Projects

Shalom Square

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.

Specifications

Development Type
15-Efficiency; 35-1 BDRM
Number of Units
50
Type of Housing
Rehab
Development Cost
11000000
Location
Columbia, Maryland
Development Role
Development Consultant
Unit Mix
15-Efficiency; 35-1 BDRM
Architect
Wiencek + Associates
Contractor
Southway Construction
Developer
Chesapeake Community Advisors, Inc.
Owner
Heritage Housing Partners
Investor
Cinnaire
Lender
Maryland DHCD

Shalom-Clubhouse-Exterior

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What Others Are Saying About Us

“RPS engaged CCA in 2005 to assist in the disposition of RPS’s affordable housing portfolio, which consisted of over eighty properties, located throughout the country. The successful conclusion to our portfolio disposition is in large part attributable to Ben and David and their team at CCA. Though faced with a multitude of problems, including properties with extensive deferred maintenance, difficult regulatory agencies and severely distressed financial markets, CCA brought resolutions to our issues that were consistently satisfactory to all parties concerned. The depth and scope of CCA’s expertise in the many facets of the affordable housing industry proved invaluable. It has been a privilege and a pleasure to work with such a group of professionals.”