BALTIMORE — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The properties include College Parkway Place in Annapolis and The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore.
Built in 1978, College Parkway Place features 170 apartments and will undergo extensive renovations to unit interiors. The property will serve households earning 50 percent or less of the area median income (AMI) and all apartments will receive federally funded rental assistance. The rehabilitation financing for College Parkway Place totals $74 million, with financing from the Maryland Department of Housing and Community Development and equity generated through the sale of federal Low Income Housing Tax Credits (LIHTC) and gap financing from the State of Maryland.
The Greens at Irvington Mews II is a new construction project that will add 59 apartments for independent seniors, including 47 apartments for residents earning up to 50 percent of AMI and 12 apartments for those earning up to 30 percent AMI. The property, set to come on line in October 2025, represents Phase II of the existing Irvington Mews development. The total development cost for the Greens at Irvington Mews II is approximately $26.6 million, with financing provided by the Maryland Department of Housing and Community Development, the HUD Section 202 Program for the Elderly and equity from the sale of LIHTC syndicated by Enterprise Housing Credit Investments.
Built in 1998, Park Heights Place spans 84 units reserved for seniors earning 50 percent or less of AMI. Unit interiors and common areas will be revamped, with renovations expected to be completed in July 2025. The $15.8 million financing originated from the Maryland Community Development Administration, the HUD Section 202 Program for the Elderly and equity from the sale of LIHTC syndicated by Enterprise Housing Credit Investments and the City of Baltimore. Additional support was provided by HUD’s Green and Resilient Retrofit Program and the Maryland Energy Administration. The majority of Park Heights Place’s apartments will receive project-based subsidies.