11/8/2017
Preserving affordable housing is a team effort! All 200-units at Tabco Towers refurbished with the future in mind!
News
Ribbon cutting on renovated senior high-rise in Towson set for Wednesday by the Baltimore Sun
November 7th, 2017
TABCO Towers, a 200-unit affordable senior housing project in downtown Towson, will host a ribbon cutting ceremony for its remodeled apartments Wednesday.
The complex, at 305 E. Joppa Road, is a 22-story residential complex developed by owner Wishrock Investment Group, a national developer of affordable housing.
Renovations to the multi-family, affordable housing community for households that make less than 60 percent of the area’s median income—or about $75,000— began in late 2015, Wishrock director of development Bryan Shumway said.
Wednesday’s ribbon-cutting will mark the completion of more than $10 million in improvements to the property, according to Shumway.
Wishrock added a community center and a second laundry facility, and renovated the facility’s elevators, common areas and energy efficient heating and cooling units. Meanwhile, the apartment units received new kitchens, bathrooms, flooring and paint. The project was made possible by a U.S. Department of Housing and Urban Development program known as the Rental Assistance Demonstration, which allows developers to work with housing authorities to create rental subsidies and preserve affordability, according to the HUD website.
“We bought the building two years ago from a local owner who at the time was marketing it nationally,” Shumway said. “We worked to preserve the affordability of the housing as an elderly housing project and were able to bring project-based Section 8 subsidies to allow the rents to stay affordable to the residents of the property.”
The company financed the redevelopment through tax-exempt bonds and low-income housing tax credits, Shumway said.
Additionally, the Baltimore County Council approved a payment in lieu of property taxes for the project in October 2015. Under Baltimore County Code, an organization that is exempt from local property taxes can negotiate a payment to compensate a local government for some or all of the property tax revenue that it loses.
Over the next 40 years, the owners of Tabco Towers will pay the county $275 per unit annually instead of property taxes. The payment will increase 3 percent each year— or 4 percent a year if the property is sold— according to Baltimore County Council records.
Baltimore County Councilman David Marks said he strongly supported the financial incentive as a way to rehabilitate what he called an “aging residential tower in Towson’s downtown core.”
Marks, a Republican who represents Towson, said he also participated in a meeting with residents about the renovation work.
“Many of the high-rises in Towson are approaching their half-century mark, which is why they need improvements like the work done at Tabco Towers,” Marks said in a Nov. 1 email.
The 10 a.m. ceremony will include speeches, a ribbon cutting, a tour of a renovated unit and light refreshments.
PRESERVING ENERGY EFFICIENT HOUSING FOR MARYLAND FAMILIES
9/29/2017
Edgewood, MD – Yesterday, WISHROCK celebrated Windsor Valley Apartments as an Enterprise Green Communities Certified* development—one of five properties in our portfolio to be awarded this national green building designation. Windsor Valley is a multifamily affordable housing community in Edgewood, Maryland. All 291 apartment homes benefited from a complete rehabilitation to preserve affordable, healthy housing for families.
WISHROCK partnered with the State of Maryland and BG&E on high-performance building upgrades to improve energy efficiency. Through the Maryland Department of Housing and Community Development’s Multifamily Energy Efficiency and Housing Affordability-EmPOWER program, the project leveraged over $1 million in financing for cost-effective energy improvements.
“Since the renovation, we’re seeing dramatic utility consumption and cost savings. This benefits Windsor Valley residents, our operations, and the environment,” said Bryan Shumway, Director of Development.
At Windsor Valley and across our portfolio, WISHROCK operates as a triple bottom line company – with financial, social, and environmental goals at the core of its mission. As a Better Building Partner, our company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy living environment.
*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. To receive this national certification, an affordable housing developer must meet many criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.
CONTACT:
Trisha Miller, Chief Sustainability Officer
trisha.miller@wishrockgroup.com
202-294-3547
ABOUT WISHROCK:
The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to our residents through dedicated empowerment services, and by operating at the forefront of sustainability.
PRESERVING GREEN AFFORDABLE HOUSING FOR SENIORS
Portland, ME – Today, WISHROCK celebrated its first Enterprise Green Communities Certified* development in Maine: Loring House Apartments. This historic building, formerly Portland City Hospital, underwent a complete transformation to preserve affordable, healthy housing and to lower utility costs. WISHROCK partnered with the Portland Housing Authority, the City of Portland, HUD, Northern New England Housing Investment Fund, and Maine Housing to secure financing for critical building upgrades that also improved energy efficiency and resident comfort.
Together with the project’s development team, financial partners, Senator Angus King, and Portland Mayor Ethan Strimling, WISHROCK hosted a ribbon cutting ceremony to celebrate the project’s success.
“We are thrilled to celebrate the completion of Loring House, which represents an exciting combination of historic preservation and green redevelopment,” declared Rick Wishcamper, President, WISHROCK. “Being able to celebrate this success in a community our company calls home makes this moment even more special.”
