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.
 

Contact Information:

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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.

Contact Information:

The post Green Street Housing and TM Associates Close Financing for Acquisition and Rehabilitation of The Point at Smithsburg, an Affordable Housing Community appeared first on TM Associates Management, Inc..

The newly renovated Fox Ridge Apartments mix like-new updates with full rental subsidies for residents.

In Princeton, a small West Virginia town of just under 6,000, quality housing was scarce-particularly for residents on fixed incomes. Then, TM Associates stepped in.

The development company launched a multiyear renovation of the town’s Fox Ridge Apartments, weathering pandemic-related delays and cost overruns, among other challenges. Fortunately, the West Virginia Housing Development Fund stepped in with a clutch Emergency Rental Assistance 2 loan to save the day and keep Fox Ridge on track.

In the end, what resulted was a like-new 108-unit community that features upgrades like in-unit washers and dryers, new appliances, updated windows and doors, and even a community basketball court and playground.

Even better? All units are rent-subsidized by the U.S. Department of Agriculture, aimed at residents earning between 30% and 60% of the area median income.

Adam Stockmaster, president of TM Associates Development, calls the approximately $10 million Fox Ridge Apartments “one of our finest West Virginia restorations completed to date.”

“Our efforts to renovate and preserve this affordable housing resource brought better-than-new homes, as well as much-needed rental subsidies to all of the residents of this property, helping over 100 individuals and families in this mountain town,” Stockmaster says.

PROJECT DETAILS

DEVELOPER | TM Associates

By Aly J. Yale. Small West Virginia Town Gets Boost With Major Apartment Restoration. (Posted on July 30, 2024) Affordable Housing Finance. https://www.housingfinance.com/developments/small-west-virginia-town-gets-boost-with-major-apartment-restoration_o

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