The post Enterprise celebrates opening of affordable mixed-income community in Columbia appeared first on Enterprise Residential LLC Blog.

On April 19, Enterprise Community Partners, a national affordable housing nonprofit, was joined by national, state and county officials, and partners, supporters, and residents for a ribbon cutting ceremony at Legacy at Twin Rivers, a recently redeveloped affordable apartment community in Columbia, Md. The community offers rentals to a mixed-income population on a site that was redeveloped to provide 153 new apartment homes in two four-story, elevator-served buildings. The ceremony was part of Enterprise’s celebration of 1 million homes created since its inception in 1982, and marks an additional 153 homes created and preserved in Maryland. 

The Twin Rivers community is part of Enterprise’s multiphase redevelopment of five distinct sites across a one-mile area of Columbia. When complete, the 600 new homes and higher-density, modern, accessible, and amenity-rich multifamily communities will replace 300 aging apartments, including 53 apartments on the original Twin Rivers site. Designed by Grimm & Parker Architects, Legacy at Twin Rivers offers multiple bedroom homes with modern amenities including a community room, business center and a fitness center and outdoor, on-site recreation such as a signature patio and family recreation area, dog park, playground and outdoor paths connected to recreational facilities operated by Columbia Association. With equity at the forefront, Legacy at Twin Rivers will support a true mixed-income population, with one-third of homes reserved for residents with lower income, one-third of homes designated for workforce housing, and one-third of homes delivered at market rate. 

“This momentous occasion of one million homes is a testament to the power of collaboration and determination,” said Shaun Donovan President and CEO of Enterprise Community Partners. “For four decades, we've forged partnerships and tackled challenges, all with the singular goal of ensuring every person has a place to call home. We’re honored to open the doors to Legacy at Twin Rivers – a thriving and accessible community – and help write the next chapter of the Columbia story. This milestone represents the countless lives touched and futures transformed, and together, with our dedicated partners and allies, we'll continue to pave the way for a more equitable and affordable future for all.”

As Enterprise Community Partners and its partners celebrate 1 million homes created and preserved across the country, Legacy at Twin Rivers demonstrates the opportunities of, and critical nationwide need for affordable housing and mixed-use communities. Legacy at Twin Rivers is well-located with proximity to schools, jobs and economic corridors, and recreational activities. Built to National Green Building Standards with clean energy technologies implemented throughout, the community includes energy star appliances, high efficiency HVAC, heat pump hot water heaters, and solar hot water.  

“The name Legacy is an important one for this community, as it acknowledges Enterprise's and our founder Jim Rouse’s vision for Columbia as an economically, culturally and racially inclusive ’model city’ as we work to preserve the affordability of homes across Howard County,” said Christine Madigan, interim president, Enterprise Community Development. “As area rents continue to increase, we remain committed to our goal of expanding access to affordable homes and to making home and community places of pride and belonging.  We’re very grateful to our local, state, federal and private financing partners who share this commitment and helped make the Twin Rivers development possible.”

Legacy was financed through a Low-Income Housing Tax Credit “twin” — four percent and nine percent tax credits — structure. It has also been facilitated, in part, through a land swap with the Columbia Association. The plaza and family recreation area are to be built on Columbia Association land using a perpetual easement and will be available to the public. Additional funding for Legacy at Twin Rivers was secured through partnerships with Bank of America, Community Homes Housing, Inc. (CHHI), the Maryland Community Development Administration, and Bellwether Enterprise. A Payment in Lieu of Taxes was provided by Howard County, and HUD supports the project through a Housing Assistance Payment contract.  
 
Funding for the four percent tax credit building included a $19 million construction loan from Bank of America, $21.4 million in bonds and soft loans from the Maryland Community Development Administration, $14.9 million in Fannie Mae first mortgage proceeds originated by Bellwether Enterprise, $7.6 million in LIHTC equity from Bank of America, syndicated by Enterprise’s housing credit investments business, and $5.5 million from the CHHI.
 
Funding for the nine percent tax credit building consisted of a $21 million construction loan from Bank of America, a $10 million Fannie Mae first mortgage originated by Bellwether Enterprise, and $5 million in soft debt from CHHI. In addition, $14.1 million in LIHTC equity from Bank of America was syndicated by Enterprise’s housing credit investments business. 

Funding for the original acquisition of the property included $1.03 million of joint venture equity capital from Enterprise’s real estate equity business. 

The ribbon cutting ceremony included commentary from Shaun Donovan, President and CEO of Enterprise Community Partners; Christine Madigan, Interim President, Enterprise Community Development; Adrianne Todman, Acting Secretary, U.S. Department of Housing and Urban Development; Calvin Ball, Howard County Executive; Janet Currie, Market President, Bank of America; Dan Kelliher, Board President, Community Homes Housing, Inc.; and more.

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