LA PLATA, MD – In a significant milestone for affordable housing in Charles County, Maryland, Enterprise Community Development, Inc. has successfully secured financing for Magnolia Gardens. This groundbreaking project will introduce 72 new apartments to the region. As the first non-age-restricted 9% Low-Income Housing Tax Credit (LIHTC) development in Charles County, Magnolia Gardens is poised to meet the housing needs of the local workforce.
Christine Madigan, interim president of Enterprise Community Development, expressed her enthusiasm about the project, stating, "We're thrilled to be starting construction on Magnolia Gardens and building much-needed affordable apartments for the area's workforce. We look forward to being part of the community and making these new homes available to residents."
Magnolia Gardens will comprise four garden apartment buildings, offering a range of one-, two---, and three-bedroom affordable apartments designed to accommodate households with incomes ranging from 20% of the area median income (AMI) to market rate. Notably, 12 of the apartments will be reserved for families and individuals with disabilities who have incomes at or below 30% of the AMI. The community will prioritize energy efficiency and provide a variety of amenities, including an on-site clubhouse with a club room, computer center, fitness center, on-site parking, and outdoor recreational areas.
Strategically located in an area with a high rate of homeownership, a robust median income, and excellent schools, Magnolia Gardens is set to address the pressing housing needs of the Charles County workforce. The development will offer future residents walkability and easy access to employment opportunities, shopping centers, healthcare facilities, recreational areas, services, and public transit.
The total investment for Magnolia Gardens amounts to nearly $30 million. Its financing was made possible through a senior mortgage facilitated by Bellwether Enterprise, complemented by 9% LIHTC equity and substantial contributions from various entities, including the Federal Home Loan Bank of Atlanta's Affordable Housing Program, the Rural Maryland Council's Rural Maryland Prosperity Investment Fund, the 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 instead of Taxes (PILOT) agreement.
The development team behind Magnolia Gardens includes Architecture by Design as the project architect, Harkins Builders as the general contractor, and Lorenzi, Dodds & Gunnill as the civil engineer. Enterprise Residential will oversee property management and resident services, ensuring Magnolia Gardens becomes a thriving and well-managed community.
As construction begins on Magnolia Gardens, it marks a significant step forward in addressing the affordable housing crisis in Charles County, setting the stage for a brighter and more accessible future for residents. The project's commitment to energy efficiency, accessibility, and community amenities underscores its importance in enhancing the quality of life for those needing affordable housing in the area.
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