Community–First Design
Town–home–style buildings will surround a centrally located community center and playground, with front porches, pedestrian pathways and shared green space encouraging neighborly connections. Eight residences will incorporate enhanced accessibility features, delivering modern, barrier–free housing for people with disabilities.

Zero–Energy–Ready Construction
Buildings will meet ENERGY STAR® Multifamily New Construction, National Green Building Standard (NGBS) Silver and DOE Zero Energy Ready Home standards. A rooftop solar array will offset common–area electricity and help lower resident utility costs.

Collaborative Financing
The $20.2 Million total development budget is financed by: a Low Income Housing Tax Credit Equity Investment from The Richman Affordable Housing Group and Discover Bank, loans from Maryland DHCD Rental Housing Program Funds and EmPower funds, Permanent Mortgage financing from Boston Capital Finance, Construction Financing from CF Bank, Pre-development financing from Locus Bank, and a Payment in Lieu of Taxes provided by St. Mary's County.

Voices From the Groundbreaking
"With Villas at Lex Woods, Green Street Housing is fulfilling a decade–long vision that has leveraged over $50 million to reinvigorate the Lex Woods neighborhood—benefiting not only the 40 families who will move into these new homes, but also residents of the revitalized Lex Woods Apartments, Great Mills Court and Joe Baker Village." — Tom Ayd, Principal, Green Street Housing

"TM Associates is proud to partner with Green Street Housing and local officials to bring high–quality, energy–smart homes to Lexington Park. Villas at Lexwoods will provide long–term housing stability and opportunity for working families across St. Mary's County." —  Bob Margolis, CEO, TM Associates

A proclamation issued by the St. Mary's County Commissioners at the ceremony commended the partnership for "expanding high–quality affordable housing that will strengthen families, schools and the local economy."

Project Team & Schedule
Harkins Builders is serving as General Contractor, with Architecture by Design, Inc. as Architect and TM Associates Management as post-construction property manager. Civil and Engineering support comes from Mudd Engineering, RK&K, Bob Taylor Engineering, and Pando Alliance. First homes are scheduled for residents to move in April 2026, with full completion expected July 2026. The project will generate more than 60 construction–period jobs and provide long–term, energy–efficient housing stability for Lexington Park's workforce.

About Green Street Housing
Founded in 2004 and headquartered in Salisbury, Maryland, Green Street Housing, LLC has financed, built or preserved more than 1,500 affordable rental homes across seven Mid–Atlantic states. The firm specializes in high–performance, LIHTC–financed communities that pair deep affordability with long–term operational sustainability and resident–focused services. Learn more at www.greenstreethousing.com.

About TM Associates
With roots dating back to 1978, TM Associates Development and TM Associates Management have developed or manage over 14,000 affordable apartments in 11 states and Washington, D.C. The companies provide a full continuum of development, construction oversight, asset management and resident–service delivery, ensuring that every community remains vibrant and financially stable for the long term. Visit www.tmamgroup.com for additional information.

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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..

Queenstown, MD, [November 21, 2024] — TM Associates and Green Street Housing, joined by the Maryland Department of Housing and Community Development (DHCD), Queen Anne’s County officials, partners, and community members proudly announce the grand opening of Slippery Hill Senior and Slippery Hill, Phase II.  This milestone marks the completion of a decade long vision to bring 186 new affordable senior and family apartments to Queen Anne’s County. 

Together with their sister community, The Village at Slippery Hill, these three phases form a dynamic, affordable living destination designed to meet the diverse needs of its residents. From thoughtful interior designs and energy-efficient features to modern amenities and a central location, these communities exemplify the best in affordable housing.

Key features include:

• Slippery Hill Senior Apartments: Spacious one- and two-bedroom homes tailored for residents 62+, serving households earning between 30% and 80% of the area’s median income.
• Slippery Hill, Phase II: A mix of one-, two-, and three-bedroom apartment homes and townhouses for families earning between 30% and 50% of the area’s median income.
• Quality finishes, including hardwood-style flooring and efficient appliances.
• Amenities such as fitness centers, eco-friendly electric vehicle charging stations, and a scenic ¾-mile walking trail.
• Convenient access to many communities on the Eastern Shore, Annapolis, Baltimore, and Washington, D.C., with on-site public transportation options.
• Proximity to local attractions like the Queenstown Outlets, restaurants, entertainment venues, and top-rated schools.

“Ever since Dave and I first stepped foot on this site in 2012, we envisioned a mixed-use intergenerational development that would provide high-quality, affordable housing in this community,” said Tom Ayd, CEO of Green Street Housing. “Seeing that vision come to life with Slippery Hill Senior and Phase II is incredibly rewarding, and we’re proud to celebrate this milestone alongside our partners and the community.”

“Slippery Hill Senior and Slippery Hill, Phase II represent a culmination of hard work and partnerships to deliver high-quality, affordable housing that enhances the lives of Maryland residents in Queen Anne’s County”, said Bob Margolis, Owner/Chief Executive Officer of TM Associates. “These communities showcase how affordable housing can be both functional and beautiful, helping to foster stability and opportunity for families and seniors alike.”

The ribbon-cutting ceremony will be held at 10am on November 21, 2024, at 320 Fallen Horse Circle.  Guided tours of the new communities and light refreshments will be offered. Parking is available on-site. at 320 Fallen Horse Circle.

Prospective residents are encouraged to schedule a private tour at:

• www.slipperyhillsenior.com for Slippery Hill Senior Apartments
• www.thevillageatslipperyhill2.com for Slippery Hill, Phase II

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 sometimes challenging affordable housing development process. Learn more at www.greenstreethousing.com

Contact Information:

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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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