Groundbreaking Mixed-Income Development: A Partnership Driven Success in Havre de Grace
Green Street Housing, an esteemed affordable housing developer based in Maryland, recently marked a meaningful milestone in its ongoing commitment to enhancing local communities. They celebrated the groundbreaking ceremony at the Village at Blenheim Run, prominently located in Havre de Grace, Maryland.
This new construction project represents a significant leap in mixed-income development, merging affordability, enterprise, and a heartening commitment to community improvement. Designed to cater to diverse economic strata, the development presents a modern, high standard apartment community with a significant proportion of units dedicated to providing affordable housing to qualifying tenants. Meanwhile, market rate units and commercial rental space demonstrate a savvy move to strengthen the community’s economic dynamics.
In today’s challenging economic landscape, financing such a project requires strong partnerships and innovative funding channels. Village at Blenheim Run’s financing showcases a model collaborative effort comprising a Low-Income Housing Tax Credit investment from Hudson Housing Capital and Bank of America. Stepping further into the fray, Bank of America also displayed its commitment to community development by providing the lending power behind the construction debt financing. PNC and Freddie Mac are playing decisive roles as well, delivering a long-term loan stream. Lastly, a grant from the Federal Home Loan Bank of Atlanta is a fantastic win that rounds out the financing strategy with innovation and strength.
The co-developers for this project, Green Street Housing and TM Associates Development, Inc., are no strangers to this type of work. Against a backdrop of several similar projects undertaken across Maryland over recent years, Blenheim Run stands out as an embodiment of their commitment. The lifelong dedication to providing high quality, affordable housing combined with an unyielding belief in putting community first. This project, alongside those it follows, creates legacy community assets that Havre de Grace can take pride in for years to come.
David Layfield, Principal of Green Street Housing, spoke these potent words at the groundbreaking ceremony: “We are proud to have partnered with TM Associates Development to bring the dream of Blenheim Run to life, and to serve the residents of Havre de Grace and Harford County.”
The Village at Blenheim Run is more than just a housing development, it is fruition of partnership, community dedication and a testament to the notion that thoughtful real estate development can be a powerful driver for community growth and well-being. The blueprint it represents – of affordable housing, successful commercial spaces and a strong sense of community commitment – becomes a beacon of hope and a constructed dream that can inspire not only Havre de Grace but also the wider real estate context, at a time when it is needed the most.