The Shalom Square project is the substantial rehabilitation of a fifty-unit project located in the Long Reach Village of Columbia. The thirty-five one-bedroom and fifteen efficiencies were originally built in 1979. The rehabilitation will include new kitchens, bathrooms, roofs, windows, flooring and substantial energy efficiency upgrades. The property will provide five barrier-free units and eight (15%) units set aside for the disabled. The project sponsor, Heritage Housing Partners (HHP), has owned the development since its original construction and will continue to provide property management and social service connections to the property. HHP has brought together a strong development team including Chesapeake Community Advisors as development consultant, Wiencek + Associates, architect and Southway Construction, general contractor.
The project construction will be financed with tax-exempt bond financing from DHCD, CDBG funds from Howard County, seller-take back financing and 4% tax credit equity through Cinnaire.
HHP had struggled to finance the much needed renovation for serval years before engaging CCA. CCA was able to structure a deal that was acceptable to both Maryland DHCD and the tax credit investor that allowed HHP to maintain both the general partner role and property management, both important to HHP.
In addition, acquisition proceeds substantially enhanced HHP’s balance sheet.