“The Loring House Apartments help equip people in the Portland community with safe, affordable housing they need to thrive. Through this important work, the Loring House Project is setting an excellent example of how, with enterprise and ingenuity, our historic buildings can be part of sustainable solutions that strengthen our economy and support our community,” stated Senator King.
At Loring House and across its portfolio, WISHROCK operates as a triple bottom line company – with financial, social, and environmental goals at the core of its mission. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy living environment.
*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. To receive this national certification, an affordable housing developer must meet many criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.
CONTACT:
Trisha Miller, Chief Sustainability Officer
trisha.miller@wishrockgroup.com
202-294-3547
ABOUT WISHROCK:
The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to our residents through dedicated empowerment services, and by operating at the forefront of sustainability.
Preserving History for Generations
Loring House
National Register of Historic Places Reference #85000612
May 22, 2017
Portland, ME – WISHROCK is thrilled to be celebrating our fifth Enterprise Green Communities Certified* project: Loring House. This historic structure, formerly Portland City Hospital, was a unique challenge, but revealed an even greater opportunity. This 4-story, 104-unit property underwent a complete transformation to preserve affordable, healthy housing and to lower utility costs. WISHROCK partnered with both Portland Housing Authority and Maine State Housing Authority to secure financing for critical building upgrades that directly improved lighting and air quality throughout the building. The project leveraged financing for cost-effective energy and water improvements, including new windows throughout and the installation of a high-performance indoor air exchange system. In addition, LED lighting was installed throughout the building.
New features were added to improve resident health and create a more vibrant community. A major change to the property was the replacement of carpet with resilient, hard surface flooring throughout the common areas and in units on the first two floors—reducing the presence of allergens. Air sealing tests also showed 50% or greater reduction in unit airflow. These measured changes have dramatically reduced air drafts—a large improvement in indoor comfort during Maine’s long winters.
Outside, 5,000 plantings were installed to compliment the surrounding evergreens. Historic birch trees were preserved along the building’s exterior too. Additionally, a new outdoor common space was created—a barbeque and picnic area—which allows residents another place to congregate, with a great view overlooking one of Portland’s oldest and largest trees.
“Loring House demonstrates the power of historic preservation and green development. This certification reflects a concerted commitment of many partners to keep sustainability and resident health in focus,” stated Trisha Miller, WISHROCK Chief Sustainability Officer. “We’re already seeing direct benefits in terms of energy cost savings too—a reduction in electricity consumption while adding new air handling equipment to improve air quality.”
At Loring House and across its portfolio, WISHROCK operates as a triple bottom line company. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy and sustainable living environment.
*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. In order to receive this national certification, an affordable housing developer must meet a number of criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.
CONTACT:
Trisha Miller, Chief Sustainability Officer
trisha.miller@wishrockgroup.com
202-294-3547
ABOUT WISHROCK:
The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to improving the quality of the lives of our residents through dedicated empowerment services, and to operating at the forefront of sustainability.
SUPPORTING GREEN HOUSING FOR SENIORS
Towson, MD – WISHROCK celebrates Tabco Towers as its latest Enterprise Green Communities Certified* development. The company recently completed its first comprehensive green redevelopment serving low-income elderly and disabled residents. This 22 story, 200-unit property underwent a complete transformation to preserve affordable, healthy housing and to lower utility costs. WISHROCK partnered with the State of Maryland and BGE on critical building upgrades that directly improved energy efficiency. Through the Maryland Department of Housing and Community Development’s CIF Loan, the project leveraged over $750,000 in financing for cost-effective energy and water improvements, including a high-performance HVAC system. In addition, BGE incentives helped cover the costs of LED lighting and an efficient water booster pump.
Green building materials were incorporated throughout the design process to improve indoor air quality and resident comfort. Green resident engagement also played a critical role in the project. Both property managers and residents can influence making the building a healthier place to live. One aspect of this was hands-on training where residents had an opportunity to make their own healthy cleaning supplies.
“This national green building certification reflects our commitment; sustainability is always in focus. Connecting energy efficiency, water conservation, and resident health is a smart investment,” said Trisha Miller, WISHROCK Chief Sustainability Officer. “We’re already seeing direct benefits in terms of energy cost savings too—over $8,000 in just a few months.”
At Tabco Towers and across its portfolio, WISHROCK operates as a triple bottom line company. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy and sustainable living environment.
*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. In order to receive this national certification, an affordable housing developer must meet a number of criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.
CONTACT:
Trisha Miller, Chief Sustainability Officer
trisha.miller@wishrockgroup.com
202-294-3547
ABOUT WISHROCK:
The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in nine states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to improving the quality of the lives of our residents through dedicated empowerment services, and to operating at the forefront of sustainability.
What $500 Can Do
Children’s Saving Accounts
Over 1.3 million American children born each year – and more than half of minority children – are born into families with negligible savings to invest in their futures. Children’s Savings Accounts (CSAs) have the potential to expand educational and economic opportunity for low- and moderate-income families. Research indicates that low- and moderate-income children with college savings of just $500 or less are 3 times more likely to enroll in college and 4 times more likely to graduate! Moreover, family ownership of assets can give children a transformative sense of possibility and hope for the future.
