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
Development Cost
$11M
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./Heritage Housing Partners
Owner
Heritage Housing Partners
Investor
Cinnaire
Lender
Maryland DHCD

Shalom-Comm-Center-Kitchen

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What Others Are Saying About Us

Gorman Management Company (GMC) is a legacy Section 8 owner/manager in Oklahoma that was established in 1978.  We were introduced to CCA through Ben Etheridge in 2012 and closed our first two 9% LIHTC deals that year.  Since then, we have closed an additional nine deals that are a mix of for-profit and non-profit owned properties (and three in process).  Most of our deals are complicated and require expertise in all levels of affordable housing (HUD, LIHTC, FNMA, etc.).  CCA has brought expertise as our development partner to all of these deals that was essential to their success.