Enterprise Homes, Inc., has transformed a vacant, trash-filled lot in Baltimore into sustainable and affordable housing for the area’s seniors that’s also helping to revitalize the neighborhood.
The 100 one- and two-bedroom units at The Greens at Irvington Mews, which was completed in December, serve residents earning less than 50 percent of the area median income. Ten units are handicap accessible, and two are for the hearing and visually impaired.
“I can’t say enough about providing good quality housing for seniors,” says Chickie Grayson, president and CEO of Enterprise Homes. “The Greens at Irvington Mews gives seniors a new lease on life because they are in a secure place, they have a new community, and they have activities and people they can be with so they are not isolated.”
Enterprise had looked at the vacant lot, which once served as a trolley turnaround, off and on for six years, but the price was always too high. In 2009, the developer agreed to purchase a 1.7-acre portion of the property. Shortly thereafter, the owner went into default, and Enterprise opened negotiations with the bank that initiated a foreclosure of the property. The foreclosure status enabled Enterprise to access federal Neighborhood Stabilization Program 3 funds, which facilitated the acquisition of the entire 4.2-acre parcel.
For the $16 million project, Capital One provided $13 million in low-income housing tax credit equity through Enterprise Community Investment and $600,000 in permanent financing.
