Enterprise Community Development, one of the largest mission-focused nonprofit affordable housing providers in the Mid-Atlantic, has closed on financing for the redevelopment of Ranleagh Court and Waverly Winds, two modern, new affordable housing communities in Columbia, Maryland. These redevelopments, which will bring 205 apartment homes to Howard County, mark a significant milestone in the nonprofit’s commitment to preserving and expanding affordable housing in Columbia, replacing aging, 1960s-era properties with high-quality, energy-efficient, mixed-income communities.
“The redevelopment of Ranleagh Court and Waverly Winds reflects our deep commitment to creating sustainable, inclusive communities that provide residents with stability and opportunity,” said Janine Lind, president, Enterprise Community Development. “As the birthplace of Enterprise, Columbia embodies James Rouse’s vision of a diverse, inclusive community where all residents have access to opportunity. These new communities honor that legacy by providing modern, high-quality homes while ensuring longtime residents can remain in this sought-after neighborhood with housing that meets their current and future needs.”
Ranleagh Court and Waverly Winds provide an industry-leading mixed-income model, ensuring that one-third of the homes are reserved for the lowest-income residents, one-third designated for workforce housing, and one-third offered at market rate.