The Shelter Group recently celebrated its dedication ceremony for Park View at Emerson, a newly constructed residential community that is part of the larger 570 acre Emerson Master Planned Community. Park View at Emerson, an 80 unit affordable apartment community for adults ages 62 and better, welcomed its first residents in January 2009. Park View at Emerson is the first age and income-qualified community to be incorporated into the 570 acre Emerson Master Planned Community under the Moderate Income Housing Units (MIHU) Program. Upon completion, the Master Planned Community will contain 1200 dwelling units, close to 200 acres of dedicated open space, and a superior set of community amenities.
The financing of Park View at Emerson included 9% Low Income Housing Tax Credits from Maryland’s Department of Housing and Community Development as a means to price the apartment homes at rents that are affordable to seniors with incomes between 30% – 60% of the area median. Boston Capital Corporation syndicated the tax credits for this development. Other sources of project financing include construction and permanent loans from SunTrust Bank and AGM/Wells Fargo respectively, and Community development Block Grant Funds, PILOT and Ground Lease Financing from Howard County Housing.
Ray Skinner, Secretary of the Department of Housing & Community Development noted that "In these times of economic uncertainty, the State of Maryland is working with committed partners like the Shelter Group and Howard County Housing to put families first and help our most vulnerable citizens. All Marylanders deserve safe, decent affordable housing, and Parkview at Emerson is a wonderful project that will enable area seniors to remain in the community and live close to their friends and family."