BALTIMORE, MD — Enterprise Community Development, Inc., one of the largest mission-focused nonprofit affordable housing providers in the Mid-Atlantic, has successfully closed on $116.4 million in financing for three affordable housing communities that will support families, seniors, and formerly homeless veterans in Maryland. These properties include College Parkway Place in Annapolis, Anne Arundel County, and The Greens at Irvington Mews Ⅱ and Park Heights Place, both located in Baltimore City. Collectively, these developments will create or preserve 313 affordable housing homes, ensuring that low- to moderate-income families, seniors, and individuals continue to have access to quality housing.
“This $116.4 million investment across these three communities marks a significant milestone in our commitment to creating, preserving and modernizing affordable housing across the region,” said Janine Lind, President, Enterprise Community Development. “These 313 modern new or renovated apartment homes are designed to meet residents' immediate housing needs while also helping foster a sense of pride and community.”
College Parkway Place, located at 570 Bellerive Drive in Annapolis, consists of 170 apartments, including 137 one-bedroom 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 50% or less of the area median income (AMI) and features on-site amenities such as a fitness center, computer room, and playground.
The total development cost for the renovation is approximately $74 million, with financing from the Maryland Department of Housing and Community Development and equity generated through the sale of Federal Low Income Housing Tax Credits and State of Maryland gap financing. All apartments receive federally funded rental assistance. Completion is expected in the third quarter of 2025.
The Greens at Irvington Mews Ⅱ, a new construction project located at 4300 Frederick Avenue in Baltimore City, will add 59 apartments for independent seniors and 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% AMI. Of these, 31 apartments will receive rental assistance through a combination of PRAC -to-RAD vouchers from U.S. 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, fitness center, and 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 is approximately $26.6 million, with financing provided by the Maryland Department of Housing and Community Development, the HUD Section 202 Program for the Elderly and equity from the sale of Federal Low Income Housing Tax Credits syndicated by Enterprise Housing Credit Investments. Additional support is provided through the HUD Green and Resilient Retrofit Program (GRRP), the Weinberg Foundation and funding from the State of Maryland's Revitalization Program, and the Maryland Energy Administration. Construction is expected to be completed in October 2025.
Park Heights Place, also in Baltimore City, located at 5430 Park Heights Avenue, 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 at Park Heights Place 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 and equity from the sale of Federal Low Income Housing Tax Credits syndicated by Enterprise Housing Credit Investments and the City of Baltimore. Additional support was provided by HUD’s Green and Resilient Retrofit Program (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.
The Greens at Irvington Mews Ⅱ and Park Heights Place are the first two Maryland CDA Risk Share deals that have 202 financing in them. These two developments also are among some of the first transactions to close utilizing HUD Green and Resilient Retrofit Program funding.
Through a newly introduced Enterprise Clean Energy program, electricity discounts of 20-50% are now available to residents of Enterprise communities in Maryland and Washington, DC., and will be offered to residents of these three communities. Enterprise is also incorporating many green features at its properties, including energy efficiency improvements, solar energy systems, electric vehicle charging stations, and battery energy storage systems.
Enterprise Community Development is dedicated to maintaining existing affordable homes and creating new affordable homes across the Mid-Atlantic. Through these transformative developments, Enterprise aims to make home places of pride, power and belonging while contributing to the sustainability and vitality of the communities they serve.
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Enterprise Community Development is a mission-driven affordable housing provider that specializes in high-impact residential development, preservation, property management and resident services for more than 24,000 people who call our communities home. Our $1.4 billion portfolio includes 115 communities and 14,000 homes, positioning us as the largest nonprofit affordable housing provider in the Mid-Atlantic and the sixth largest nonprofit owner of affordable housing in the United States. We are an affiliate of Enterprise Community Partners. For more information, visit www.enterprisecommunitydevelopment.org.