Columbia, MD — Enterprise Community Development has closed on financing for the redevelopment of Ranleagh Court and Waverly Winds, two modern, new affordable housing communities in Columbia. These projects, which will bring 205 apartment homes to Howard County, mark a significant milestone in the nonprofit’s commitment to preserving and expanding affordable housing in Columbia, replacing aging, 1960s-era properties with high-quality, energy-efficient, mixed-income communities.
Ranleagh Court and Waverly Winds provide an industry-leading mixed-income model, ensuring that one-third of the homes are reserved for the lowest-income residents, one-third designated for workforce housing, and one-third offered at market rate.
Ranleagh Court will replace a 41-unit development with 82 new apartment homes in a four-story, elevator-served building.
The $47.88 million redevelopment is financed through a combination of public and private investment, including $21.44 million in short-term bonds from JPMorgan Chase Bank, a $13 million HUD 221(d)(4) permanent loan via M&T Realty Capital Corporation, and $13.04 million in Low Income Housing Tax Credit (LIHTC), Section 45L and Investment Tax Credit equity syndicated by Enterprise’s housing credit investments business. Additional funding includes a $3 million Rental Housing Works soft loan from the Maryland Community Development Administration, a $5.5 million grant from Howard County’s Housing Opportunities Trust Fund and MIHU Fee In Lieu program, $2.8 million in loan funds through HUD’s Section 108 Loan Guarantee Program, $850,000 Congressionally directed Community Project Funding and project-based rental assistance contracts supporting 29 units.
Waverly Winds will replace an aging 62-unit property with a newly constructed, 123-unit community across two four-story buildings.
The $64.15 million redevelopment is financed through a combination of public and private investment, including construction loans from Bank of America of $32.24 million, permanent first mortgages from Bellwether Enterprise of $18.40 million, and additional funding from the Maryland Community Development Administration’s Housing Trust Fund and Rental Housing Works programs of $4.59 million, Howard County’s Housing Opportunities Trust Fund and MIHU Fee In Lieu programs of $4.72 million, and loans through HUD’s Section 108 Loan Guarantee Program of $2.96 million in collaboration with Howard County. The 4% LIHTC portion of the project will be Enterprise Green Communities certified, ensuring adherence to high environmental performance standards. Waverly Winds 9% meets DOE Zero Energy Ready standards with high-efficiency appliances and advanced air filtration.