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Enterprise Community Development has closed construction financing for Riverwoods at North East II, advancing a new phase of affordable multifamily housing in Cecil County, MD. The project is structured as a competitive 9% Low-Income Housing Tax Credit (LIHTC) development and is planned to deliver 48 income-restricted apartment homes when completed.
The financing milestone clears the way for construction to begin on the second phase of the Riverwoods community, which is positioned as a long-term affordable housing investment supported by public and private stakeholders. According to Enterprise Community Development, the effort reflects a coordinated approach with local partners to expand quality housing options for lower-income households in the area.
Riverwoods at North East II will feature a mix of unit types designed to serve a range of household sizes. Plans call for 14 one-bedroom apartments, 18 two-bedroom apartments, and 16 three-bedroom apartments. All 48 units are designated as affordable housing, aligning the project with Enterprise Community Development’s mission to create stable homes that support residents and local economic resilience.
Janine Lind, president of Enterprise Community Development, noted that this second phase deepens the organization’s commitment to the community and reinforces its focus on housing as a foundation for long-term economic vitality. The project builds on the existing Riverwoods community, extending the footprint of income-restricted housing in Cecil County.
The development 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, though specific loan terms and the identity of the construction lender were not disclosed.
With financing now closed, construction is expected to begin shortly. Project completion is anticipated in January 2027, at which point the new apartments will add to the region’s supply of affordable multifamily housing. The combination of LIHTC equity and construction financing underscores the continued role of tax-credit driven capital in making new affordable units feasible in Cecil County.
The post Enterprise Closes Construction Financing for Riverwoods at North East II in Cecil County appeared first on CRE Market Beat.
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