TM Associates and Green Street Housing Close Financing for Rehabilitation of Joe Baker Village and Great Mills Court in LEXINGTON PARK, MD

LEXINGTON PARK, Md., Dec. 17, 2024 /PRNewswire/ -- TM Associates and Green Street Housing have closed on financing for the acquisition and rehabilitation of Joe Baker Village and Great Mills Court, two affordable housing communities in Lexington Park, Maryland. This $15.2 million redevelopment, supported by 4% Low-Income Housing Tax Credits (LIHTC) and loans from the Maryland Department of Housing and Community Development (DHCD), will enhance existing affordable housing options for individuals and families in St. Mary's County.

Originally built in the 1980s, Joe Baker Village and Great Mills Court encompass 80 units that will receive a comprehensive modernization with a focus on energy efficiency and upgrading fixtures and finishes. Joe Baker Village will offer updated one-bedroom residences, while Great Mills Court will provide a variety of thoughtfully designed and spacious one-, two-, and three-bedroom apartment homes. The project's $6.9 million construction scope includes energy efficiency enhancements, upgraded facades, and durable interior finishes; all selected to enhance the quality of life and reduce long-term living costs for residents.

The project brings together critical support from Cinnaire as the LIHTC equity syndicator, DHCD Multifamily Bond, Rental Housing Works, and HOME funds, loans USDA Rural Development and the Housing Authority of St. Mary's County, and a Payment In Lieu of Taxes from St. Mary's County. This partnership underscores Green Street Housing and TM Associates' commitment to sustainable, community-centered development.

"Our focus for Joe Baker Village and Great Mills Court is to provide safe, energy-efficient homes that meet the needs of local families and individuals," said Chase Powell, Director of Development at Green Street Housing. "We're proud to work with partners who share our mission to revitalize communities and deliver quality, affordable housing."

"This redevelopment is about more than just upgrading buildings; it's about investing in the people and families who call Joe Baker Village and Great Mills Court home," said Bob Margolis, CEO of TM Associates. "By incorporating energy-efficient improvements and modernizing these communities, we're not only enhancing residents' quality of life but also ensuring these homes remain affordable and sustainable for years to come."

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.

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.

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SOURCE TM Associates and Green Street Housing