(Philadelphia, PA) – Pennrose, a leader in multifamily development and management, has been selected by the Housing Authority of the City of Annapolis (HACA) to redevelop Newtowne 20, a public housing site located off Forrest Drive in Annapolis, MD. Pennrose will serve as the development partner to rebuild the public housing property under the U.S. Housing and Urban Development Department’s rental assistance demonstration, or RAD, program.
Pennrose and HACA will apply for Low Income Housing Tax Credits to finance a plan to demolish and rebuild Newtowne 20.
The RAD program allows local housing authorities to convert public housing properties, supported under the traditionally underfunded public housing model, to a more stable Section 8, voucher-based model. Project Based Vouchers enable HACA to work with development partners to finance needed improvements at aging public housing sites. Through the RAD program, all families with a valid lease currently living in Newtowne 20 will have the option of returning to their units after construction.
Pennrose and HACA have partnered before to successfully redevelop public housing communities in Annapolis. Pennrose recently redeveloped all three phases of Obery Court and College Creek, a public housing site redeveloped under the HUD Mixed Finance model.
“We look forward to working with HACA again to provide updated accommodations to the residents of Newtowne 20,” said Ivy Dench-Carter, regional vice president for Pennrose. “This redevelopment allows us to lend our extensive RAD experience to support our shared missions of improving lives through safe, high quality, affordable housing.”
In addition to redevelopment of the property, HACA will seek to focus significantly on helping Newtowne families achieve their personal goals by bringing in onsite social services. Demolition of the property is tentatively scheduled for August 2019.
With more than 40 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates both conventional and affordable communities throughout the Eastern and Midwestern portion of the United States. For more information visit www.pennrose.com.