Affordable MD Townhomes Undergoing $14M Rehab
- Dec 19, 2017
Scotland Community Development Inc., Enterprise Homes Inc. and the National Development Council (NDC) have closed on financing for the renovation of 75 rental townhomes in Scotland Community, located in Montgomery County, Md. The construction cost will total $14.3 million and is slated for completion by the end of 2018.
Updates to the community will include new heating and air conditioning systems, bathrooms, reconfigured apartments with more open and spacious layouts, kitchens and in-unit washer/dryers. The townhomes will be made energy-efficient through sealing and insulation, the addition of water-conserving plumbing features, installation of new appliances and new roofs and facades.
“Scotland Community’s location in Montgomery County provides great connections to resources vital to opportunity, such as transportation, jobs and education. Modernizing these 75 homes—renovating and keeping them affordable—will be another critical element in preserving a strong community,” said Chickie Grayson, president & CEO of Enterprise Homes.
Financing a Historic Site
Financing for Scotland Community was provided by Maryland Department of Housing and Community Development, Bank of America, Montgomery County and Enterprise Community Investment Inc. Funding came from Low Income Housing Tax Credit. Zavos Architecture + Design is serving as the project architect, Whiting-Turner Contracting Co. as general contractor and Whetstone Co. as property manager.
Scotland was created in the 1880s when freed slaves purchased land in Potomac, creating settlements that had no access to utilities. With the survival of the community in jeopardy, in the early 1960s Save Our Scotland was formed. In 1965 Scotland Community Development began developing the land for an affordable community.
The Scotland Board tapped NDC in 2015 to provide assistance with the redevelopment plan. This also included choosing SCDI’s development partner, in which Enterprise Homes was selected. Scotland Community now offers residents close proximity to high-quality healthcare, educational and economic opportunity.
“This much-needed rehabilitation will make a significant difference in the lives of 75 households, many of whom have lived here for generations,” said Iris Neal, president of SCDI.
In September, a joint venture between TIAA Investments and Enterprise Homes invested $50 million in a fund that Enterprise Homes formed to acquire 43 communities in Maryland, Pennsylvania and Virginia, to keep housing affordable for low-income residents.
Image courtesy of Zavos Architecture + Design