Enterprise Community Development closes financingfor Riverwoods at North East II in Cecil County, MD

Baltimore, MD — Enterprise Community Development has closed construction financing for Riverwoods at North East II, a 9% Low-Income Housing Tax Credit (LIHTC) development that will deliver 48 affordable apartment homes in Cecil County.

The financing closing enables construction to begin on the second phase of the Riverwoods community, advancing long-term investment in high-quality, affordable housing through a public-private partnership and coordination with local stakeholders.

The 48 apartment homes will serve households earning between 30% and 60% of the Area Median Income (AMI), providing long-term affordability for working individuals and families in the region. The development will include a diverse unit mix of 14 one‑bedroom units, 18 two‑bedroom units, and 16 three‑bedroom units, designed to meet the housing needs of a wide range of household types.

Riverwoods at North East II will incorporate energy-efficient systems and sustainable building practices and is expected to pursue Enterprise Green Communities certification. These standards help reduce operating costs, support environmental stewardship and promote resident health and long-term building resilience.

The development was financed through the competitive 9% Low‑Income Housing Tax Credit program and represents a total investment of $18,465,174. Financing includes a $3.15 million USDA Rural Development Section 538 construction‑to‑permanent loan from Bellwether Enterprise. Soft sources include $2.5 million from the Maryland Department of Housing and Community Development, $800,000 from the Town of North East, and $154,000 in energy‑related grants. In addition, Enterprise Housing Credit Investments arranged an $11.3 million equity investment on behalf of its investor partners. This public‑private partnership underscores a shared commitment to expanding housing opportunity and strengthening the North East community.

Construction is expected to begin shortly, with completion anticipated in Jan. 2027.