CFED is engaged in a range of strategies to support the development and growth of CSA programs and asset-building opportunities for all children in the United States through large-scale programs, innovative partnerships and effective public policy solutions. Specifically, CFED aims to help integrate CSAs into existing systems serving children and youth, including municipalities, schools, early childhood development programs, college readiness programs, affordable housing and similar networks.
Please read more by using this link: http://cfed.org/programs/csa/
MD lawmakers eye energy efficiency boost by Timothy B. Wheeler
Hogan administration had opposed raising goal
Trisha Miller of WISHROCK, an affordable housing developer, explains the benefits of Maryland’s EmPOWER energy efficiency incentive program at a press conference in Baltimore. (Timothy B. Wheeler)
Even as Maryland lawmakers face a decision on whether to try to override Gov. Larry Hogan’s veto of a renewable energy measure, another potential confrontation is brewing over how involved the state should be in helping consumers reduce electricity usage.
Leaders of the General Assembly have scheduled votes this week in the House and Senate on whether to override Hogan’s veto of legislation passed overwhelmingly last year that would increase Maryland’s commitment to getting power from renewable sources such as wind turbines and solar arrays.Lawmakers last year approved a bill that pledged the state to get 25 percent of its energy from renewable sources by 2020 — up from the current goal of 20 percent by 2022. Hogan vetoed it, calling it a de facto tax on electric ratepayers because they might have to subsidize more expensive solar or wind power.
Click the link to read the entire article: http://www.bayjournal.com/blog/post/md_lawmakers_eye_energy_efficiency_boost
GAINING GROUND: ENERGY EFFICIENT HOUSING IN MARYLAND
December 15, 2016
Edgewood, MD – Today, WISHROCK celebrates Windsor Valley Apartments as its latest Enterprise Green Communities Certified* development. Windsor Valley is a multifamily affordable housing community in Edgewood, Maryland. This 291-unit community benefited from a complete rehabilitation, which lowered utility costs and preserved affordable, healthy homes for families. WISHROCK partnered with the State of Maryland and BG&E on high-performance building upgrades that directly improved energy efficiency. Through the Maryland Department of Housing and Community Development’s Multifamily Energy Efficiency and Housing Affordability-EmPOWER program, the project was able to leverage over $1 million in financing for cost-effective energy improvements, such as high efficiency HVAC equipment, water heaters, lighting, and insulation.
“With rising energy costs, low-income residents face more and more of a financial burden in securing safe, affordable housing. Integrating sustainable elements into affordable housing is one way that WISHROCK is able to help stabilize and reinvigorate communities across the country,” said Bryan Shumway, Director of Development.
At Windsor Valley and across its portfolio, WISHROCK is fulfilling its commitment to increasing energy and water efficiency and cost savings, as well as providing low-income communities with a healthy and sustainable living environment.
*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. In order to receive this national certification, an affordable housing developer must meet a number of criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.
CONTACT:
Trisha Miller, Sustainability Director
trisha.miller@wishrockgroup.com
202-294-3547
ABOUT WISHROCK:
The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to improving the quality of the lives of our residents through dedicated empowerment services, and to operating at the forefront of sustainability.
Skyline Apartments Designated as Blighted and Substandard
BY November 21, 2016
The Norfolk City Council unanimously approved a study on Monday night that declares the Skyline Apartment building and surrounding area as blighted and substandard. This gives the developer an opportunity to use tax increment financing (TIF) to improve the property.
Community Planner for Northeast Nebraska Economic Development District Jan Merrill spoke to the Council and recommended the study be approved.
She referenced the study which details problems with the Skyline Apartments building including out dated heating and cooling systems, fire suppression systems and living quarters. The building does not meet current ADA and UFAS codes.
Fire Chief Scott Cordes says it is a big deal that there isn’t an automatic fire suppression system in a building that houses so many people. He praised the council and the developer for their efforts in addressing the fire safety concerns.
“It brings incredible comfort to us to know that, should this occur, that that property is going to be protected in a manner that it hasn’t been for all these years,” Cordes said. “So it’s a substantial gain to where we are to where we would be going.”
City Councilman for Ward 3 and Mayor-Elect Josh Moenning lives directly next to Skyline Apartments and on property included in the blight and substandard study. This declaration does not affect his house in any way. Moenning says the developer, Seldin Company* has been straightforward with the city since they began talks about two years ago. Seldin* has indicated an interest to continue the building’s mission of providing affordable housing for the low income elderly population. Moenning says this potential redevelopment is consistent with the goals of TIF.
“(TIF) provides a development incentive for older properties, redevelopment in areas of the community that might not see it otherwise,” Moenning said.
Seldin* has claimed they will invest as much as $65,000 into each living unit as part of the redevelopment process.
*Wishrock is the Developer; Seldin (listed as the Developer) is our management company