St. Mary’s County Board of County Commissioners, the Housing Authority of St. Mary’s County and Osprey Property Company LLC are pleased to announce the completion of Indian Bridge Apartments. A ribbon cutting will be held on Tuesday October 11, 2011 at 12pm at the property. This important preservation of workforce housing in Lexington Park was the first project to make use of stimulus funds in the State of Maryland from the Department of Housing and Community Development including Tax Credits, Home Funds, New Issue Bond Proceeds, Exchange Funds and a CDBG loan. Private investors syndicated the tax credits. St. Mary’s County provided funding for the installation of fire suppression sprinkler system and an important Payment In Lieu of Taxes (PILOT). The renovations began in July of 2011 and were complete in June of 2011.
Financing: Total project costs for the project were $14 million. Project financing includes:
+ New Issue Bonds – $7.1 million risk share MD DHCD & Baltimore HUD
+ Monetization 1602 funds $2.9 million
+ Home Funds $2 million
+ Federal Tax Credits – $192,623 created $1.1 million in equity
+ St. Mary’s County/Housing Authority Sprinkler Funds $390,000 & PILOT
New siding, windows, roof shingles, entry doors and hardware were installed. All 112 apartments units were updated with new kitchen cabinets, countertops and garbage disposals. All units have full fire suppression sprinklers and Range Queen stove top fire suppression canisters. 7 units were renovated to meet ADA and UFAS standards. A new playground, grill and benches were installed. New speed bumps and parking lots renovations were performed. Finally all new landscaping and fencing along Great Mills Rd were installed. Unit 211 was converted from a residential unit to an onsite leasing/management office. Rents range from $660 to $880.
Development Team: Osprey Property Company LLC, Developers, J. F. Jochum Architects, architect Dennis Anderson Construction, general contractor, Habitat America, property manager
The ribbon cutting will take place at 45910 Indian Way, Unit 211, Lexington Park, MD 20653. Any questions, please contact Denise Miller at (443) 716-2578 or dmiller@ospreypc.com