Enterprise Community Development Celebrates Grand Opening of Legacy at Cedar Lane I/II in Columbia, MD

COLUMBIA, MD - Enterprise Community Development, one of the largest nonprofit affordable housing providers in the Mid-Atlantic, today celebrated the grand opening of Legacy at Cedar Lane I/II, a newly constructed 123-home mixed-income community in Columbia. Built on the site of the former Waverly Winds community, the redevelopment replaces an aging 62-unit property with two modern, energy-efficient apartment buildings, nearly doubling the number of homes available at the site while preserving long-term affordability in one of Howard County's highest-opportunity communities.

Legacy at Cedar Lane I/II is part of Enterprise's broader effort to replace approximately 300 aging apartments across a one-mile stretch of Columbia with nearly 600 modern homes. Together with Legacy at Twin Rivers and The Vision at Parkway, which celebrated its grand opening yesterday, Oct. 26, the redevelopment expands housing options in Columbia through a mixed-income approach while advancing the inclusive vision that has shaped the community since its founding.

"Legacy at Cedar Lane marks an important milestone in our work to expand housing opportunity in Columbia, nearly doubling the number of homes at this site while preserving affordability and creating a modern, sustainable community for current and future residents," said Janine Lind, president, Enterprise Community Development. "We're proud to continue investing in a place so closely tied to Enterprise's history and to carry forward James Rouse's vision of a community where people across a range of incomes can live and thrive."

Legacy at Cedar Lane I/II provides an industry-leading mixed-income model, with one-third of the homes reserved for the lowest-income residents, one-third designated as workforce housing and one-third offered at market rate.

Residents have access to a range of on-site amenities, including a resident lounge, business center with co-working space, fitness center, outdoor patio and playground. The redevelopment was also designed with accessibility in mind, with all homes incorporating features that make them easier to access for residents and visitors with mobility limitations. Five percent of the homes are built to meet Uniform Federal Accessibility Standards requirements.

Sustainability is central to the new community. The 4% Low-Income Housing Tax Credit portion of Legacy at Cedar Lane I/II is certified to Enterprise Green Communities standards, while the 9% community was built to U.S. Department of Energy Zero Energy Ready Homes standards. Sustainable features include high-efficiency appliances, advanced air filtration systems and rooftop solar arrays on both buildings, supporting greater energy efficiency and healthier living for residents.

The $64.15 million redevelopment was financed through a combination of public and private investment, including $32.24 million in construction financing from Bank of America, $18.40 million in permanent first mortgages from Bellwether Enterprise, $4.59 million from the Maryland Community Development Administration's Housing Trust Fund and Rental Housing Works programs, $4.72 million from Howard County's Housing Opportunities Trust Fund and MIHU Fee In Lieu programs, and $2.96 million through HUD's Section 108 Loan Guarantee Program in collaboration with Howard County. The project was structured as a twin 4% and 9% LIHTC transaction, with equity syndicated by Enterprise's housing credit investments business.

"Supporting initiatives that uplift communities across our service regions has always been at the forefront of Bank of America's work," said Janet Currie, Greater Maryland President of Bank of America. "Providing financing for the Legacy at Cedar Lane I/II housing development allows us to create a tangible impact for families in their search for affordable, high-quality housing in Maryland."

The redevelopment was also made possible through a land swap agreement with Columbia Association, helping strengthen the community's integration into the surrounding neighborhood.

Legacy at Cedar Lane I/II was previously owned by Community Homes Housing, Inc. (CHHI), a Howard County-based nonprofit organization that, together with Enterprise, developed the shared vision for transforming the former Waverly Winds property into a modern, mixed-income, sustainable and accessible community. CHHI provided favorable seller financing and additional support through its affordable housing fund as part of its investment in the redevelopment of Legacy at Cedar Lane I/II and The Vision at Parkway.

The project team includes Moseley Architects and Harkins Builders, Inc., and the community is managed by Enterprise Residential, providing residents with professional property management and resident services.