Enterprise Community Development closed on construction financing for Roslyn Rise, in Columbia. Roslyn Rise represents the first portion of a multiphase redevelopment project on a housing community originally built during the 1960s. Upon completion, Roslyn Rise will feature 153 households in a modern, amenity-rich, accessible and sustainable mixed-income community.
The Roslyn Rise redevelopment represents ECD’s first truly mixed-income community in Howard County. Roslyn Rise has provided stable and affordable housing to 58 families since the 1960s. But like many other communities built during this era, its affordability covenants were set to expire, and the infrastructure, floor plans and amenities were obsolete compared to today’s standards.
Community Homes Housing, which had owned the community, partnered with ECD to reimagine Roslyn Rise while preserving and increasing the number of affordable homes for future generations.
The Roslyn Rise redevelopment will consist of two four-story, elevator-served structures containing surface and underground garage parking. Infrastructure will be built to National Green Building Standard requirements and have green features throughout, including Energy Star appliances, high-efficiency HVAC systems, heat pump hot water heaters and solar hot water.
Inside the buildings, residents will enjoy a mix of one-, two-, three- and four-bedroom units with ample common areas that will feature a club room, after-school homework club space, a fitness center and business center. The Roslyn Rise community will also include on-site outdoor recreation areas, including a signature plaza area, dog park, playground and family recreation area and connections to outdoor paths and recreational facilities maintained by the Columbia Association.
Financing for the new 153-unit Roslyn Rise redevelopment will be accomplished through a low-income housing tax credit “twin” (4 percent and 9 percent) structure, owned by separate single-purpose entities: 94 units (4 percent building) owned by Roslyn Rise Four; and 59 units (9 percent building) owned by Roslyn Rise Nine.
The total redevelopment costs are $39,135,000 for Roslyn Rise (4 percent) and $31,205,000 for Roslyn Rise (9 percent). Grimm & Parker is the project architect and Harkins Builders is the general contractor. Enterprise Residential, an ECD affiliate, will serve as the property management company and coordinate resident services.
“[ECD] recognizes the importance of redeveloping these properties for the benefit of Columbia, Maryland. Columbia represents one of the country’s most visionary planned communities developed by Jim Rouse, who also founded Enterprise Community Partners. His vision for Columbia is woven into our organization’s DNA, and our plans for Roslyn Rise represent a long overdue reinvestment in keeping his dream alive,” said Brian McLaughlin, president of ECD. “Our mission for Roslyn Rise is simple: to advance housing equality and life outcomes by reimagining affordable housing in Columbia.”