Enterprise Community Development, a nonprofit owner and developer of affordable homes in the Mid-Atlantic, has broken ground on the $70-million redevelopment of a 1960s mixed-income housing community in Columbia, MD. Roslyn Rise, located at 10339 Twin Rivers Road, will feature 153 households in a modern, amenity-rich, accessible and sustainable mixed-income community.

Community Homes Housing, Inc.., which had owned the community, partnered with Enterprise Community Development to reimagine Roslyn Rise: preserving the existing affordability and allowing all residents to return while adding workforce and market rate homes to create a truly mixed-income community.

The Roslyn Rise redevelopment will consist of two four-story, elevator-served structures containing surface and underground garage parking. The community will also include on-site outdoor recreation areas, including a signature plaza area, dog park, playground and family recreation area and connections to outdoor paths and recreational facilities.

Financing for the $70-million redevelopment will be accomplished through a LIHTC (low-income housing tax credit) “twin” (4% and 9% LIHTC) structure. The developments are supported by funds from the following: construction loans through Bank of America, LIHTC equity from Bank of America and syndicated by Enterprise Housing Credit Investments; permanent first mortgage through Fannie Me and originated by Bellwether Enterprise; significant subordinate debt from Community Homes Housing, Inc. and Maryland Community Development Administration; a tax-exempt bond debt issued by Maryland CDA and a Payment In Lieu of Taxes through Howard County.