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Deals & Dealmakers

County and State Leaders Celebrate the Groundbreaking of Roslyn Rise

 Enterprise Community Development, today, celebrated the groundbreaking of Roslyn Rise in Columbia, Md. with key project partners and local and State officials. Roslyn Rise represents the first portion of a multiphase redevelopment project on a housing community originally built during the 1960s. Upon completion, Roslyn Rise, located at 10339 Twin Rivers Road, will feature 153 households in a modern, amenity-rich, accessible and sustainable mixed-income community.

“Rosyln Rise will be another wonderful example of the modern, high-quality rental communities supported by the State of Maryland,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “Working with dedicated development partners like Enterprise, the department has achieved an historic level of rental housing production during Governor Hogan’s administration, financing the creation or preservation of more than 28,000 affordable units statewide.”

“Developments like Roslyn Rise will help to address some of the challenges identified in the County’s Housing Opportunities Master Plan, and the approval of a PILOT represents the County’s financial commitment to support residential developments that serve populations in need,” said County Executive Calvin Ball.

The Roslyn Rise redevelopment represents Enterprise Community Development’s first truly mixed-income community in Howard County. Roslyn Rise has provided stable and affordable housing to 58 families since the late 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, Inc. (CHHI), which had owned the community, partnered with Enterprise Community Development to reimagine Roslyn Rise: preserving the existing affordability and allowing all residents to return while adding workforce and market rate homes to create a truly mixed-income community.

“Community Homes Housing Inc. is very excited that construction is now underway on the new Roslyn Rise apartments. CHHI commends Enterprise Community Development on their success in moving forward this project that will provide terrific housing for the residents who lived at the project initially and, also, create more housing across the affordability spectrum for the citizens of Howard County,” said Dan Kelliher, Board President of Community Homes Housing, Inc. “We thank the Howard County officials who have supported this project and the State’s willingness to support our unique position in providing financing for this project. We look forward to working with Enterprise, Howard County and the State of Maryland to move forward on the redevelopment of the additional four sites in Columbia that CHHI sold to Enterprise.”

The Roslyn Rise redevelopment will consist of two four-story, elevator-served structures containing surface and underground garage parking. Infrastructure at Roslyn Rise 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. Located in the heart of Columbia, Roslyn Rise is less than five minutes from the Columbia Mall, movie theater, shops and grocery stores, and offers easy access to Interstate 495.

“Enterprise and the Columbia community share the same founder: Jim Rouse. His vision for an economically, culturally and racially inclusive Columbia is woven into our organization’s DNA, and today we continue bringing that vision to light with the start of the redevelopment of the aging, dilapidated and obsolete Roslyn Rise into a modern, inclusive, mixed-income community that anyone would be proud to call home,” said Brian McLaughlin, president of Enterprise Community Development. “We are so thankful to our project partners for joining us in advancing housing equality and life outcomes here in Jim Rouse’s Columbia.”

Financing for the $70 million redevelopment will be accomplished through a LIHTC (low-income housing tax credit) “twin” (4% and 9% LIHTC) structure. The developments are supported by funds from the following: construction loans through Bank of America, LIHTC equity from Bank of America and syndicated by Enterprise Housing Credit Investments; permanent first mortgage through Fannie Me and originated by Bellwether Enterprise; significant subordinate debt from Community Homes Housing, Inc. and Maryland Community Development Administration; a tax-exempt bond debt issued by Maryland CDA and a Payment In Lieu of Taxes through Howard County.

“Bank of America is committed to supporting safe, affordable, eco-friendly housing that serves our Greater Maryland community,” said Janet Currie, Greater Maryland President Bank of America. “Roslyn Rise’s sustainable housing solutions help preserve rental price pressures for low- and moderate-income families in the Columbia area.”

Grimm & Parker is the project architect and Harkins Builders is the general contractor. Enterprise Residential, an Enterprise Community Development affiliate, will serve as the property management company and coordinate resident services.

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