Hunt Capital Partners, in collaboration with Pennrose, LLC, announced the closing of $4.52 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of the Residences at Glenarden Hills Phase 2A, located in Lanham, Md. The development will offer 55 affordable housing units restricted to seniors age 62 years and older.
Residences at Glenarden Hills Phase 2A is the second phase in the redevelopment of land that once housed the 578-unit Glenarden Apartments complex, which has since been demolished. The Redevelopment Authority of Prince George’s County (RDA) partnered with Pennrose to design and develop 430 units of new affordable, workforce, and market rate multifamily housing and homeownership units targeted to seniors and families. The redevelopment of the site will take place over four stages, with Phase 1 featuring 114 units and a 6,000 square foot clubhouse, currently nearing completion. Phase 2 will be divided into two parts, designated as Phase 2A, which will construct 55 LIHTC senior units, and Phase 2B, which will construct 59 LIHTC family units and 45 market rate units.