New Developments Near Aberdeen Proving Grounds Increase Affordable Housing Options in BRAC Communities
Loans provided through the American Recovery and Reinvestment Act (ARRA) create quality rental housing, add jobs
CROWNSVILLE, MD (December 29, 2009) – Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner today announced financing of the North Creek Run development in Cecil County and the Perryman Station project in Harford County, providing much-needed affordable housing in an area expecting an influx of working families through the Base Realignment and Closure (BRAC) process.
"These developments great examples of how federal, state and local collaboration can revitalize communities and expand affordable housing options for Maryland’s hardworking families and seniors," said Secretary Skinner. "They also are a boost to the area’s labor pool with the creation of an estimated 107 jobs."
Funded through the American Recovery and Reinvestment Act of 2009, the U.S. Department of Housing and Urban Development’s Tax Credit Assistance Program (TCAP) allows state housing finance agencies such as DHCD to resume funding affordable rental housing projects while stimulating job creation in the hard-hit construction industry. TCAP provides grant funding for capital investment in Low Income Housing Tax Credit (LIHTC) projects through a formula-based allocation to DHCD.
The North Creek Run project financing includes a Bank of America construction-to-permanent mortgage of $2.1 million. DHCD provided $821,050 of Low Income Housing Tax Credits (LIHTC), which raised equity of $5.4 million through PNC Bank. DHCD also provided $3 million in Tax Credit Assistance Program loan funds and a $132,500 Maryland Energy Efficiency and Housing Affordability Grant (MEEHA).
The development, located on Stony Run Creek Road, includes a garden apartment building with eight one-bedroom apartments and 45 two-story family townhouse rental units. The property also will contain a community room, exercise center and computer room. Units will be available for families with incomes between 30 percent and 60 percent of the Area Median Income or $15,600 to $46,080 for a four-person household.
The developer/owner of the project is Conifer Realty of Rochester, NY. The property will be professionally managed by Conifer Management. The general contractor is LeChase Construction and the architect is Kitchen & Associates.
The Perryman Station, located on Perryman Road, project involves the new construction of a senior residential community. The property will consist of 80 units in 3-story apartment buildings, including 37 one-bedroom and 43 two-bedroom units. The units will be available for households with at least one resident being 62 years or older with incomes at or below 60% of Area Median Income (AMI) or $19,700 to $39,420 for a two-person household.
Project financing includes a first mortgage from Bank of America, N.A. for $3,126,900, a $270,643 HOME Loan from Harford County, a $3 million Loan under the ARRA Tax Credit Assistance Program (TCAP), and a $200,000 Grant through the Multifamily Energy Efficiency and Housing Affordability Program (MEEHA). DHCD also provided more than $816,000 in Low Income Housing Tax Credits (LIHTC), which raised about $5.7 million in private equity through Bank of America, N.A.
The developer and owner of the project are Stavrou Associates, Inc. and Rellim Development, LLC. The property will be professionally managed by HAI Management, Inc. d/b/a Humphrey Management. The general contractor is Hamel Builders Inc.
MEEHA provides grants for energy audits and the purchase and installation of equipment and materials for energy efficiency and renewable energy measures in affordable multifamily rental housing. The program is an ongoing partnership between the Department of Housing and Community Development and the Maryland Energy Administration and is part of Governor Martin O’Malley’s EmPOWER Maryland initiative, which aims to reduce the state’s energy consumption by 15 percent by 2015.
“The Maryland Energy Administration is pleased to see our partnership with the DHCD in action here in Aberdeen and North East,” commented MEA Director Malcolm Woolf. “The audits and equipment available through the MEEHA program will not only benefit these residents, but also Marylanders across the State, as we work together to meet Governor O’Malley’s EmPOWER Maryland goal and vision for a Smart, Green and Growing State.”
Smart, Green & Growing is a multi-agency, statewide initiative launched by Governor Martin O’Malley to help Maryland achieve a more sustainable future by linking community revitalization, transportation improvements, economic development, smart growth and environmental restoration efforts. For more information, please log on to: http://www.green.maryland.gov.
The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD programs, log on to www.mdhousing.org.
News updates also are available by following DHCD on Twitter (www.twitter.com/MDHousing) and Facebook (www.facebook.com/marylandhousing).
For more information:
Jacqueline Lampell
Director, Office of Communications and Marketing
410-514-7704
lampell@mdhousing.org
Rosa Cruz
Deputy Director, Office of Communications and Marketing
410-514-7712
cruz@mdhousing.org
Andy DeVilbiss
Public Information Officer, Office of Communications and Marketing
410-514-7710
devilbiss@mdhousing.org