Green Street Housing and TM Associates Complete Financing for Community Revitalization
Green Street Housing and TM Associates, in partnership with Interfaith Housing Alliance, are delighted to announce the successful closure of financing aimed at acquiring and rehabilitating The Point at Smithsburg, an essential affordable housing community. This remarkable $18.5 million redevelopment, recognized through 9% Low-Income Housing Tax Credits, stands to significantly improve affordable housing availability for low-income residents.
A Vision for Affordable Housing Improvement
The Point at Smithsburg boasts a residence that was established in 1986 and currently features 38 Section 8 units. There is a planned expansion to accommodate an additional two residences, bringing the total to 40. A substantial part of the $8.2 million construction budget will focus on energy-efficient enhancements, comprehensive interior renovations, facade improvements, and a larger community center. With strong support from residents, these improvements are specifically designed to create quality, cost-effective homes that contribute to a sustainable living environment.
Collaboration with Key Financial Partners
This initiative has been made possible through collaborative efforts with key financing partners such as CREA, LLC—serving as the LIHTC equity syndicator—and Boston Capital Finance, which will provide permanent financing. Additionally, Locus Bank steps in for construction lending while CF Bank serves as the pre-development lender. Their unwavering commitment, alongside the backing from the Maryland Department of Housing and Community Development, has been instrumental in bringing this impactful project to reality.
The Community Impact of The Point at Smithsburg
Bob Margolis, CEO of TM Associates, emphasized that, "The Point at Smithsburg represents more than just a renovation; it's an essential opportunity to preserve and improve affordable housing resources within the Smithsburg community." This redevelopment goes beyond physical upgrades; it emphasizes the importance of creating safe, energy-efficient, and comfortable homes for families.
Goals Towards Sustainable Living
Adding to this sentiment, Charlie Moore, Director of Development Finance at Green Street Housing, shared, "Our objective with The Point at Smithsburg is to forge a modern, energy-efficient environment that lowers living costs and enhances our residents' quality of life." This project exemplifies our commitment to transforming communities through innovative and affordable housing solutions that generate long-lasting value.
About Green Street Housing
Founded in 2008 by Dave Layfield and Tom Ayd, Green Street Housing, LLC, is a prominent developer of affordable housing, prominently serving areas across Maryland, Delaware, and Virginia. With a focus on quality developments driven by a clear mission, Green Street has established a robust reputation for its exceptional expertise in Low-Income Housing Tax Credit financing and effective public-private partnerships aimed at delivering significant community impact while navigating the often complex affordable housing development process.
About TM Associates
TM Associates prides itself on managing over 18,000 units across 423 properties spread across fourteen states and Washington, D.C. With a track record of building or rehabilitating 7,000 units of affordable housing, TM is committed to making a difference in the communities it serves. The company’s approach includes various services beyond traditional housing amenities, such as after-school programs, adult literacy initiatives, job placement assistance, and addressing essential needs like food insecurity.
Redefining Affordable Housing
TM Associates seeks to redefine the prevailing perceptions of affordable housing in both urban and rural neighborhoods, aiming to elevate standards and shift perspectives. Their commitment goes well beyond providing new luxury affordable living spaces; it extends toward effecting meaningful change in every community.
Contact Information
TM Associates Management, Inc
Lisa Kish
240.83.0300 ext. 185
Green Street Housing
Dave Layfield
SOURCE Green Street Housing and TM Associates
Frequently Asked Questions
What is Green Street Housing's mission?
Green Street Housing focuses on developing affordable housing with a commitment to quality and community impact.
Who are the key financial partners involved in this project?
Key financial partners include CREA, LLC, Boston Capital Finance, Locus Bank, and CF Bank.
What type of units does The Point at Smithsburg have?
The Point at Smithsburg currently has 38 Section 8 units, with plans to add two more.
What improvements are being made to the community?
Improvements include energy-efficient upgrades, interior renovations, facade work, and enhancements to the community center.
How does TM Associates contribute to community services?
TM Associates offers various community programs, including after-school initiatives, adult education, job placements, and addressing food insecurities.
