Friday, January 30, 2015

Enterprise Community Partners, MassHousing announce millions in funding to renovate affordable senior homes

News from NHC's family of members
by Radiah Shabazz, National Housing Conference

Two NHC Leadership Circle members have pledged millions of dollars to fund renovation of affordable housing developments for seniors. In Frederick, Md., Enterprise Community Partners’ development company, Enterprise Homes, Inc., with support from SunTrust Bank, announced nearly $25 million to renovate Taney Village Apartments. In Boston, MassHousing pledged $5 million to fund property improvements for Hunter Place in Springfield. Both properties cater to senior residents. Taney Village also has 13 apartments reserved for adults with disabilities.

Renovations at Taney Village will include energy-efficient windows, upgraded heating and cooling systems and new elevators. Residential common areas will also get new lighting, flooring and furniture. Low-Income Housing Tax Credit equity combined with loans provided by SunTrust, Wells Fargo, Bank of America, the Maryland Department of Housing and Community Development and the county of Frederick will fund the renovations. Improvements planned for Hunter Place include window replacements, kitchen upgrades and installation of a new boiler system to improve energy efficiency, with additional funding coming from LIHTC.

“In addition to preserving a critical affordable housing resource for 130 households, the Taney Village renovation will have a big economic impact, preserving or generating over 145 jobs,” Senior Vice President for Enterprise Homes, Inc., Christine Madigan said. “This development effort is a great example of public-private collaboration with public funds leveraging private investment comprising 86 percent of total costs.”

A survey conducted by AARP  and cited in our report, Aging in Every Place, found that nearly 90 percent of adults over age 45 and over wish to stay in their homes “for as long as possible” as they age. Renovations to these developments will help older adults feel more comfortable about aging in their homes and communities without the high costs often associated with institutionalized care.

Renovations are expected to be completed by fall 2015 to early 2016. 

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