$24.6 Million Renovation Planned for Affordable Community

Enterprise Homes and SunTrust have committed to a $24.6 million renovation project in Fredrick, Md., which will be designed by Grimm + Parker.

Columbia, Md.—Enterprise Homes and SunTrust have committed to a $24.6 million renovation project in Fredrick, Md., which will be designed by Grimm + Parker.

The community, Taney Village Apartments, will undergo an extensive redevelopment and renovation. Built in 1978, the property features 130 one-bedroom affordable apartments designated for low-income seniors and adults with disabilities. Taney Village is located near healthcare, public transportation, shopping and a senior center.

Plano-Coudon is the contractor for the renovation project, which will include new elevators, energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. New lighting, flooring, paint and furniture are planned for hallways, corridors and lobbies, community room, fitness room and laundry. The project is scheduled for completion by fall 2015. Property management will be provided by Habitat America.

“Our country is in the midst of a broad housing insecurity crisis. Enterprise wants every person to have a place to call home in a vibrant community,” says Chickie Grayson, president and chief executive officer of Enterprise Homes. “After the renovations, the residents of Taney Village will have a high-quality, safe, affordable home close to public transportation and other services.”

A combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County have made funding possible.

“Enterprise Homes has a strong track record of success in providing quality affordable housing in our communities,” says Paul Woodworth, president, SunTrust Community Capital. “SunTrust Community Capital is pleased to partner with Enterprise by lending and investing in this important project that will provide revitalized housing for seniors in Frederick, Maryland.”