Affordable Development Underway Near Baltimore

September 10, 2024

Senior Housing Affordable Housing Baltimore DevelopmentMoreFinance & Investment Mid-Atlantic News

Upon completion, the community will serve seniors earning between 30 and 60 percent of the area median income.

Rendering of Little Patuxent in Gambrills, Md. — The co-developers broke ground on Little Patuxent in February. *Image courtesy of Green Street Housing*

Green Street Housing, HRH Holdings and Good Works are developing Little Patuxent Senior Apartments, a 78-unit affordable senior housing community in Gambrills, Md. The property will serve residents earning between 30 and 60 percent of the area median income.

Designed by Architecture by Design, the four-story building encompasses one- and two-bedroom floorplans. Common-area amenities include a fitness center, a community room, a computer room, elevators and approximately 128 parking spaces. The development also features a 2,674-square-foot drive-thru restaurant.

Located at 1074 MD Route 3 in Baltimore’s Odenton submarket, Little Patuxent Senior Apartments is within walking distance of Waugh Chapel Towne Center and Patuxent River Conways Park. The property is also in a region identified by DHCD as both a Community of Opportunity and a Difficult Development Area, as designated by HUD. Downtown Baltimore is some 22 miles north.

Founded in 2008, Green Street is a Maryland-based affordable housing developer with a focus on the Mid-Atlantic region. Last year, the firm broke ground on the second and third phases of Village at Slippery Hill, a fully affordable housing community in Queenstown, Md., built in partnership with TM Associates Development.

Project financing from various sources

Main financing for the project came from The Richman Group through a low-income housing tax credit investment. The Maryland Department of Housing and Community Development also provided funds through the Multifamily Bond Program and Rental Housing Works, while the Arundel Community Development Corp. issued a HOME loan.

According to Yardi Matrix data, the Maryland Department of Housing and Community Development provided $17.7 million in financing, while Arundel Community Development Services originated a $1.6 million construction loan.