Enterprise Community Development, Inc. has closed on financing for Magnolia Gardens, the first non‐age restricted 9% Low Income Housing Tax Credit (LIHTC) development to be built in Charles County, Maryland. Once complete, Magnolia Gardens will feature 72 new apartments in La Plata and will represent the first development in Charles County for Enterprise Community Development.
“We’re thrilled to be starting construction on Magnolia Gardens and building much needed affordable apartments for the area’s workforce” said Christine Madigan, interim president, Enterprise Community Development. “We look forward to being part of the community and making these new homes available to local residents.”
Comprising four garden apartment buildings, Magnolia Gardens will feature one-, two-, and three-bedroom affordable apartments serving households at income levels from 20% of area median income (AMI) to market rate. Twelve apartments will be available to families and persons with disabilities with incomes at 30% AMI or below. The community will be energy-efficient and offer robust amenities, featuring an on-site clubhouse with a club room, computer center, and fitness center. Magnolia Gardens also will feature on-site parking and outdoor recreation areas.
Located in an area with a high homeownership rate, high median income, and excellent schools, Magnolia Gardens will provide much-needed housing options for the Charles County workforce. This community will offer future residents walkability and access to employment, shopping, health care, recreation, services and transit.
The total investment costs for Magnolia Gardens amount to nearly $30 million, with financing secured through a senior mortgage facilitated by Bellwether Enterprise, combined with 9% LIHTC equity, and substantial contributions from Federal Home Loan Bank of Atlanta’s Affordable Housing Program, the Rural Maryland Council’s Rural Maryland Prosperity Investment Fund, 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 provided financial support through a Payment in Lieu of Taxes (PILOT) agreement.
Architecture by Design is the project architect; Harkins Builders serves as the general contractor; and Lorenzi, Dodds & Gunnill is the civil engineer. Enterprise Residential will provide property management and resident services.
Enterprise Community Development is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic and is an affiliate of Enterprise Community Partners. We specialize in high-impact residential development, preservation, property management and resident services for more than 23,000 people who call our communities home. Our $1.4 billion portfolio includes 115 communities and 13,000 homes, positioning us as one of the top ten nonprofit owners of affordable housing in the United States. Our mission is to uplift communities. More than 20 percent of our revenues are reinvested in programs and services to advance our residents’ social, educational, financial and physical well-being. For more information, visit www.enterprisecommunitydevelopment.org.
