Ranleagh Court and Waverly Winds to double the number of homes available by bringing 205 modern, affordable homes to Howard County
Waverly Winds
Enterprise Community Development, one of the largest mission-focused nonprofit affordable housing providers in the Mid-Atlantic, has closed on financing for the redevelopment of Ranleagh Court and Waverly Winds, two modern, new affordable housing communities in Columbia, Maryland. 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.
“The redevelopment of Ranleagh Court and Waverly Winds reflects our deep commitment to creating sustainable, inclusive communities that provide residents with stability and opportunity,” said Janine Lind, president, Enterprise Community Development. “As the birthplace of Enterprise, Columbia embodies James Rouse’s vision of a diverse, inclusive community where all residents have access to opportunity. These new communities honor that legacy by providing modern, high-quality homes while ensuring longtime residents can remain in this sought-after neighborhood with housing that meets their current and future needs.”
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
Ranleagh Court will replace a 41-unit development with 82 new apartment homes in a four-story, elevator-served building. The community will feature one-, two-, three-, and four-bedroom apartments, each designed with modern finishes, in-unit washers and dryers, and contemporary layouts. Residents will have access to a clubroom, after-school homework space, business center, fitness center, and outdoor amenities including a playground, dog park and landscaped plaza. Built to Enterprise Green Communities standards, Ranleagh Court will integrate high-efficiency HVAC systems, Energy Star appliances, and a rooftop solar array to enhance sustainability. The development will also improve accessibility, with 100% of units visitable and 5% built to meet UFAS compliance standards.
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 redevelopment will feature spacious one-, two-, three-, and four-bedroom apartments, all designed with modern layouts and high-quality finishes. Residents will benefit from a range of on-site amenities, including a resident lounge, business center with co-working space, fitness center, outdoor patio, and playground. The project has been structured as a twin 4% and 9% LIHTC transaction, with equity syndicated by Enterprise’s housing credit investments business.
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. The Waverly Winds 9% community, built to Department of Energy Zero Energy Ready Homes standards, will incorporate sustainable features such as high-efficiency appliances and advanced air filtration systems to promote energy efficiency and healthy living. Both buildings will incorporate rooftop solar arrays. Waverly Winds has also been made possible through a land swap agreement with Columbia Association, further strengthening its integration into the surrounding community.
Once completed, Ranleagh Court and Waverly Winds will double the number of homes previously offered by bringing 205 new apartment homes to Howard County, significantly expanding housing options in a high-opportunity area known for its excellent schools, job centers, healthcare facilities and recreational amenities. The redevelopments ensure that current residents have ongoing housing options with long-term affordability while providing an inclusive, sustainable and vibrant living environment. Both communities will be far more accessible, with 100% of units visitable and 5% built to meet UFAS compliance standards, ensuring greater mobility and accessibility for residents.
Both properties were previously owned by Community Homes Housing, Inc. (CHHI), a Howard County based nonprofit organization that provided $14 million in funding in the form of favorable seller financing and additional dollars through its affordable housing fund. Together, CHHI and Enterprise created the shared vision for transforming Ranleagh Court and Waverly Winds into mixed-income, sustainable, accessible and modern communities for current and future residents.
The project team for both properties includes Moseley Architects and Harkins Builders, Inc., and both developments will be managed by Enterprise Residential, LLC, ensuring high-quality property management and resident services.
Enterprise Community Development is a mission-driven affordable housing provider that specializes 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 116 communities and 14,000 homes, positioning us as the largest nonprofit affordable housing provider in the Mid-Atlantic and the sixth largest nonprofit owner of affordable housing in the United States. We are an affiliate of Enterprise Community Partners. For more information, visit www.enterprisecommunitydevelopment.org.
