June 26 — Osprey Property Company (Osprey) and the Maryland Affordable Coalition (MAHC) co-hosted the Grand Re-Opening of Pikeswood Park Apartments in Randallstown, MD. Osprey redeveloped this 35 year old, mixed-income community which is the first affordable rental housing project to receive Rental Housing Works (RHW) funding. RHW is a state funding source created in collaboration with Governor Martin O’Malley, the Department of Housing and Community Development (DHCD) and MAHC to create jobs, increase state and local revenues and provide much-needed affordable rental housing in Maryland.
Andrew Hanson, Vice President of the Osprey Property Company, thanked the members of the development team which included Harkins Builders, General Contractor; Architecture by Design, Architect and Habitat America, Management Agent. “The project was able to move forward after the $1.5 million in RHW funding filled in the financing gap. Total project costs were over $16 million in public and private investment which made the community accessible, energy efficient and increased the number of quality affordable rental apartments for the residents of Baltimore County,” Andrew said.
Ribbon Cutting at Pikeswood Park with DHCD, MAHC and the Members of the Development Team
MAHC President Trudy McFall said, “ It’s gratifying to see that with RHW funds made available just one year ago, and the hard work of many good people, today we are celebrating the first of many more RHW communities to come.” To commemorate the occasion, Osprey received a plaque from MAHC for redeveloping Pikeswood Park Apartments. Delegate Adrienne A. Jones, Speaker Pro Tem who represents District 10, and was a vigorous supporter of RHW in the 2012 and 2013 legislative session noted that “RHW had wide bi-partisan support because Kim Fry was able to explain to the Capital Budget Subcommittee members why it was important and that it had state-wide implications.” She was proud to be part of the process and pointed out that it was a happy coincidence that the first RHW project was in her district.
Clarence Snuggs, Deputy Secretary of the Department of Housing and Community Development congratulated Osprey Property Company on its 25th anniversary and for being an important developer of quality affordable housing in Maryland. “We are pleased to celebrate the grand re-opening of new homes, new families and new hope to this community,” Snuggs said. He thanked the DHCD team and was grateful to the Maryland Affordable Housing Coalition and added, “Without MAHC’s support this unprecedented commitment would not have been possible.”
The Pikeswood Park management staff provided a tour of the 4 story building which has 140 apartments, containing one and two bedroom units. All rents include hot water, sewer and trash and average $825 per month. Seven units have been reconfigured to be fully ADA/ handicap accessible. The units were updated with Green energy saving and conserving features. Apartments include new kitchen cabinets, energy star appliances as well as new individual high efficiency heat and AC. The building received new windows, common area lighting, HVAC, elevators, carpet, windows, as well as an updated lobby, community room, and leasing office. A new handicapped accessible sidewalk connects the building to Liberty Road
The financing structure included tax-exempt bonds and 4% low income housing tax credits, as well as Maryland Housing Rehabilitation Program, Rental Housing Works and Be Smart funds and Baltimore County HOME funds. The tax-exempt bonds were enhanced through the Risk Share Program of HUD (Section 542), which is a partnership with MD DHCD. The re-development of the community created 39 jobs. Renovations began in July 2012 and the community is slated to be totally completed by the end June 2013.
For more information contact Lindsey Banks.