Enterprise Community Partners and Bank of America Community Development Company, LLC (BACDC) have successfully completed an equity investment to acquire and renovate Falkland Chase South and West, a 268-unit garden-style multifamily property in Silver Spring, Maryland. This partnership marks the first transaction through the BACDC/Enterprise Middle Income Affordable Preservation Fund – a $150 million initiative dedicated to preserving “missing middle” housing. The fund’s primary focus is assisting affordable housing providers in acquiring properties at risk of losing their affordability.
Falkland Chase South and West offers one- and two-bedroom apartments as well as two- and three-bedroom townhomes for residents with incomes ranging from 65% to 120% of the area median income. This development serves as an important step towards preserving affordable housing options for individuals within this income range.
This news highlights Enterprise’s commitment towards providing sustainable solutions for affordable housing while also showcasing BACDC’s dedication towards supporting communities in need.
