Hampshire Towers is a 448-unit, multi-family apartment community located in Takoma Park, MD. The property consists of two high-rise residential buildings, eleven and twelve stories, situated on nearly 11 acres. While the grounds are landscaped and there is an onsite recreation area, including a playground, a party room, saunas, an in-ground, outdoor swimming pool, and tennis courts, much is in disrepair.
In response to the Hampshire Towers Tenant Association's Request for Proposals, Community Preservation and Development Corporation (CPDC) and the Tenacity Group joined forces to revitalize the property. The joint plan includes retaining 216 units of rental affordable housing and creating 232 units for homeownership, offered to the residents at a substantially discounted rate. The plans for the condos are currently being reassessed by Tenacity Group.
However, CPDC remains committed to its plans to renovate and maintain the affordability of the rental building. The extensive renovations of this resident-driven development plan will include both internal and external upgrades. A new sprinkler and security system will add to the safety of the community. In addition, all rental units will also be wired for Broadband Internet access. The redevelopment of the rental building will be undertaken without any involuntary displacement of existing residents, who will be able to stay on site throughout the course of the renovation process.
CPDC will work with residents to bring education and economic empowerment programs to Hampshire Towers. Residents of all ages will have the opportunity to partake of on-site tools, training, and resources to effect change in their lives and the life of this Takoma Park community.
Project Status
Project Financing The financing package for the rental tower includes 4 percent tax credits and tax-exempt bonds, $7 million from the Montgomery County Housing Initiative Fund and likely "soft" funds through a state program. We will be seeking additional soft funds from Maryland Community Development Administration (CDA) during its March 2007 funding round.
We anticipate closing on construction financing in late fall 2007.
~ Shelynda Burney -February 20, 2007Acquisition CPDC and the Tenacity Group acquired Hampshire Towers in a joint venture for $15.3 million dollars on May 31, 2006. The acquisition of the property marked the first milestone in the revitalization of this community.
