58 families since the 1960s, but like many other communities built at that time, its affordability clauses were due to expire and the infrastructure, floor plans and amenities were outdated by comparison. to today’s standards, according to officials. .
Community Homes Housing, which owned the development, partnered with ECD to reinvent Roslyn Rise while preserving and increasing the supply of affordable housing for future generations.
The new community will consist of two four-story structures served by elevators containing surface parking and an underground garage. There will be a mix of one, two, three and four bedroom units with common areas that will include a club room, after school homework club area, fitness center and business center . The Roslyn Rise community will also feature on-site outdoor recreation areas, including a signature area, dog park, playground and family recreation area, as well as connections to outdoor trails and facilities. of recreation maintained by the Columbia Association.
The infrastructure will be built to National Green Building Standard requirements and will include green features including Energy Star appliances, high-efficiency HVAC systems, heat pump water heaters and solar hot water.
Funding for the new Roslyn Rise redevelopment will be through a 4% and 9% Low Income Housing Tax Credit (LIHTC) structure with separate single purpose ownership entities: 94 units (4% building) owned by Roslyn Rise Four and 59 units (9% building) owned by Roslyn Rise Nine.
Total redevelopment costs are $39.1 million for Roslyn Rise 4% and $31.2 million for Roslyn Rise 9%.
The developments are backed by construction loans from Bank of America; LIHTC shares of Bank of America and syndicated by Enterprise Housing Credit Investments; the first permanent mortgages issued by Bellwether Enterprise; significant subordinated debt from Community Homes Housing and Maryland Community Development Administration; tax-exempt bond debt issued by Maryland CDA; and a payment in lieu of taxes agreement through Howard County. Supportive funding from Fannie Mae through the Healthy Housing Rewards Enhanced Resident Services program was provided in exchange for ECD’s commitment to providing enhanced resident services to improve resident health and stability throughout the term of the mortgage.
Grimm & Parker is the project architect and Harkins Builders is the general contractor. Enterprise Residential, a subsidiary of ECD, will serve as the property management company and coordinate resident services.