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

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What Others Are Saying About Us

We were aspiring to take one of our HUD projects through a LIHTC transaction to receive much needed rehab of a senior building in Detroit.  We weren't equipped to handle the process ourselves and not knowing where to turn, CCA came highly recommended by a colleague.  We haven't looked back since.  David Prout and the CCA team guided us and the nonprofit owners through the full development process.  They took the worries out of our hands and led us down the path.  Their vast knowledge of the LIHTC process; working with he governmental agencies; obtaining LP investors and the smooth construction process during the tenant in place rehabs were over the top.  They are true leaders in the industry.  We have since taken three other projects through the process and another in the pipline.