Annapolis, MD – Secretary Skinner joined city officials, DHCD’s developer partners and residents for the grand opening of the second phase of the Obery Court affordable housing project, marking the latest phase of the community’s revitalization.
The event also marked the renaming of Bates Street to Abney Lane, in honor of the first family to move into the development in 1940 when College Creek Terrace first opened. Cynthia Carter, current vice chairwoman of the Housing Authority of the City of Annapolis, is the daughter of Reid and Beatrice Abney and attended the ceremony in honor of her parents.
The Housing Authority of the City of Annapolis, Southway Builders, LLC; Chris L. McCoy Contracting, LLC; Wallace Roberts & Todd; Innova Services; Sigma Engineering; and Balter are working in conjunction with Pennrose Properties to develop and build the community, the developer said in a release.
Financial partners include DHCD, the Department of Housing and Urban Development, Housing Authority of the City of Annapolis, City of Annapolis, Severn Savings Bank, Capital One Bank, and Hudson Housing, LLC.
Capital One Bank provided $11.5 million in specialized financing for Obery Court/College Creek Terrace through a $3.7 million construction loan and $7.8 million equity investment through the purchase of Low Income Housing Tax Credits.
“Obery Court is a great example of the work that we have been doing over the last few years, using a variety of funding sources, including federal stimulus funds and federal Low Income Housing Tax Credits,” Secretary Skinner said.
“With those resources, we were able to finance 28 affordable rental projects last year, putting over $400 million into the economy, preserving over 1,600 jobs and adding 2,300 affordable rental housing units for our hardworking families, senior citizens and the disabled.”