Enterprise Lands $116M For Affordable Housing In Baltimore, Annapolis
A new affordable housing development and two substantial renovations are set to move forward in Maryland after Enterprise Community Development secured $116.4M in financing deals.
The nonprofit affordable housing provider obtained $74M to renovate a 170-unit affordable housing property in Annapolis, $26.6M for the new construction of a 59-unit project in Baltimore, and $15.8M for the rehabilitation of another Baltimore community.
The Annapolis property, called College Parkway Place at 570 Bellerive Drive, was built in 1978. The renovation will upgrade kitchens, bathrooms, windows, doors and HVAC systems. It is expected to be completed in the third quarter of 2025.
That project, which will keep units affordable for residents making up to 50% of the area median income, received financing from the Maryland Department of Housing and Community Development, equity from low-income housing tax credits and additional state gap financing.
The new-construction project, planned at 4300 Frederick Ave. in Baltimore, is the second phase of the Irvington Mews senior affordable housing development. It includes 12 apartments affordable at 30% of AMI, with the remaining 47 units at 50% of AMI.
The development also received financing from DHCD and LIHTC equity, plus it received money from two Department of Housing and Urban Development programs, one geared toward senior housing and the other for sustainable and resilient projects.
The Baltimore renovation project is the Park Heights Place community at 5430 Park Heights Ave. The property, built in 1998, is reserved for seniors mostly making up to 50% of AMI. The renovation will upgrade the units, common areas and the building's energy efficiency.
That renovation secured financing from the Maryland Community Development Administration, plus LIHTC equity and the same two HUD programs.
“This $116.4 million investment across these three communities marks a significant milestone in our commitment to preserving and modernizing affordable housing across the region,” Enterprise Community Development President Janine Lind, who joined the nonprofit in April, said in a release.
Enterprise Community Development, an affiliate of Columbia, Maryland-based Enterprise Community Partners, says it is the sixth-largest nonprofit affordable housing provider in the country, with a $1.4B portfolio. It owns 52 communities across 52 cities.
It manages more than a dozen Baltimore properties, including the Mulberry at Park, Heritage Crossing II, Hollins House, Ashland Commons and Ednor Apartments. Last year, it invested $3M in a partnership with Harrison Development for the Upton Gateway project in West Baltimore.
As Baltimore prepares for billions of dollars in new development, economic development and real estate leaders said at a June Bisnow event that this growth will put pressure on housing costs and the city must focus on building and preserving affordable units.
