Pennrose and the Wicomico County Housing Authority have created new housing options for residents in Salisbury, Md.
The partners recently opened the Square at Merritt Mill, a development that provides 75 units of affordable and workforce housing, with many units designated for housing authority residents through the federal Rental Assistance Demonstration (RAD) program.
“We’re thrilled to continue such a close partnership with the Wicomico County Housing Authority and create another high-quality rental community in an area in need of desirable, affordable housing,” said Patrick Stewart, senior developer at Pennrose, an experienced multifamily and affordable housing firm.
The team collaborated three years ago to develop Stone Grove Crossing, an 84-unit community that replaced an aging public housing complex in Salisbury.
The new Square at Merritt Mill offers 67 one-, two-, and three-bedroom apartment homes available to residents earning up to 60% of the area median income and eight market-rate units. Additionally, 12 units are reserved for individuals with disabilities.
Each apartment features in-unit washers and dryers, Energy Star appliances, individual entrances, and spacious layouts. Additional on-site amenities include parking and storage space as well as a community clubhouse that offers access to a fitness room, a community room, a conference room, a kitchenette, and a management suite.
Financing for the $20.3 million project includes construction and permanent loans from Bank of America, which also provided an equity investment through 9% low-income housing tax credits. The Maryland Department of Housing and Community Development also provided financing.