Taney Village Frederick Maryland

Enterprise Homes, SunTrust Team Up for $24.6M Renovation of Affordable Housing Project

by John Nelson

FREDERICK, MD. — Enterprise Homes and SunTrust Bank are teaming up on the $24.6 million renovation of Taney Village Apartments in Frederick. Constructed in 1978, the building features 130 one-bedroom affordable homes designated for seniors and adults with disabilities earning up to 60 percent of the area median income. Thirteen of the apartments are reserved for residents with disabilities. The renovation will include new energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. Common areas including hallways, corridors and lobbies, the community room, fitness room and laundry facilities will also undergo renovations with new lighting, flooring, paint and furniture. New elevators will also be installed. The development cost will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, as well as loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County. The design team includes general contractor Plano-Coudon, architect Grimm + Parker and property manager Habitat America. Renovations will be completed by fall 2015.

You may also like