Enterprise Community Development announced it has closed on $116.5 million in financing for three affordable housing developments that will support families, seniors, and formerly homeless veterans in Maryland.
These properties include College Parkway Place in Annapolis and Greens at Irvington Mews II and Park Heights Place, both in Baltimore.
“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,” said Janine Lind, president of Enterprise Community Development. “These 313 modern new apartment homes are designed to meet residents' immediate housing needs while also helping foster a sense of pride and community."
College Parkway Place consists of 170 apartments, including 137 one- and 33 two-bedroom units. Built in 1978, this development will undergo extensive renovations to modernize living spaces, including new kitchens, bathroom fixtures, and energy-efficient updates such as windows, doors, and HVAC systems. The community will serve households earning no more than 50% of the area median income (AMI) and features on-site amenities such as a fitness center, a computer room, and a playground.
The total development cost for the renovation is approximately $74 million, with financing from the Maryland Department of Housing and Community Development, equity generated through the sale of federal low-income housing tax credits (LIHTCs), and state of Maryland gap financing. All apartments receive federally funded rental assistance. Completion is expected in the third quarter of 2025.
Greens at Irvington Mews II is a new construction project that will add 59 apartments for independent older adults as the second phase of the existing Irvington Mews development. This includes 47 apartments for residents earning up to 50% of the AMI and 12 apartments for those earning up to 30% of the AMI. Of these, 31 apartments will receive rental assistance through a combination of PRAC (Section 202 project rental assistance contracts)-to-RAD (Rental Assistance Demonstration) vouchers from the Department of Housing and Urban Development (HUD) and project-based vouchers from the Housing Authority of Baltimore City, which will prioritize formerly homeless individuals, with a preference for veterans. The building, designed for aging in place, will feature amenities such as a computer room, a fitness center, and a roof terrace. In line with sustainability goals, the building will meet Enterprise Green Communities standards, using low-VOC materials, green-certified carpets, and optimized air circulation to promote high indoor air quality.
The total development cost for the Greens at Irvington Mews II is approximately $26.6 million, with financing provided by the Maryland Department of Housing and Community Development, HUD’s Section 202 Program for the Elderly, and equity from the sale of LIHTCs syndicated by Enterprise Housing Credit Investments. Additional support is provided through the HUD Green and Resilient Retrofit Program (GRRP), the Weinberg Foundation, Maryland's Revitalization Program, and the Maryland Energy Administration. Construction is expected to be completed in October 2025.
Park Heights Place will undergo rehabilitation of its 84-apartment building, originally built in 1998. The property provides housing for seniors, with most residents earning 50% or less of the AMI. The renovation will enhance accessibility, energy efficiency, and resident comfort. Key updates include new energy-efficient windows, roofing, and LED lighting. Apartments will feature upgraded kitchens, accessible bathrooms, and modern appliances, with special modifications for mobility, hearing, and visually impaired residents. Common areas will be revamped with new flooring and amenities like a fitness room, while mechanical and electrical systems will be improved for efficiency and safety. An on-grade diesel generator will also be installed for life safety during power outages.
The total development cost for Park Heights Place is $15.8 million, with financing from the Maryland Community Development Administration (CDA), the HUD Section 202 Program for the Elderly, equity from the sale of LIHTCs syndicated by Enterprise Housing Credit Investments, and the city of Baltimore. Additional support was provided by HUD’s GRRP and the Maryland Energy Administration. The majority of apartments will receive project-based subsidies, ensuring affordability for years to come. Construction is expected to be completed in July 2025.
Greens at Irvington Mews II and Park Heights Place are the first two Maryland CDA risk-share deals that have Section 202 financing in them. These two deals also are among some of the first transactions to close utilizing HUD GRRP funding.
Through a newly introduced Enterprise Clean Energy program, electricity discounts of 20% to 50% are now available to residents of Enterprise communities in Maryland and Washington, D.C., and will be offered to residents of these three communities. Enterprise is also incorporating many clean energy enhancements at its properties, including energy-efficiency improvements, solar energy systems, electric vehicle charging stations, and battery energy storage systems.
