Work Begins on Affordable Seniors Housing in Baltimore
- Jun 12, 2012
Baltimore—Enterprise Homes has broken ground on the Greens at Irvington Mews, a 100-unit affordable housing development in Baltimore. The property will include 82 one-bedroom units and 18 two-bedroom units and will be for seniors and persons with disabilities earning 50 percent and below of the area median income.
Among other amenities, the Greens at Irvington Mews will include a fitness room, computer center, lounge, community room and hospitality suite. According to the developer, it is expected to meet the Enterprise Green Communities Criteria, the first national framework for building green affordable housing and community buildings.
The estimated development cost is $15.8 million. As per usual for affordable housing, the funding sources were complex, coming from Low-Income Housing Tax Credit equity from Enterprise Community Investment Inc.; a loan provided by Capital One Bank; HOME funds from the city of Baltimore City; the Neighborhood Stabilization Program; and developer equity.
Chickie Grayson, president and CEO of Enterprise Homes, cites the need for developments such as the Greens at Irvington Mews, noting that more than a quarter of the households in the market area are headed by seniors, but there are few accessible and affordable senior rental developments in the community. Enterprise Homes has completed more than 5,000 affordable and market-rate residences in the Mid-Atlantic region, in collaboration with nonprofit and for-profit housing organizations, community groups, as well as city and county agencies.
Harkins Builders Inc. is the contractor for the development, with Hord Coplan Macht overseeing the architectural design, and property management services provided by Habitat America. Construction of the property will be completed by the end of this year.