Enterprise Homes Begins Redevelopment of Maryland Apartments
- Jun 02, 2014
Westminster, Md.—Redevelopment work has started on Locust House Apartments, a 98-unit multifamily property in Westminster, Md., an outer suburb of Baltimore. The property, a seven-story structure dating from 1978, primarily serves seniors and disabled individuals who earn no more than 60 percent of area median income. All of its units have one bedroom.
The $14.8 million redevelopment by Baltimore-based Enterprise Homes Inc. will focus on long-needed upgrades to the building’s systems, as well as the modernization of its kitchens, bathrooms and community spaces. The project will also add a number of sustainable features. Construction will be completed in about a year.
The development is financed through a variety of sources. These include Low Income Housing Tax Credits, Rental Housing Works funds, Partner Rental Housing funds, EmPower Maryland funds, and a Maryland tax-exempt bond. Wells Fargo is providing an FHA-insured construction loan, and the developer is putting in equity.
Architecture by Design is overseeing the design, while Harkins Builder’s Inc. is the general contractor. Property management services are being provided by Habitat America. This is the latest of many projects for Enterprise Homes, which has completed more than 5,600 affordable and market-rate residences throughout the Mid-Atlantic region in collaboration with nonprofit and for-profit entities, community groups, and city and county agencies.
Locust House has a HUD Value Rating of 4 out of 5 when compared to all section 8 housing programs recently inspected by the department. The value rating measures each property’s value by comparing the latest HUD inspection score and the cost of the house or apartment. A five-star rating signifies a high HUD inspection score relative to the cost of the unit; one star means a low score relative to the cost.