Green Street Housing and TM Associates Close Financing for Acquisition and Rehabilitation of The Point at Smithsburg, an Affordable Housing Community

SMITHSBURG, Md., Dec. 17, 2024 /PRNewswire/ -- Green Street Housing and TM Associates, in partnership with Interfaith Housing Alliance, is pleased to announce the successful closing of financing for the acquisition and rehabilitation of The Point at Smithsburg, an affordable housing community in Smithsburg, Maryland. This $18.5 million redevelopment, supported by 9% Low-Income Housing Tax Credits (LIHTC) from the Maryland Department of Housing and Community Development (DHCD), will enhance affordable housing options for those with low income in Washington County.

Built in 1986, The Point at Smithsburg currently includes 38 Section 8 units, with plans to expand to 40 residences. A significant portion of the $8.2 million construction budget will fund energy-efficiency upgrades, comprehensive interior renovations, facade improvements, and an expanded community center. Guided by resident input, these upgrades aim to create quality, cost-effective homes that lower utility expenses and foster a sustainable living environment.

Key financing partners include CREA, LLC as the LIHTC equity syndicator; Boston Capital Finance, providing permanent financing; Locus Bank, providing construction lending; and CF Bank as the predevelopment lender. Their support, along with DHCD's alignment, has been critical in bringing this project to life. This initiative reflects Green Street and TM Associates' dedication to developing sustainable communities that improve lives and deliver high-quality experiences for both residents and partners.

"The Point at Smithsburg represents more than just a renovation; it's an opportunity to preserve and enhance an essential affordable housing resource for the Smithsburg community," said Bob Margolis, CEO of TM Associates. "This redevelopment reflects our dedication to creating safe, energy-efficient, and comfortable homes for families."

"Our goal with The Point at Smithsburg is to create a modern, energy-efficient environment that reduces living costs and enhances the quality of life for our residents," said Charlie Moore, Director of Development Finance at Green Street Housing. "This project showcases our commitment to transforming communities through innovative, affordable housing solutions that build lasting value."

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 its expertise in Low-Income Housing Tax Credit (LIHTC) financing and public-private partnerships that create lasting community impact and navigating the complex and challenging affordable housing development process. For more information, visit www.greenstreethousing.com.

About TM Associates: TM Associates currently manages over 18,000 units across 423 properties in fourteen states plus Washington, D.C. TM Development has built or rehabilitated 7,000 affordable housing units. TM strives to deliver the best in diligence, dedication and services while effecting change in the communities they serve. This includes services such as after school programs, adult literacy and job placement, services that address food insecurities, in addition to more traditional amenities such as package acceptance, community room, and online rent payment.

TM doesn't stop at providing new, luxury affordable housing options in urban and rural neighborhoods. Instead, TM aims to take it further and change the definition and perception of affordable housing in these neighborhoods. For more information, visit www.tmamgroup.com.

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SOURCE Green Street Housing and TM Associates