Green Street Housing Aims for Community Renewal Through Financing

Green Street Housing Secures Funding for Community Revitalization

Green Street Housing has recently completed a significant financing deal aimed at uplifting the local housing market. Together with the Wicomico County Housing Authority, they have successfully closed on a remarkable $32 million transaction intended to rehabilitate two essential affordable housing communities: Riverside Homes and Mitchell Landing Apartments. In total, this project will impact 99 housing units, marking a pivotal investment in the area’s future.

Transformative Plans for Riverside Homes and Mitchell Landing

Riverside Homes, originally constructed for public housing, is set to undergo major modernization efforts. This will incorporate the HUD's Rental Assistance Demonstration (RAD), which includes a revolutionary transition to high-efficiency electric systems that will replace outdated gas heating and appliances. Such innovative changes are among the first steps of their kind within the affordable housing sector, contributing significantly to energy efficiency and sustainability.

Modern Upgrades for Enhanced Living

Mitchell Landing, which has faced numerous challenges in recent years, will be fully renovated to address ongoing structural issues while ensuring that current residents enjoy safe, comfortable living spaces. The renovations will provide essential energy-efficient enhancements, including Energy Star-rated appliances, quality interior finishes, and upgraded exterior facades. The goal is not only to improve living conditions but also to foster long-term sustainability and community well-being.

Community Engagement and Leadership

Jake Day, Secretary of the Maryland Department of Housing and Community Development (DHCD), emphasized the importance of this initiative by stating, "This transaction showcases the power of vision and teamwork in action. As I reflected on the transformation needed for Mitchell Landing, I knew Green Street was the right partner. By facilitating comprehensive rehabilitation, we ensure families have access to quality, sustainable affordable housing.`

A Commitment to the Community

Joe Buckley, Senior Development Manager at Green Street Housing, also expressed pride in this community-centered project. He noted, "Riverside Homes and Mitchell Landing are not just buildings; they embody the spirit of the Salisbury community. We are committed to bringing forward innovative energy solutions and high-quality housing to our neighbors. This project represents our dedication to bolstering the community and ensuring a sustainable future for everyone involved."

Financing Partners and Support

Several financing partners have come together to support this ambitious initiative, including The Richman Group Affordable Housing Corp., which serves as the low-income housing tax credit (LIHTC) equity syndicator, along with Nationwide and Discover Bank as investors. This venture has benefitted from substantial assistance from DHCD, which includes support through various programs designed to enhance housing opportunities while minimizing environmental impact.

About Green Street Housing

Founded in 2008 by Dave Layfield and Tom Ayd, Green Street Housing, LLC has established itself as a premier affordable housing developer. Based in the region, they serve Maryland, Delaware, and Virginia, with a strong commitment to high-quality and mission-focused developments. Their expertise in navigating the complexities of affordable housing development and public-private partnerships is unmatched.

Frequently Asked Questions

What is the goal of the funding secured by Green Street Housing?

The funding aims to rehabilitate Riverside Homes and Mitchell Landing, improving their quality and ensuring they provide sustainable, affordable housing for residents.

How will Riverside Homes be modernized?

Riverside Homes will undergo significant upgrades, including shifting to high-efficiency electric systems and replacing outdated gas appliances to enhance energy efficiency.

What challenges does Mitchell Landing face?

Mitchell Landing has experienced legal and structural challenges that necessitate comprehensive renovations to provide safe and livable conditions for residents.

Who are the key financing partners involved?

The financing partners include The Richman Group Affordable Housing Corp., Nationwide, and Discover Bank, among others, supporting various housing development programs.

What is the mission of Green Street Housing?

Green Street Housing's mission focuses on creating high-quality, affordable housing that positively impacts the community and promotes sustainable living.

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