4C — July 23 - August 19, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Mid- Atlantic nonprofit housing provider recognized nationally Enterprise Community Development makes great strides in spite of pandemic
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and other important resources to help them be successful in life,” said BrianMcLaughlin , president of Enterprise Com - munity Development. ECD was included on the Top 50 Affordable Housing Developers and Top 50 Af - fordable Housing Owners lists from Affordable Housing Finance, marking the second year for ECD’s inclusion on the Affordable Housing Own - ers list and the first year on the Affordable Housing De - veloper list. AHF’s Top 50 Affordable Housing Owners list ranks the companies, both for-profit and nonprofit, with the most affordable housing units as of Jan. 1, 2021. Of the 50 orga - nizations included on the list, 12 are nonprofit and 38 are for-profit with ECD ranking sixth among the nonprofits. ECD was also included for the first time on the Top 50 Afford - able Housing Developers list, which ranks companies, again both for-profit and nonprofit, by the number of units they began development on in 2020.
(NAHMA) Affordable 100 list for 2021 is ECD’s property management arm, Enterprise Residential. The NAHMA Affordable 100 comprises the largest affordable multifamily property management com- panies, ranked by affordable unit counts and contributes vital data to the ongoing na- tional dialogue on the future of federal funding for afford - able housing. Enterprise Resi- dential is ranked #61. “Our inclusion on these lists speaks to the strength of ECD and our success in a competitive market despite the challenges of last year. It’s incredibly rewarding for everyone at our organization who always give so much and pour themselves into deliver- ing best-in-class services to the 21,000+ people who call our communities home,” said McLaughlin. ECD ended 2020 with nine affordable housing develop - ments under construction (500 units) and 12 in pre- development throughout the Mid-Atlantic region. ECD
also refinanced 10% of its 109-property portfolio, re - directing the savings into in-unit renovations for se - lect existing properties and resident-oriented services like food distribution and transportation during the pandemic. Looking forward, ECD will celebrate the up- coming groundbreaking of Roslyn Rise in Columbia, MD, along with grand openings of Baker School in Richmond, VA, Randle Hill in Wash- ington, D.C., and Reserve at Somerset Commons in Prin- cess Anne, MD. Another highlight illus- trating ECD’s leading edge was its award by the State of Maryland of Low Income Housing Tax Credits (LIHTC) for projects in Montgomery and Charles Counties. In this highly competitive field, Park Montgomery and La Plata – affordable apartment developments for seniors and families – received two of the State’s allocation of tax credits. Park Montgomery West,
which will be located on the site of an existing ECD-owned 141-unit, 14-story apartment building known as ParkMont- gomery, will have 76 new units that will be “twinned” with a 4% LIHTC transaction that will fully rehabilitate the existing apartment building as well. ECD’s first develop - ment in Charles County and, also, the first 9% LIHTC allo - cation for a family community in Charles County’s history, La Plata will consist of 72 gar - den apartment units directly adjacent to a park and ride providing essential access to transportation that connects this location with the Greater Washington, DC job market. Supporting these initiatives also required an investment in EDC’s staff that resulted in a 16% growth in its company staff size with new positions added to support the increased workload at ECD and to Enter- prise Residential, the property management arm of the orga - nization and, also, the largest property management group in the Mid-Atlantic. MAREJ
ALTIMORE, MD — While 2020 presented significant challenges
f o r m a n y c ompan i e s throughout the region, Enterprise Communi- ty Develop- ment, Inc. (ECD) was one that saw
Brian McLaughlin
significant growth, expan - sion and recognition over the past year. As the largest and most progressive Black-led nonprofit housing provider in the Mid-Atlantic region, ECD posted record gains in its portfolio, added to its staff and was recognized by the leading industry resources for its work in the affordable housing market. “While our industry was presented with many chal- lenges, we saw this past year as an opportunity to reach new heights in developing safe and affordable communities where people have access to amenities to jobs, education, healthcare
The law offices of EHRLICH, PETRIELLO, GUDIN, PLAZA & REED is a full service firm headquartered in Newark, New Jersey. We have successfully represented owners, managers and developers for over 60 years in all aspects of real estate including: • Landlord/Tenant matters • Leasing issues • Rent Control matters • Fair Housing and NJLAD issues • Land Use and Development • Litigation • Municipal Court Building/Housing Code matters • Closings • DCA Bureau of Housing Inspection matters • Construction and Lien Claim Litigation • Tax Free (1031) Exchanges and Tax Planning We invite you to call Bruce E. Gudin, Esq. at 973-854-6704 or Derek D. Reed, Esq. at 973-854-6710 to discuss your matter.
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