Enterprise Secures $30M for Affordable Housing Development in Charles County
Enterprise Community Development has received $30 million in financing to develop Magnolia Gardens, a 72-unit affordable housing community in La Plata, Md.
This is the affordable housing developer’s first project in Charles County, which is less than 25 miles from Washington, D.C.
The financing was secured through a senior mortgage facilitated by Bellwether Enterprise, combined with 9 percent Low-Income Housing Tax Credits.
Additional funding came from a variety of state programs, including Federal Home Loan Bank of Atlanta’s affordable housing program, the Rural Maryland Council’s Rural Maryland Prosperity Investment Fund, Maryland Community Development Administration’s Development Relief Funding, the Capital Grants Program administered by the Maryland Department of General Services, and the Maryland Department of Housing and Community Development.
Charles County also provided financial support through a payment in lieu of taxes (PILOT) agreement.
The development will consist of four garden apartment buildings and feature one-, two- and three-bedroom units serving households at income levels from 20 percent of area median income (AMI), which is currently $107,808 for a household of four. Twelve apartments will be available to those with disabilities or with incomes at 30 percent AMI or below.
Amenities in the community will include an on-site clubhouse, a computer center and a fitness center. Magnolia Gardens also will feature on-site parking and outdoor recreation areas.
“We’re thrilled to be starting construction on Magnolia Gardens and building much-needed affordable apartments for the area’s workforce,” Christine Madigan, interim president of Enterprise Community Development, said in a prepared statement. “We look forward to being part of the community and making these new homes available to local residents.”
Architecture by Design is serving as the project architect. Enterprise Residential will provide property management and resident services.
Keith Loria can be reached at Kloria@commercialobserver.com.