TM Associates and Green Street Housing Collaborate for Community Improvements
TM Associates and Green Street Housing have successfully secured financing aimed at revitalizing Joe Baker Village and Great Mills Court, both of which are crucial affordable housing communities. The total investment for this project is approximately $15.2 million. This initiative is poised to enhance the housing landscape by providing updated living conditions for residents.
Revitalizing Affordable Housing
Originally established in the 1980s, Joe Baker Village and Great Mills Court houses a total of 80 residential units. This renovation will entail a comprehensive modernization strategy focused on improving energy efficiency, along with a complete upgrade of fixtures and overall aesthetics. After the rehabilitation, Joe Baker Village will feature renovated one-bedroom units, while Great Mills Court will offer a selection of thoughtfully designed one-, two-, and three-bedroom apartments.
Investment in Quality of Life
The construction plan for this project has earmarked approximately $6.9 million for various enhancements, aimed at bolstering the living experience for current and future residents. This includes improvement of façades and selection of durable finishes that promote quality living. Key elements like energy-efficient upgrades are expected to lower long-term costs, thereby directly benefiting the tenants.
Partnering for Sustainable Solutions
This project comes to fruition through a significant collaborative effort involving various stakeholders such as Cinnaire (the LIHTC equity syndicator), the Maryland Department of Housing and Community Development (DHCD), USDA Rural Development loans, and more. This multifaceted partnership exemplifies the commitment of TM Associates and Green Street Housing to fostering sustainable community development.
Commitment to Community-Centric Development
Chase Powell, Director of Development at Green Street Housing, emphasized their commitment by stating, "Our focus is to provide secure, energy-efficient homes that cater to the needs of local families and individuals. We take pride in our collaborative efforts to enhance communities and provide high-quality, affordable housing." Similarly, Bob Margolis, CEO of TM Associates, remarked on the importance of investing in not only physical spaces but also in the lives of the residents. He noted, "By implementing these renovations, we're making a meaningful impact on the quality of life for our residents, ensuring that these homes remain both affordable and sustainable for years to come."
About TM Associates
TM Associates stands out in the affordable housing sector by managing over 18,000 units across 423 properties in various states including Washington, D.C. With a solid track record, TM Development has built or rehabilitated around 7,000 affordable housing units. Their mission extends beyond mere housing development to actively tackle the broader challenges facing communities, which includes providing educational programs and addressing food insecurity among residents.
About Green Street Housing
Founded in 2008, Green Street Housing has established itself as a prominent player in the affordable housing sector, operating across Maryland, Delaware, and Virginia. The expertise they bring to Low-Income Housing Tax Credit financing and public-private partnerships allows them to effectuate a lasting positive impact in the communities they serve. Their development approach reflects a commitment to both quality and mission-driven efforts that resonate with community needs.
Contact Information
TM Associates
Lisa Kish
Phone: [REDACTED]
Green Street Housing
Dave Layfield
Phone: 240.683.0300 ext 185
Frequently Asked Questions
What is the purpose of the financing secured by TM Associates and Green Street Housing?
The financing aims to rehabilitate Joe Baker Village and Great Mills Court, improving the quality and affordability of housing for residents.
How will the renovations benefit the residents?
The renovations will enhance living conditions with energy-efficient upgrades, modern fixtures, and improved aesthetics, resulting in lower long-term living costs.
What is the scale of the renovation project?
The project involves a $15.2 million investment, focusing on the upgrade of both housing communities built in the 1980s.
Who are the key partners involved in the project?
Key partners include Cinnaire, the Maryland Department of Housing and Community Development, USDA Rural Development, and the Housing Authority of St. Mary's County.
What distinguishes Green Street Housing in the affordable housing market?
Green Street Housing is noted for its expertise in creating high-quality, affordable developments that have a lasting community impact, leveraging public-private partnerships effectively.
