TYSONS, VIRGINIA, March 20, 2026 – SCG Development Partners, LLC, in partnership with New Harbor Development, and Housing Authority of the City of Frederick, is pleased to announce the closing of The Madison apartments, in Frederick, Maryland.
The Madison is an upcoming 60-unit apartment development featuring a mix of one-, two- and three-bedroom apartments. Designed to meet the needs of low-income households, The Madison offers affordable housing options for individuals and families. The community will feature 4,000SF of non-residential space that will be leased to the YMCA to run a Head Start Program. Project incorporates offices into each unit, has a business center with conference room, and individual “Zoom” rooms to support working and learning remotely. Balconies are available on select units.
The Madison will be financed with 4% Low-Income Housing Tax Credits (“LIHTCs”), a CDA Risk-Share First mortgage, Rental Housing Works funds, Partnership Rental Housing Program Funds, a HACF Reloan of a City Frederick Grant and Frederick County DLP Funds.
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 more information, visit please www.scgdevelopment.com.