Affordable Rental Housing Development to Benefit Families in Somerset County
State of Maryland Closes on Financing for Mid Pines Estates
CROWNSVILLE, MD (November 18, 2011) - Maryland Department of Housing and Community Development Secretary Raymond A. Skinner today announced the beginning of construction of Mid Pines Estates, a new townhouse development project that will house 36 families. The development is expected to support the creation of 41 jobs and contribute more than $112,000 in local and state tax revenue during the construction phase and approximately $83,000 annually.
“I applaud PIRHL Developers and the National Foundation for Affordable Housing Solutions for serving as trusted partners in this important effort to increase affordable rental housing options for families in our state,” said Secretary Skinner. “What’s more is that every time we undertake this type of development, the larger community benefits.”
Thirteen buildings will be situated on the property, each offering three-bedroom units. The townhouses will be made available to families that qualify within various ranges of area median income. Four of the units will be occupied by families with 30 percent area median income, 16 units for families with 40 percent, 14 units for families with 50 percent and two units for persons with 60 percent.
The department will provide almost $765,000 in low income housing tax credits which will generate project equity of approximately $6.1 million through Boston Capital Corporation. It will also provide a Rental Housing Fund loan in the amount of $3,383,000. Remaining project funds will be provided through a contribution by the developer and the town of Princess Anne.
PIRHL Contractors LLC is the General Contractor and Architect By Design of Ellicott City, MD is the Architect. The project will be managed by Case Edwards Management of The Severn Companies.
The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD programs, log on to www.mdhousing.org.
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For more information:
Deputy Director, Office of Communications and Marketing