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Enterprise Community Development has broken ground on Roslyn Rise, $70-million reimagining of a 1960s housing community in Columbia, MD.

Enterprise Community Development Starts $70M Makeover of 1960s Community in Columbia

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.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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