BALTIMORE AND ANNAPOLIS, MD. — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The three communities are The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore, and College Parkway Place in Annapolis.
The Greens at Irvington Mews II is a 59-unit community for independent seniors. The project is currently underway and is slated to complete in October 2025. Of the property’s total unit count, 47 residences will be set aside for residents earning up to 50 percent of the area median income (AMI) and 12 will be reserved for those earning up to 30 percent AMI. The community represents phase II of the existing Irvington Mews development.
The total development cost for The Greens at Irvington Mews II is $26.6 million. Financing sources for the project include funds 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.
Park Heights Place was built in 1998. The property consists of 84 units for seniors earning 50 percent or less of AMI. The $15.8 million financing will be used to update unit interiors and common areas. Renovations are slated to complete in July 2025.
The 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. UD’s Green and Resilient Retrofit Program and the Maryland Energy Administration provided additional support. The majority of Park Heights Place’s apartments will receive project-based subsidies.
Built in 1978, College Parkway Place is a 170-unit affordable housing community that is not age restricted. The property is reserved for households earning 50 percent or less of AMI. College Parkway Place will undergo extensive renovations to unit interiors. 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.