#United States #Green Street Housing #affordable housing #Smithsburg

Revitalization of Affordable Housing in Smithsburg

In a significant move to enhance affordable housing options, Green Street Housing and TM Associates, in collaboration with Interfaith Housing Alliance, have successfully secured financing for the acquisition and renovation of The Point at Smithsburg. This project, valued at $18.5 million, aims to revitalize an existing affordable housing community located in Smithsburg, Maryland.

The financing is bolstered by 9% Low-Income Housing Tax Credits (LIHTC), provided by the Maryland Department of Housing and Community Development (DHCD), which underscores the commitment of local authorities to support affordable housing initiatives. The redevelopment plan is not merely about upgrades; it includes a broad spectrum of improvements aimed at enhancing the quality of life for residents in Washington County.

Project Details and Goals

Originally constructed in 1986, The Point at Smithsburg comprises 38 units under the Section 8 program, with plans to increased to 40 units following the renovations. A substantial portion of the $8.2 million allocated for construction will focus on energy-efficient upgrades, a move designed to help reduce utility expenses for residents while minimizing environmental impact.

Among the proposed improvements are comprehensive interior renovations, facade enhancements, and the expansion of a community center, all driven by input from the residents themselves.

“We aim to create quality, cost-effective homes that foster a sustainable living environment”, said Bob Margolis, CEO of TM Associates. He emphasized the importance of preserving and enhancing affordable housing resources while promoting safe and comfortable environments for families.

Financing Partners and Their Roles

The success of this project hinges on the collaboration of key financing partners, including CREA, LLC as the LIHTC equity syndicator, Boston Capital Finance providing permanent financing, Locus Bank as the construction lender, and CF Bank facilitating predevelopment loans. Their collective efforts, alongside the support of DHCD, have been instrumental in bringing this redevelopment project to fruition.

TM Associates not only focuses on providing affordable housing but also emphasizes a holistic approach—offering services such as after-school programs, adult literacy support, and job placement resources to address community needs. This commitment to multi-faceted development reflects a broader vision that looks beyond traditional housing solutions.

Vision for the Future

With a focus on modernizing this community, Charlie Moore, Director of Development Finance at Green Street Housing, stated, “Our goal is to create a living environment that not only reduces costs but also enhances the overall quality of life for our residents.” This redevelopment serves as a blueprint for future projects aiming to blend innovative housing solutions with community-oriented services, setting a standard for affordable housing across the region.

About the Organizations

Green Street Housing, founded in 2008, specializes in developing affordable housing across Maryland, Delaware, and Virginia, establishing a strong reputation in LIHTC financing and public-private partnerships. Meanwhile, TM Associates manages over 18,000 units across various states, advocating for a new definition of affordable housing and aiming to create lasting positive impacts in the communities they serve.

As this project progresses, it is expected to not only improve housing conditions in Smithsburg but also to set new benchmarks for affordable housing redevelopment nationwide, inspiring similar initiatives across the country.

For more information about Green Street Housing, visit Green Street Housing. To learn about TM Associates, check TM Associates.