A new community has delivered 72 affordable homes to residents in La Plata, Maryland.
Enterprise Community Development (ECD) celebrated the opening of Magnolia Gardens, the first non-age-restricted 9% low-income housing tax credit development in Charles County and Enterprise’s first project in the area.
“Magnolia Gardens stands as a solution to the critical shortage of housing for so many who live and work in Charles County,” said ECD president Janine Lind. “These apartment homes offer a range of housing options that are modern and energy efficient and provide a much-needed resource, housing for essential local workers, including firefighters, teachers, bus drivers, and police officers.”
In addition to providing affordable housing in a high-growth neighborhood, Magnolia Gardens features a fitness center, a computer room, and community space. Thirteen units are set aside for individuals and families with disabilities earning at or below 30% of the area median income (AMI), while the remaining homes serve a broad mix of income levels from 20% AMI to market rate.
The $29.7 million development was supported by several funding sources, including:
- $12.4 million in low-income housing tax credit and 45L tax credit equity from investor Bank of America and syndicator Enterprise Housing Credit Investments;
- $9.5 million Rural Development Section 538 construction-permanent loan from BWE;
- $2.9 million bridge loan from Enterprise Community Loan Fund;
- $2 million Development Relief Fund loan from Maryland Department of Housing and Community Development;
- $500,000 from the Federal Home Loan Bank of Atlanta’s Affordable Housing Program through member Bank of America;
- $500,000 capital grant from the State of Maryland;
- $500,000 grant from Rural Maryland Council;
- $3.1 million sponsor loan; and
- $1.2 million deferred developer fee.
Architecture by Design is the project architect; Harkins Builders is the general contractor; and Lorenzi, Dodds & Gunnill is the civil engineer. Enterprise Residential provides property management and resident services.