Pennrose Breaks Ground on Affordable MD Property
In a collaboration with the Wicomico County Housing Authority, the company will build Square at Merritt Mill, a 75-unit community in Salisbury.
Pennrose and the Wicomico County Housing Authority have broken ground on Square at Merritt Mill, a 75-unit community in Salisbury, Md. The mixed-income property is set to provide affordable and workforce housing to households earning up to 60 percent of the area’s median income. Eight units will be market rate and 12 will be set aside for residents with disabilities.
Located less than half a mile from the Health South bus stop, Square at Merritt Mill will provide easy access to downtown Salisbury and the airport. The community is slated to encompass a mix of one-, two- and three- bedroom apartments. Amenities will include a 2,700-square-foot clubhouse, fitness room, community room, conference room and kitchenette. The project is set to achieve certification under the National Green Building Standard and Energy Star for New Homes programs.
Funding for the project includes rental assistance through the U.S. Department of Housing and Urban Development’s RAD program. The eight-building project received nine percent low-income housing tax credits in April 2017, which generated most of the project’s funding via Bank of America. The Maryland Department of Housing and Community Development’s Rental Housing and Partnership Rental Housing programs secured additional financing sources for the community. Completion of the project is expected in late 2019.
Earlier this year, Pennrose Properties and Middlesex County opened Residence at Roosevelt Park in Edison, N.J. The property is a $25 million adaptive reuse and historic renovation project of the former Roosevelt Hospital.
Image courtesy of Pennrose