Enterprise Community Development to Construct $14M Expansion of Eastern Maryland Affordable Housing Project
PRINCESS ANNE, MD. — Enterprise Community Development Inc. will construct Phase II of Reserve at Somerset Commons in Princess Anne. Construction on the 54-unit expansion is estimated to cost $14 million. Reserve at Somerset Commons II will offer one-, two-, three- and four-bedroom units across two three-story garden apartment buildings. Of the 54 apartments, 48 will be available to families earning between 30 percent and 60 percent of area median income (AMI) and six will be market-rate. Reserve at Somerset Commons II will complement the existing community by completing the circular drive and adding 108 parking spaces. Residents of Reserve at Somerset Commons II will share existing communal amenities at Phase I, which include a clubhouse, fitness center, great room, outdoor recreational and open space.
AGM Financial Services Inc. provided the first mortgage. The Maryland Department of Housing and Community Development, Enterprise Community Investment Inc., Enterprise Community Loan Fund and the Federal Home Loan Bank of Atlanta are providing additional financing. Moseley Architects is serving as the project designer, and the general contractor is Harkins Builders Inc. R Home Property Management LLC is providing property management. Enterprise Community Development expects to complete Phase II this fall. The developer completed Phase I, a 75-unit building, in 2016.