Mid-City Urban Creates National Model for Affordable Housing
Posted on: Thursday, 11 October 2007, 18:00 CDT
Local community leaders today welcomed the first homeowners to Legacy at Lincoln Park, a new mixed-income community developed by Mid-City Urban in partnership with the Rockville (MD) Housing Enterprises (RHE) on the site of the former Lincoln Terrace public housing project in Rockville, Maryland.
A ribbon-cutting ceremony welcomed Legacy's first homeowners and recognized the public-private partnership that has resulted in a successful mixed-income home ownership community. "Because this was publicly owned land, we were able to create a perfect opportunity for the City of Rockville to offer affordable home ownership opportunities to its municipal workers, so that teachers, firemen, police officers, and other workers can live near where they work," said Vicki Davis, President of Mid-City Urban, based in Silver Spring, MD.
"Legacy at Lincoln Park exceeds my wildest dreams," said Wilma Bell, a fourth-generation Lincoln Park resident who chairs RHE's Board of Commissioners. "It is the fulfillment of a vision that started in 1891 with the one of the Nation's first real estate venture targeted at African Americans, allowing our predecessors to own their land, live their dreams, pass on their values, and build a community that remains intact today."
"Since we always thought of ourselves as owners, we disagreed with the concept of public housing because it does not give people a stake," Ms. Bell continued. "So ten years ago, we set out to replace the Lincoln Terrace project with a community that would provide home ownership opportunities for people who might not otherwise be able to purchase their own homes."
"This innovative development can serve as a national model for affordable housing, allowing cities and counties to replace aging and blighted public housing projects with strong, stable, mixed-income communities -- all using private project financing," Ms. Davis remarked.
Mid-City Urban is one of the Mid-Atlantic region's premier developers of multi-family rental and for-sale housing. The firm, headquartered in Silver Spring, MD, has over 4,000 housing units under development with a total value of nearly $1 billion. Two other former public housing projects in Washington, D.C. are being redeveloped by Mid-City Urban as mixed-income communities.
Source: Business Wire
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