HAVRE DE GRACE, Md., March 30, 2022 /PRNewswire/ — Green Street Housing and TM Associates Development, two of Maryland’s largest affordable rental housing developers, will host a groundbreaking ceremony at the Village at Blenheim Run in Havre de Grace, Maryland on Monday, April 4, 2022.
The Village at Blenheim Run is a new construction, mixed-income, mixed-use residential development that will provide apartment homes and commercial space. The property is financed through the syndication of Low Income Housing Tax Credits via Hudson Housing Capital, an equity investment and construction financing from Bank of America, permanent debt financing from PNC Real Estate, and a grant from the Federal Home Loan Bank of Atlanta’s Affordable Housing Program.
Maryland Comptroller Peter Franchot, a strong advocate for affordable housing, will speak and is expected to discuss the positive effects projects like Blenheim Run have on the Maryland economy and the lives of Marylanders. Comptroller Franchot said, "Maryland’s lack of affordable housing has been an issue for years, but especially so during these past two years of the pandemic. The sudden loss of jobs, disproportionately burdened by our lowest wage earners, gave us an up-close and personal view of just how many families live dangerously close to the edge of homelessness and despair. I applaud Green Street and TM Associates for working with their partners in the City and County, as well as the local community, to get this amazing and critically needed work underway. This investment in the City of Havre de Grace and its people is a model for the rest of our state to follow as we continue to meet the growing need for more affordable communities."
Maryland Department of Housing and Community Development (DHCD) Secretary Kenneth C. Holt will speak and is expected to discuss how the State of Maryland and DHCD have supported the affordable housing industry. Under Secretary Holt’s leadership, DHCD’s financing for affordable rental housing has reached historic highs, including Low Income Housing Tax Credits for Blenheim Run which generated more than $13.7 million in private equity investment. "The Maryland Department of Housing and Community Development is honored to be a partner in the development of Blenheim Run, which will provide high-quality, modern, affordable housing for Havre de Grace and Harford County," said Secretary Holt. "Beyond building safe, stable homes, affordable housing development helps build our state’s economy, which is why Governor Larry Hogan and the General Assembly have empowered unprecedented investments by our agency to create and preserve affordable rental communities across Maryland."
The City of Havre de Grace has been a major supporter of the project from its inception. The impact on the local community will be highlighted with remarks from the Mayor of Havre de Grace, William T. Martin. "After meeting with the developer, we knew that they were the right team to bring the first mixed-use and mixed-income project to the City of Havre de Grace and help continue its growth," said Mayor Martin.
Maryland Municipal League President and Mayor of Salisbury, Maryland Jacob Day will speak about the fiscal, social, and community development impacts projects like Blenheim Run have had in cities and towns across Maryland. Mayor Day said, "I am thrilled to see this project demonstrate how Maryland municipalities like Havre de Grace can be places of opportunity, create jobs, and stimulate economic growth while tackling the housing affordability crises Maryland communities are facing."
The co-developers, Green Street Housing and TM Associates Development, have developed many similar projects across Maryland and are proud of Blenheim Run’s promise to provide affordable housing to its residents and serve as a long-term asset to the Havre de Grace community.
"Green Street Housing and TM Development are excited to have partnered on another high-quality affordable rental community in Maryland. We’re proud to be Maryland-based developers utilizing Maryland-based contractors and consultants to build housing for Marylanders," said Dave Layfield, Principal of Green Street Housing.
The event will be held at the Village at Blenheim Run, 1921 Pulaski Hwy, Havre de Grace, MD at 12:00PM on April 4, 2022. Refreshments will be provided. Parking is available at Swan Creek Shopping Center just west of the construction site.
About Village at Blenheim Run
The Village at Blenheim Run will be a 51-unit mixed-income rental apartment community. This first phase of the development and will be a four-story central corridor elevator building. Village at Blenheim Run will serve families offering a mix of one, two, and three-bedroom apartment homes.
About Green Street Housing
Green Street Housing is a Maryland-based affordable housing developer whose principals have more than 30 years of combined development experience and over $1.0 billion in closed transactions in the Mid-Atlantic region. Green Street Housing takes great pride in its green-building practices which include Energy Star certified construction and on-site solar energy production at all its Maryland affordable apartment communities. Learn more at www.greenstreethousing.com.
About TM Associates Development
TM Associates’ history of successes includes new construction and rehabilitation projects. They have enjoyed trusted partnerships with many for-profit and non-profit organizations and continue to work alongside those who share their dedication to the development and preservation of affordable housing communities. They have gained invaluable experience mastering complex projects and have been repeatedly recognized for their green-building efforts.
Contact: Ray Perdue
Email: [email protected]
SOURCE Green Street Housing, LLC