Tysons, VA, September 17, 2024: Today, SCG Development, a national affordable housing developer, along with New Harbor Development, and the City of Frederick Housing Authority celebrated the grand opening of Foundry Square apartment homes located in historic Frederick, Maryland.
Construction of this complex began in August 2022 and was completed in July 2024. Foundry Square (formerly known as South Street Senior and South Street Family) 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.
Conveniently located within the district of downtown Frederick, Foundry Square offers studio and one- and two-bedroom apartments, covered parking, and modern amenities, which include: fitness centers, community rooms, and in-apartment washer/dryer units.
The ribbon-cutting ceremony included several community and industry leaders who spoke of the importance of affordable housing and the success story of the project. Speakers included Steve Wilson, President of SCG Development; Mike Font, President of New Harbor Development; Jennifer Fitzwater, Frederick County Executive; Michael O’Connor, Mayor of the city of Frederick; Gregory Hare, Assistant Secretary of the Maryland Department of Housing and Community Development; and Kevin Lollar, Executive Director with the Housing Authority of the City of Frederick. Local vendors were also on hand to provide refreshments and entertainment.
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.
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. www.scgdevelopment.com
About New Harbor Development
New Harbor Development, LLC (“New Harbor”) is a capacity-building, Maryland Department of Transportation-certified Minority Business Enterprise (Cert # 16-639) that specializes in developing affordable housing using Low Income Housing Tax Credits. Our business model is based on partnerships and strategic joint ventures, which enable us to assemble teams that are well-suited to support the success of each development. Since our founding in 2016, we have secured site control and competitive financing to build a development pipeline of over 600 units. www.newharbordev.com
About the City of Frederick Housing Authority
The Housing Authority of the City of Frederick (HACF) is an autonomous, non-profit private corporation created to address the need for low-income housing. Our mission is to engage with Frederick’s low- and moderate-income residents by providing a healthy foundation for economic self-sufficiency through employment and educational supports in safe, affordable housing. It is governed by a five-member Board of Commissioners that is appointed by the Mayor of Frederick and confirmed by the Board of Aldermen. www.hacfrederick.org
