Baltimore-Area Affordable Project to Add 120 Units
Financing for the two new phases totals more than $30 million.
Green Street Housing and TM Associates Development have broken ground on the second and third phases of Village at Slippery Hill, a fully affordable housing community in Queenstown, Md., in the Baltimore area. All three components will total 186 units.
Public Records show that financing for the new developments totals more than $30 million, encompassing:
- $4.6 million construction loan from Bank of America for the second phase
- $9.2 million bridge loan from Bank of America for the second phase
- $4 million in subordinate loans from the Community Development Administration division of the Department of Housing and Community Development
- $12.4 million in loans from CDA for the third phase
The second phase will consist of a five-story building incorporating one-, two- and three-bedroom floorplans, totaling 66 units. Slippery Hill Senior, the third phase, is slated to encompass 54 one- and two-bedroom affordable residences for seniors aged 62 and over.
Completed in 2020, the first phase includes 66 units reserved for individuals earning between 30 and 60 percent of AMI, as well as 10,000 square feet of retail space. Its total development cost was $20.1 million, involving $15.6 million in LIHTC equity as well as a loan from a private bank.
Located at 210 Fallen Horse Circle, the property is situated off Highway 50, roughly 45 miles from Baltimore and some 50 miles from Washington, D.C. It is also adjacent to the UM Shore Emergency Center at Queenstown, and within walking distance of Garsonville Community Center.