SCG, along with New Harbor Development, and the City of Frederick Housing Authority, is proud to announce that the Foundry Square apartment homes in Frederick, Maryland received the Maryland Affordable Housing Coalition 2024 Innovation Award for an innovative approach to preservation and creating intergenrational affordable housing in Frederick, Maryland.
Construction of this complex began in August 2022 and was completed in July 2024. Foundry Square provides 96 homes for seniors and 56 homes for families. Several older buildings were also renovated, maintaining the historic value and esthetic of the neighborhood.
This 9%/4% twin Low-Income Housing Tax Credit (LIHTC) project was achieved through the shared commitment to affordable housing by Frederick County, the City of Frederick, and the Maryland Department of Housing and Community Development, The U. S. Department of Housing and Urban Development (HUD), Grandbridge Real Estate Capital, Morgan-Keller Construction, and Studio 343.
The awards were announced at the MAHC Annual Meeting held in Annapolis, Maryland on October 30, 2024. In 2023, Foundry Square was also awarded The Award of Excellence by the Frederick County Building Industry Association (FCBIA) for Best Community Build.
About SCG Development
SCG Development is a privately held real estate development firm focused on creating quality affordable and workforce rental communities that are affordable to the workforce. Our portfolio consists of over 60 properties across the country, including high-rise new construction, adaptive reuse of historic buildings, and the acquisition and rehabilitation of existing apartment communities.
For additional information on this or any other SCG sponsored deal, please contact us at info@scgdevelopment.com or (703)942-6610
