Green Street Housing, in partnership with the Wicomico County Housing Authority, has secured the necessary financing for a transformative $32m rehabilitation of two key affordable housing communities in Salisbury, Riverside Homes and Mitchell Landing Apartments, comprising a total of 99 units.
This US-based initiative marks a significant commitment to Salisbury's future, aiming to preserve local affordable housing while leading the way in sustainability and energy efficiency.
The Maryland Department of Housing and Community Development (DHCD) has played a pivotal role in facilitating this project, empowering Green Street Housing to address unique challenges at each property.
Riverside Homes, originally constructed as public housing, will be extensively modernised using the US Department of Housing and Urban Development's (HUD) Rental Assistance Demonstration programme, including a shift to high-efficiency electric systems in place of gas heating and appliances.
This decarbonisation effort is part of the first wave of Maryland's affordable housing sector's adoption of the Multifamily Energy Efficiency and Housing Affordability Greenhouse Gas Reduction Program (MEEHA GHGRP).
Meanwhile, Mitchell Landing, facing considerable legal and structural issues, will undergo a full renovation to tackle building deterioration, ensuring safe and comfortable homes for its inhabitants.
Both properties will benefit from comprehensive energy-efficiency upgrades such as the introduction of new Energy Star-rated appliances, resilient interior finishes, and updated exterior facades designed to promote long-term sustainability and improve the quality of life for residents.
The project's financing partners include The Richman Group Affordable Housing as the Low-Income Housing Tax Credit equity syndicator, with Nationwide and Discover Bank as investors.
Significant financing for the project has been provided by the DHCD, including allocations from the Multifamily Bond, Partnership Rental Housing, Rental Housing Works, and MEEHA GHGRP programmes.
This financial backing is further supported by crucial assistance from the Wicomico County Housing Authority and HUD.
