30 units for elderly to be built $1.2 million grant from state will fund Westminster project

2nd phase of development

Eldersburg apartments to be refurbished with $100,850 in tax credits

March 10, 1997|By Mary Gail Hare | Mary Gail Hare,SUN STAFF

State grant money will provide new housing for the elderly at Tremont Place II in Westminster and give Carrolltowne Village Apartments in Eldersburg a new look.

Maryland Department of Housing and Community Development (DHCD) recently awarded nearly $1.2 million to Enterprise/Carroll County Development for construction of 30 one-bedroom units for the elderly, the second phase of the project on North Cranberry Road.

The department also allocated $100,850 in tax credits to T. M. Associates Inc. of Bethesda for the Carrolltowne project.

In Eldersburg, the award will allow the developer to refurbish the 26 town homes and six one-bedroom apartments in the 10-year-old complex near Liberty and Ridge roads. Two of the apartments will be renovated to provide housing for disabled residents.

Tax credit incentives encourage private investment for government initiatives that promote affordable housing. The state allocates the tax credits on behalf of the federal government.

Over 10 years, the credits translate into five to six times the amount in dollars, said Peter Engel, deputy executive director of state community development.

"Using state allocations, $100,000 in credits puts an equity of about $600,000 into a project," Engel said. "The developer is getting real value for this project."

The Carrolltowne development met several criteria for the grant.

About half the residents have incomes that are 30 percent of the median for the county or less.

T. M. Associates, the Bethesda-based management company, has experience dealing with affordable-housing programs.

The company has agreed to maintain the property for low-income tenants for 41 years.

Although tenants cannot buy these units, management will provide homeownership counseling.

Carrolltowne is completely rented and has a waiting list.

"As an established community with an existing plan for revitalization in place, the project fits nicely with the governor's Smart Growth initiative," said N. Gary Tavin, DHCD public information officer.

Construction will begin immediately and should be completed this summer. The homes are occupied, and work will continue without displacing tenants.

"Given the affordable housing shortage situation in Carroll County, we appreciate anything that will increase our stock or keep what we have in good repair," said Sylvia Canon, director of county human services programs.

The county offers extensive outreach programs such as job training, child care, emergency medical and housing assistance, family support and surplus food to the Carrolltowne residents.

Pub Date: 3/10/97

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