Essex House

7777 Maple Avenue
Takoma Park, MD

Essex House is a 135-unit high-rise apartment building consisting of 67 one bedroom, 45 two bedroom, and 23 three bedroom units. Amenities include large apartments, all utilities, wall-to-wall carpeting, a camera security system, laundry room, children's playground, a pool, parking, and two community rooms with kitchen facilities.

Essex House was a REO purchase from Freddie Mac. CPDC assembled a complex financial package of seven different layers. The sources included approximately $4.9 million in tax-exempt bonds issued by the State of Maryland, a $1 million second mortgage from Maryland's Rental Housing Production Program, a $500,000 mortgage from Montgomery County's HOME and CHIF funds, a $305,290 forgivable mortgage from the Federal Home Loan Bank Board of Atlanta's Affordable Housing Program, $231,440 in interim property income, $135,340 in PEPCO rebates for energy efficiency, and $2.2 million in equity from the tax credit investor, the Richman Group. The total development budget was $9.4 million.

The demographics of the community are diverse, with residents representing a wide variety of ethnic backgrounds and age groups. Before CPDC purchased Essex House, the resident association was inactive. During acquisition, CPDC met regularly with the residents to describe the organization, the construction plans, and how CPDC would approach long-term ownership. About two-thirds of the apartments were occupied at the time of acquisition. Renovation of the apartments was completed while residents still occupied their units.

Over the years, CPDC staff have operated on-site youth programs geared toward building leadership, civic responsibility, life skills, and improving academic performance utilizing state-of-the-art technology and interactive projects.