Enterprise Homes and the Housing Authority of Baltimore City (HABC) have closed on financing to renovate 75 apartment homes comprising the rental component of the Heritage Crossing community in West Baltimore.
Located on a 32-acre site at the western edge of the city’s central business district, Heritage Crossing connects its residents to opportunity. It is within walking distance of the University of Maryland graduate schools, University Hospital, University of Maryland BioPark, Lexington Market, as well as a subway station, light rail, and other transit. It was developed in 2003 under the Department of Housing and Urban Development’s (HUD’s) HOPE VI program as a joint venture between Enterprise Homes and A&R Development Corp.
The Heritage Crossing neighborhood includes 75 rental townhomes and 185 for-sale townhomes. All are organized around a central, landscaped community green with a historic 19th century gazebo and feature the same architectural standards, styles, and quality. All of the development’s rental homes will be renovated while remaining affordable.
“Enterprise Homes is proud to continue our work with Heritage Crossing,” said Christine Madigan, executive vice president of Enterprise Homes. “The Heritage Crossing community has improved hundreds of lives, as well as the neighborhood, and modernizing these 75 homes and keeping them affordable will enable the community to remain a vibrant part of West Baltimore.”
The new effort will take place under HUD’s Rental Assistance Demonstration (RAD) program, which enables public housing agencies to leverage public and private funds to reinvest in public housing. This approach is critical given the $26 billion backlog of public housing capital improvements across the country, according to officials.
Heritage Crossing is the second RAD development on which HABC and Enterprise have collaborated. The first was The Allendale Apartments in Edmondson Village area of Baltimore City, which reopened last year after a full renovation.
“We are excited to partner with Enterprise Homes on the renovation of Heritage Crossing through HUD’s RAD program,” said HABC executive director Janet Abrahams. “This public-private partnership will enhance the living environment for 75 families in this West Baltimore community. Converting these affordable units to RAD allows HABC to fulfill its mission of creating and providing quality affordable housing opportunities in sustainable neighborhoods for the people we serve.”
Exterior renovations will include new roofing and shutters, entry door repairs, and concrete repairs where necessary. The homes will also become more environmentally friendly and cost-efficient, with Energy Star windows, light fixtures, and HVAC systems; new hot water heaters; and improvements to the building envelope and air sealing.
Primary financing for the renovations, which are projected to total $4.6 million in hard costs, came from low-income housing tax credit equity from Enterprise Housing Credit Investments. Additional financing was provided by SunTrust Bank, the Maryland Department of Housing and Community Development, and HABC.
The development team includes Moseley Architects and Harkins Builders. R Home Communities is the property manager.
