Enterprise Homes Begins Construction on Property for Affordable Senior Housing Community in Anne Arundel County

BALTIMORE, Sept. 8 /PRNewswire/ -- Enterprise Homes, Inc., celebrating 25 years as a leading developer of affordable and mixed-income communities in the mid-Atlantic region, has announced the start of construction for a 4.1 acre property in Anne Arundel County's Brooklyn Park.  The Greens at Hammonds Lane is scheduled to begin construction next week on the $14.5 million project, which will consist of 90 units of affordable rental housing for low- and moderate-income seniors.

"It's incredibly exciting to be able to bring this much-needed affordable senior housing development to the community and we're thankful that the community has been so supportive," said Chickie Grayson, president and CEO of Enterprise Homes.  

Funding for the development comes from Capital One, who is providing both debt and equity to the development. Additional funding includes Anne Arundel County HOME Funds through Arundel Community Development Services, a MEEHA grant administered through the Maryland Department of Housing and Community Development, and syndication of tax credit equity through Enterprise Community Investment, Inc.

"At Capital One, we are proud to support the construction of The Greens at Hammonds Lane and the continued efforts of Enterprise Homes to expand access to affordable housing throughout the Mid-Atlantic region. This development is a tremendous addition to the community that will provide much needed new and affordable housing options for seniors living in Baltimore," said Tony Pica, Northeast Maryland Market President, Capital One Bank. "Whether it's in our local branches or out in the community, Capital One is committed to investing in this community to help it grow and thrive."  

Kathleen Koch, Executive Director with Arundel Community Services, Inc., the County agency responsible for administering the County's HOME Program, said they were pleased to partner with such a reputable organization as Enterprise Homes on this project.  "We were thrilled when Enterprise approached us about developing a project in Anne Arundel County, and especially in the northern part of the County where the need for affordable senior housing is so great.  We look forward to the completion of the Greens at Hammonds Lane and to working with Enterprise on other projects in the future."

The four-story building has been designed by Grimm + Parker Architects, Inc. to complement the existing neighborhood with shingle-style architecture, pitched roof with cupola and stone cladding that is consistent with the early 20^th century residences located in the historic neighborhoods of the community. The development is also designed to meet the requirements of the Enterprise Green Communities Criteria with several features focusing on energy efficiency and conservation of raw materials including: energy efficient double pan low-E windows, water conserving plumbing fixtures, Energy Star appliances, energy saving light fixtures and "green label" carpeting throughout.

Additional amenities will include an entrance porch, a community room, a library/cyber cafe, a quarter-mile walking path, TV lounge/sports bar, activity room, and fitness room.

The Greens at Hammonds Lane is expected to open in summer 2011 and will be managed by Habitat America.

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than a quarter million affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

Enterprise Homes, Inc. has completed more than 4,200 affordable and market-rate homes and rental residences in communities throughout the mid-Atlantic region.

SOURCE Enterprise Homes, Inc.