Affordable Senior Housing Complex Coming to Frederick
Community Housing Initiative is developing Cascades of Frederick, a $42 million, 151-unit senior affordable housing complex in Frederick, Md.
The project is being built in conjunction with the Frederick County Department of Housing and Community Development and the City of Frederick Department of Housing and Human Services.
“We witnessed the already large [deficiency] in affordable housing grow deeper from the COVID-19 pandemic, so we’re pleased to have the opportunity to work with Frederick County Department of Housing and Community and HHS to provide this essential housing option to the area’s senior residents,” Joseph Byrne, vice president of Community Housing Initiative, told Commercial Observer.
The new complex will be reserved for those 62 and over who are earning 60 percent or less of the area median income. The project broke ground earlier this month and is slated for completion in November of 2023.
Project funding for the property leveraged Low-Income Housing Tax Credits, tax-exempt bonds and a federally insured loan.
Cascades of Frederick will be located just minutes from downtown Frederick, situated next to multiple bus stops, providing direct connectivity to the rest of the city.
“The site will also feature a top-of-the-line amenity package complete with a fitness center, library, family gathering rooms, billiards lounge, dog park and dog washing station, gardening station and landscaped walking paths throughout the complex,” Byrne said.
Keith Loria can be reached at Kloria@commercialobserver.com.