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Results for Affordable Housing Finance magazine’s
2023 roundups are in, and Enterprise Community
Development has made the list — two in fact!
We are proud to share that we are a top 35 affordable
housing owner and a top 46 affordable housing developer.
Read the full list of affordable housing owners:
https://bit.ly/3KkLGyy.
Read the full list of affordable housing developers:
https://bit.ly/3KnzwFl.
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]]>The post Enterprise celebrates opening of affordable mixed-income community in Columbia appeared first on Enterprise Residential LLC Blog.
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Enterprise Community Partners, a national affordablehousing nonprofit based in Columbia, was joined by
national, state and county officials and partners, supporters
and residents for a ribbon-cutting ceremony April 19 at
Legacy at Twin Rivers, a recently redeveloped affordable apartment community in Columbia. Read more…
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]]>The post Enterprise Community Development Announces Janine Lind as President appeared first on Enterprise Residential LLC Blog.
]]>Based out of Enterprise's Silver Spring, Md. office, Lind will lead the Community Development division’s high-impact residential development, preservation, asset and property management, and resident services work and its $1.4 billion portfolio of 115 communities serving 24,000 residents.
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]]>The post ECD Closes on Park Montgomery and Park Montogomery West appeared first on Enterprise Residential LLC Blog.
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Enterprise Community Development, Inc. has closed on the financing for the development of 76 new affordable apartments, Park Montgomery West, and the renovation of the 141-unit Park Montgomery Apartments, an existing apartment community located at 8860 Piney Branch Road in Silver Spring, Maryland. The preservation and addition of transit-oriented affordable housing along the Purple Line and in the wealthiest county in the state utilized Low Income Housing Tax Credits (LIHTC)–9% for the new apartments and 4% for the existing building.
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“We’re thrilled to be starting construction on Magnolia Gardens and building much needed affordable apartments for the area’s workforce” said Christine Madigan, interim president, Enterprise Community Development. “We look forward to being part of the community and making these new homes available to local residents.”
Comprising four garden apartment buildings, Magnolia Gardens will feature one-, two-, and three-bedroom affordable apartments serving households at income levels from 20% of area median income (AMI) to market rate. Twelve apartments will be available to families and persons with disabilities with incomes at 30% AMI or below. The community will be energy-efficient and offer robust amenities, featuring an on-site clubhouse with a club room, computer center, and fitness center. Magnolia Gardens also will feature on-site parking and outdoor recreation areas.
Located in an area with a high homeownership rate, high median income and excellent schools, Magnolia Gardens will provide much-needed housing options for the Charles County workforce. This community will offer future residents walkability and access to employment, shopping, health care, recreation, services and transit.
The total investment costs for Magnolia Gardens amount to nearly $30 million, with financing secured through a senior mortgage facilitated by Bellwether Enterprise, combined with 9% LIHTC equity, and substantial contributions from Federal Home Loan Bank of Atlanta’s Affordable Housing Program, the Rural Maryland Council’s Rural Maryland Prosperity Investment Fund, Maryland Community Development Administration’s Development Relief Funding, the Capital Grants Program administered by the Maryland Department of General Services, and the Maryland Department of Housing and Community Development. Charles County provided financial support through a Payment in Lieu of Taxes (PILOT) agreement.
Architecture by Design is the project architect; Harkins Builders serves as the general contractor; and Lorenzi, Dodds & Gunnill is the civil engineer. Enterprise Residential will provide property management and resident services.
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]]>The post $16.5M Going to HoCo Housing Opportunities Trust Fund, Rental Assistance appeared first on Enterprise Residential LLC Blog.
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Howard County Executive Ball has announced a $16.5M investment in housing, homeownership and rental assistance for residents. Read more…
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Enterprise Community Development has recently welcomed Jason Kasch as its Director of IT, a key leadership position within the team. Jason, a forward-looking technology leader with more than 26 years of experience, will develop and refine the company’s IT infrastructure strategy and will then execute and support that strategy. Responsibilities include managing the company’s IT platforms to ensure high quality, reliable IT infrastructure and Helpdesk support to the organization. This position is operationally responsible for ensuring the engineering, availability, integrity, and scalability of all IT systems and infrastructure. Read more…
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]]>The post Multifamily Construction On the Rise appeared first on Enterprise Residential LLC Blog.
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Inflation and rising interest rates are starting to take their toll on some construction sectors, but one sector continues to be strong with no signs of slowing–multifamily housing construction.
The July housing report from the U.S. Department of Housing and Urban Development showed starts of multifamily structures with five or more units was 16.4% higher than at the same time in 2021.
"The reality is that the demand for affordable housing greatly outpaces the supply in this country," said Rebecca Warntz, vice president of design and construction at Enterprise Community Development, a nonprofit developer and operator of affordable and mixed-income housing in the mid-Atlantic region.
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]]>The post Enterprise Community Development, Fellowship Square Finish Community for Low-Income Seniors in Reston appeared first on Enterprise Residential LLC Blog.
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opment and Fellowship Square have opened Lake Anne House, a 240-unit community for low-income seniors in Reston, VA.
The development team constructed a new building adjacent to the original, 1970s-era Lake Anne Fellowship House, a solution that minimized disruption to existing residents.
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