Financing Acquired for Renovating Joe Baker Village and Great Mills Court in Lexington Park, MD

Financing Acquired for Joe Baker Village and Great Mills Court

Introduction
TM Associates and Green Street Housing have successfully secured the necessary financing to acquire and renovate Joe Baker Village and Great Mills Court, two affordable housing communities located in Lexington Park, Maryland. This project, which has a significant funding of $15.2 million, aims to revitalize living conditions for families and individuals in the area.

Project Details
Originally established in the 1980s, Joe Baker Village and Great Mills Court feature a combined total of 80 living units that will undergo extensive modernization. The renovation focuses primarily on improving energy efficiency and updating interiors to enhance overall living conditions.

Joe Baker Village will be home to updated one-bedroom apartments, while Great Mills Court will cater to a diverse range of needs with its thoughtfully designed one, two, and three-bedroom housing options. The renovation will encompass $6.9 million worth of construction work aimed at making these homes more energy-efficient. Upgrading facades and durable interior finishes are part of the project to provide residents with a better quality of life and lower long-term living expenses.

Funding Sources and Partnerships
The project has brought together various organizations for support, including Cinnaire, which acts as the Low-Income Housing Tax Credit (LIHTC) equity syndicator, and the Maryland Department of Housing and Community Development (DHCD), which provided multifamily bonds and loans. Additional support comes from Rental Housing Works, HOME funds, and USDA Rural Development loans alongside the Housing Authority of St. Mary's County. Furthermore, the St. Mary's County government has provided a Payment in Lieu of Taxes, showcasing a strong commitment to enriching community living through sustainable development initiatives.

Commitment to Community
Chase Powell, director of development at Green Street Housing, emphasizes that the focus of this project is not only on constructing upgraded buildings but also on meeting the needs of families in the local community. He notes, “Our commitment is to furnish safe and energy-efficient homes. We are proud to collaborate with partners who share our vision for revitalizing communities while providing standard affordable living.”

Bob Margolis, CEO of TM Associates, echoes this sentiment by highlighting the essence of this redevelopment. According to him, “This investment is about much more than just bricks and mortar. It’s an investment in the people and the families residing at Joe Baker Village and Great Mills Court, ensuring they have access to modern, energy-efficient living spaces that remain affordable and sustainable.”

About TM Associates
TM Associates is a well-known property management company, currently overseeing over 18,000 housing units across 423 properties in fourteen states and Washington, D.C. With a goal to enhance community living, TM Associates strives to support residents through various programs, including after-school activities and adult literacy, alongside providing traditional housing amenities. Their mission is to redefine and positively influence the perception of affordable housing across both urban and rural landscapes. More information about TM Associates can be found at www.tmamgroup.com.

About Green Street Housing
Founded in 2008, Green Street Housing, LLC is recognized as a leading developer of affordable housing serving communities in Maryland, Delaware, and Virginia. With an unwavering dedication to high-quality, mission-driven initiatives, Green Street Housing is known for its proficiency in navigating the complexities of affordable housing development, particularly through LIHTC financing and public-private partnerships. Visit www.greenstreethousing.com for additional details about their impactful developments.

Conclusion
The redevelopment of Joe Baker Village and Great Mills Court is a significant step toward enhancing affordable living options in Lexington Park. By improving energy efficiency and modernizing facilities, TM Associates and Green Street Housing are setting a precedent for future projects aimed at bolstering community welfare and ensuring sustainable living for families for years to come.