COLUMBIA, Md. – Enterprise Homes and SunTrust Bank unveiled plans to redevelop and renovate Taney Village Apartments in Frederick, Md.
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 $24.6 million 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.
“Our country is in the midst of a broad housing insecurity crisis. Enterprise wants every person to have a place to call home in a vibrant community,” says Chickie Grayson, president and CEO of Enterprise Homes. “After the renovations, the residents of Taney Village will have a high-quality, safe, affordable home close to public transportation and other services.”
The development cost will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, and loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County.
Plano-Coudon is the contractor for the development. Grimm + Parker provided the architectural design, and property management services will be provided by Habitat America. Renovations will be completed by fall 2015.