Posted By Lindsay Ponta on Sep 6, 2016
When Wishrock set out to redevelop Timbercroft Townhomes just northwest of Baltimore, it had multiple, challenging goals. It was committed to keeping the community – 284 units spread over more than 20 buildings – affordable. It had to meet the previous owner’s tight timeline for selling. And it wanted to give residents green and healthy homes.
Redevelopment Challenges – and Successes
To create an environmentally friendly community, Wishrock turned to the Enterprise Green Communities Criteria. To receive this national certification, which aligns with Wishrock’s commitment to sustainability, an affordable housing developer must meet multiple criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation and green building materials.
Other partners played major roles in the redevelopment. Wishrock worked with design and development teams at Whiting-Turner, The Architectural Team and New Ecology to plan and complete a 14-month renovation at Timbercroft. Through a strong partnership with Maryland Department of Housing and Community Development and unwavering cooperation from Baltimore County, Wishrock was able to put together an offer that met the seller’s schedule, preserve the development’s affordability and create a realistic timeline. The development received support from TD Bank, which invested $12.8 million in Low-Income Housing Tax Credit equity in partnership with Enterprise Community Investment, as well as Citibank, the U.S. Department of Housing and Urban Development, Fannie Mae, the State of Maryland, Baltimore Gas & Electric, Baltimore County and other financial and regulatory partners.
Please click this link to see the entire article posted in Enterprise Housing Horizon: http://blog.enterprisecommunity.com/2016/09/wishrock-timbercroft-townhomes