Financing Closed: Green Street Housing Leads Community-Centered Restoration of Riverside Homes and Mitchell Landing

SALISBURY, Md., Nov. 26, 2024 /PRNewswire/ -- Green Street Housing, alongside the Wicomico County Housing Authority, has successfully closed on the financing needed for a transformative $32 million transaction to rehabilitate two cornerstone affordable housing communities in Salisbury: Riverside Homes and Mitchell Landing Apartments, totaling 99 units. As a hometown project for Green Street, this initiative represents a significant investment in Salisbury's future, preserving local affordable housing while pioneering sustainability and energy efficiency measures. The Maryland Department of Housing and Community Development (DHCD) has played a crucial role in supporting this effort, empowering Green Street Housing to overcome unique challenges at each property and revitalize these critical community assets.

Riverside Homes, originally built as public housing, will undergo extensive modernization using HUD's Rental Assistance Demonstration (RAD), including a groundbreaking shift to high-efficiency electric systems, replacing gas heating and appliances. This decarbonization effort is among the first for Maryland's affordable housing sector under the Multifamily Energy Efficiency and Housing Affordability Greenhouse Gas Reduction Program (MEEHA GHGRP). Meanwhile, Mitchell Landing, which has faced significant legal and structural hurdles, will receive a full-scale renovation to address building deterioration, ensuring safe and comfortable homes for current and future residents. Both properties will benefit from comprehensive energy efficiency upgrades, with new Energy Star-rated appliances, durable interior finishes, and enhanced exterior facades that promote long-term sustainability and quality of life.

"This transaction represents the power of vision and partnership in action," said Jake Day, Secretary of Maryland DHCD. "As mayor, I recognized the criticality of transforming Mitchell Landing and improving life for those who call it home, and I knew Green Street was the right partner to make it happen. Today, as Secretary, I am proud to see that vision realized with a comprehensive rehabilitation that ensures Salisbury families have access to safe, sustainable, and high-quality affordable housing. This is a model for how communities can come together, overcome whatever obstacle is placed in our way, and create meaningful change."

"Riverside Homes and Mitchell Landing are more than just buildings; they're integral parts of the Salisbury's community," said Joe Buckley, Senior Development Manager at Green Street Housing. "We are proud to lead this revitalization effort, bringing advanced energy solutions and quality housing to our neighbors. For Green Street, this project is about strengthening our community and building a sustainable future for Salisbury."

Financing partners include The Richman Group Affordable Housing Corp. as the LIHTC equity syndicator, with Nationwide and Discover Bank as the investors. The project received significant financing from DHCD, including the Multifamily Bond, Partnership Rental Housing, Rental Housing Works, and MEEHA GHGRP and Empower Programs, alongside critical support from the Wicomico County Housing Authority and the United States Department of Housing and Urban Development (HUD).

About Green Street Housing
Founded in 2008 by Dave Layfield and Tom Ayd of Salisbury, MD, Green Street Housing, LLC, is a leading affordable housing developer serving communities across Maryland, Delaware, and Virginia. With a focus on high-quality, mission-driven developments, Green Street has built a strong reputation for expertise in Low-Income Housing Tax Credit (LIHTC) financing and public-private partnerships that create lasting community impact and navigating the complex and sometimes challenging affordable housing development process.

Contact:  David Layfield
Email:  [email protected]
443-523-6265

SOURCE Green Street Housing LLC