Villas at Lexoods Breaks Ground on Affordable Housing
Green Street Housing (GSH) and TM Associates Development have recently initiated the construction of the Villas at Lexoods, a new community consisting of 40 affordable homes. This initiative aims to provide families with housing opportunities, focusing on accessibility and sustainability. Households in this project will be able to enjoy living conditions afforded through significant support like Project-Based Vouchers.
Community-First Design for Neighborly Living
The design of Villas at Lexoods prioritizes community engagement, featuring town-home-style buildings designed around a central community space. This communal layout includes a playground, shared green areas, and pedestrian pathways that invite neighborly interactions. In recognition of diversity, eight residences will be specifically tailored to offer accessibility for individuals with disabilities, ensuring that everyone can benefit from this initiative.
Energy-Efficient Construction Standards
Villas at Lexoods will adhere to the highest construction guidelines, meeting ENERGY STAR standards and qualifying as Zero Energy Ready homes. These energy-efficient homes are designed to significantly minimize utility costs for residents through the integration of rooftop solar arrays that will cover common-area electricity needs.
Funding Through Collaboration
The $20.2 million development budget relies on a collaborative effort from various funding sources. Key contributors include the Low Income Housing Tax Credit Equity Investment from The Richman Affordable Housing Group, and loans from Maryland DHCD and other local lenders. This multi-faceted financing strategy underscores the commitment to providing affordable housing solutions in the region.
Voices of Commitment from Key Stakeholders
Tom Ayd, Principal at Green Street Housing, expressed the vision behind this project, highlighting the infusion of over $50 million into the Lexwoods neighborhood and underlining the project's positive impacts on local families and the surrounding community. Bob Margolis from TM Associates Development echoed this sentiment, emphasizing the importance of providing long-term housing solutions that benefit working families across the area.
Project Team and Future Developments
The construction of Villas at Lexoods is being spearheaded by Harkins Builders, with architectural vision from Design, Inc. TM Associates Management will oversee property management after completion. The entire development is expected to foster job creation as well, generating over 60 construction-period jobs and serving the workforce in the area with energy-efficient housing by the time of completion.
About Green Street Housing
Founded in 2004 and operating out of Maryland, Green Street Housing, LLC has been dedicated to creating affordable rental homes across multiple states. They emphasize the importance of operational sustainability while ensuring deep affordability, making a real difference in community living standards.
About TM Associates Development
With a legacy going back to 1978, TM Associates Development and Management focus on developing and managing affordable housing throughout the Mid-Atlantic region. Their commitment extends beyond construction, ensuring vibrant and financially stable communities for years to come.
Frequently Asked Questions
What is the main objective of the Villas at Lexoods project?
The main objective is to create 40 affordable homes that cater to families earning up to 40% of the area median income, alongside community-oriented living spaces and accessibility features.
Who is involved in the financing of this project?
The financing includes a combination of contributions from The Richman Affordable Housing Group, loans from Maryland DHCD, and other local funding entities.
When are the expected move-in dates for residents?
First homes are anticipated to be ready for residents by April 2026, with full completion expected by July 2026.
How many jobs will the project create during construction?
The project is expected to generate over 60 construction-period jobs, boosting local employment opportunities.
What makes the construction of these homes energy-efficient?
The homes are designed to meet ENERGY STAR standards, integrating features like solar arrays to reduce utility costs significantly for residents.
