Anne Arundel County will finance a new development project in Hanover that will create 120 rental units for county workers, families and older adults earning 60% of the Area Median Income or less.
The Eagle Park project will leverage $1.5 million in federal HOME funds to create garden-style apartments. Households earning up to 60% Area Median Income or approximately $65,760 for a family of three can qualify for the program. There will also be a substantial number of units targeted to households earning lower incomes, including 50% AMI and 30% AMI.
The project is expected to be completed in early 2025 and is being developed by Foundation Development Group and Osprey Property Co. Loan funds were made available through Arundel Community Development Services, the county’s nonprofit and community development arm.
“A central part of our mission is to create and support affordable housing opportunities for our low- and moderate-income families, workers and households,” said Erin Karpewicz, CEO of Arundel Community Development Services. “I am thrilled that the administration has paved the way for new developments like Eagle Park and rehabilitating and preserving existing units. The combination of policy changes, such as the Workforce Housing zoning allowance and substantial investments through the Affordable Housing Trust Fund, means that we have more units in the pipeline to be developed or preserved than ever before.”
ACDS and the county also recently provided financing to allow the Housing Commission of Anne Arundel County to complete the redevelopment and new construction of 201 units in Meade Village and Wilbourne Place.
With 1,553 new construction and preservation units in the pipeline to close on financing before the end of the fiscal year, ACDS now manages the largest production and preservation pipeline in the county’s recent history. The number of projects in the current pipeline represents approximately three times as many units that were developed during the 5-year period ending in 2020.
ACDS is in the process of obligating $11.45 million to rental projects that will leverage an additional $145,778,931 in federal, state and private resources to create more workforce housing opportunities in the county.