Enterprise Homes and Osprey Open New Affordable Housing in Maryland
- Jul 06, 2015
Baltimore—Enterprise Homes and Osprey Property Co. have completed Riverwoods at North East, a new affordable apartment property for families in Cecil County, Md., which is southwest of Wilmington, Del. The $16.2 million garden-style apartments feature 76 one-, two- and three-bedroom units with rents ranging from $358 to $880 per month.
Amenities include a clubhouse with a fitness room, community lounge equipped with a cyber café and a central laundry space. Riverwoods at North East meets the Enterprise Green Communities Criteria, which is a national framework for greening affordable housing.
Construction/permanent financing for the development included an FHA-insured loan underwritten by AGM Financial and provided by Wells Fargo Bank. A 9 percent housing tax credit allocation by the State of Maryland resulted in the investment of about $11.79 million by Capital One Bank, which was syndicated by Enterprise Community Investment.
Other financing included a $457,000 Rental Housing Program loan from Maryland Department of Housing & Community Development (DHDC) and a $500,000 Affordable Housing Program grant awarded by the Federal Home Loan Bank of Atlanta. Also, DHCD granted the Town of North East $750,000 in Community Development Block Grant funds, which were lent to the development for property acquisition. The remaining financing was provided by the developers.
In developing affordable housing, Enterprise Homes has ambitious but specific goals: to do its part to not only end homelessness, but housing insecurity. “We know that an increasing number of families and individuals face housing insecurity, paying more than half of their income on housing,” said Enterprise CEO Chickie Grayson.
Grimm and Parker oversaw the architectural design of the property. Harkins Builders Inc. was the general contractor and Bay State Land Services served as the civil engineer. Property management services are provided by Habitat America.