Boston Capital announced it is investing in the construction of a 100-unit apartment community for families and individuals in Bladensburg, Md., a Washington, D.C., suburb.
Bladensburg Commons is being developed by Baltimore-based Shelter Development and Housing Initiative Partnership, a nonprofit developer based in Hyattsville, Md.
Boston Capital officials said the firm is providing $14.5 million in low-income housing tax credit equity to help finance the community. Ninety homes will be available to families earning 30% to 60% of the area median income (AMI) and 10 homes will be available at market rates. Fifteen of the affordable units will be set aside for non-elderly people with disabilities at 30% or less of the AMI.
"Bladensburg Commons represents our ninth investment with our friend Jeff Hettleman and his team at Shelter Development," said Jeff Goldstein, COO and director of real estate at Boston Capital. "We are seeing a strong demand for affordable housing in the suburbs surrounding Washington, D.C. With our partners, Shelter Development and Housing Initiative Partnership, we are excited to address this demand and help families and individuals in need of quality housing."
Bladensburg Commons will feature 50 one-bedroom, 40 two-bedroom, and 10 three-bedroom units. Unit amenities will include full-size Energy Star appliances, including oven/range, refrigerator, disposal, dishwasher, microwave, and washer and dryer. Community amenities will include an elevator, community room with kitchen, computer lab, workout room, playground, and 170 surface parking spaces. Local shopping, services, health care and schools are readily accessible to residents, as well as access to public transportation. Housing Initiative Partnership will provide onsite supportive services.
The construction of Bladensburg Commons will generate approximately $10.8 million in local salaries and create nearly 113 jobs in the Bladensburg area. To date, Boston Capital has invested in nearly 7,000 apartments in Maryland.