Enterprise Homes and SunTrust Bank to Renovate Frederick’s Taney Village Apartments
- Jan 22, 2015
Enterprise Homes and SunTrust Bank have announced their plans to renovate Taney Village Apartments in Frederick. The project is expected to cost $24.6 million. It will help preserve the property, which is an important source of affordable housing for seniors in the area.
The Taney Village Apartments building was constructed in 1978. It offers 130 one-bedroom affordable homes for seniors and adults with disabilities earning up to 60 percent of the area’s median income. The property is located close to shopping, public transportation, medical facilities and a senior center.
The $24.6 million renovation and redevelopment calls for the installation of energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. It will also renovate the building’s hallways, corridors and lobbies, the community room, fitness room and laundry facilities, and will add new elevators. The project is expected to be completed this fall.
According to the developers, the project will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County. Plano-Coudon is the general contractor, with Grimm + Parker as architect. Habitat America will provide property management.
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