Windsor Valley I, II, III

570 Meadowood Run
Edgewood, MD

In the fast-growing mid-Atlantic region there is great pressure to convert affordable housing communities established in the early 1970s to condominium or home ownership properties. One such community was Meadowood, a 574-townhouse complex located in Edgewood, Maryland. Beginning in 1997, CPDC acquired all three phases of Meadowood (and renamed them Windsor Valley), and has preserved them as an affordable housing resource for the long term.

Windsor Valley was originally financed through the HUD Section 236 program, which provided interest rate reducing subsidies to developers of affordable housing. CPDC acquired Windsor Valley I and II in 1997 under the Low Income Housing Preservation and Resident Homeownership Act (LIHPRHA), assumed the FHA Section 236 loan and received an Upfront Grant. Since the property was fully occupied and had been well-maintained, only limited capital improvements were necessary at that time.

Soon after CPDC acquired Windsor Valley I and II, the LIHPRHA program was terminated, leaving the fate of Windsor Valley III in question. Its rents were far under the market rate, making it an attractive target for acquisition. In 2001, after years of negotiating and planning, CPDC purchased the property with an innovative financing arrangement.

CPDC obtained tax-exempt bonds from Maryland CDA and tax credit equity from Hudson Housing Capital. The debt service is supported by the rents, along with the Section 236 interest rate subsidy from the original developer's loan.

In Windsor Valley III, CPDC has modernized each of the units, and built a new laundry and maintenance facility. In conjunction with the redevelopment of Windsor Valley III, CPDC used the proceeds of the original LIHPRHA grants to construct a 5,700 square foot community center that will serve all three phases of Windsor Valley.

CPDC is currently working with residents to provide youth development programs and is looking forward to partnering with the residents of Windsor Valley, local officials, and corporations to bring further educational and economic empowerment programs to the community as well.