Enterprise Secures Financing for Affordable Housing in Cecil County

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Enterprise Community Development has closed construction financing for Riverwoods at North East II, a new phase of affordable multifamily housing in Cecil County, Maryland. The project is structured as a 9% Low-Income Housing Tax Credit (LIHTC) development and is planned to deliver 48 income-restricted apartment homes when completed.

Why it matters

The Riverwoods at North East II development reflects a coordinated effort by Enterprise and local partners to expand quality affordable housing options in the area, aligning with the organization's mission to create stable homes that support residents and local economic resilience.

The details

The new phase will feature a mix of unit types, including 14 one-bedroom, 18 two-bedroom, and 16 three-bedroom apartments. All 48 units are designated as affordable housing. The project is being financed through the 9% LIHTC program, which provides equity capital for qualifying affordable housing projects through the allocation of federal tax credits. Riverwoods at North East II represents a total investment of more than $18 million.

• Construction is expected to begin shortly after the financing milestone.
• Project completion is anticipated in January 2027.

What’s next

With financing now closed, construction is expected to begin shortly, and the new apartments are anticipated to be completed in January 2027.