$64.15 Million Legacy at Cedar Lane I/II Redevelopment Opens in Columbia, Maryland, Backed by Bank of America and Bellwether Enterprise

COLUMBIA, Md. — Enterprise Community Development celebrated the grand opening of Legacy at Cedar Lane I/II, a newly constructed 123-home mixed-income community in Columbia, Maryland, the nonprofit announced Oct. 27. The $64.15 million redevelopment was financed with construction and permanent debt from Bank of America and Bellwether Enterprise, alongside funding from the Maryland Community Development Administration and Howard County.

Built on the site of the former Waverly Winds community at 5627 Cedar Lane, the project replaces an aging 62-unit property with two new four-story apartment buildings, nearly doubling the number of homes at the site. Enterprise Community Development, one of the largest nonprofit affordable housing providers in the Mid-Atlantic, said the redevelopment preserves long-term affordability in one of Howard County's highest-opportunity communities.

Legacy at Cedar Lane I/II: Property and Income Mix

The community offers one- through four-bedroom apartments. One-third of the homes are reserved for the lowest-income residents, one-third are designated as workforce housing and one-third are offered at market rate. Howard County describes the allocation as 83 affordable units and 40 market-rate units.

Residents have access to a lounge, a business center with co-working space, a fitness center, an outdoor patio and a playground. All homes incorporate features that make them easier to access for residents and visitors with mobility limitations, and 5% of the homes are built to meet Uniform Federal Accessibility Standards requirements.

The 4% Low-Income Housing Tax Credit portion of the project is certified to Enterprise Green Communities standards, while the 9% portion was built to U.S. Department of Energy Zero Energy Ready Homes standards. Sustainable features include high-efficiency appliances, advanced air filtration systems and rooftop solar arrays on both buildings.

Financing: Bank of America, Bellwether Enterprise and Public Partners

The $64.15 million redevelopment was financed through a combination of public and private investment:

• $32.24 million in construction financing from Bank of America
• $18.40 million in permanent first mortgages from Bellwether Enterprise
• $4.59 million from the Maryland Community Development Administration's Housing Trust Fund and Rental Housing Works programs
• $4.72 million from Howard County's Housing Opportunities Trust Fund and MIHU Fee In Lieu programs
• $2.96 million through HUD's Section 108 Loan Guarantee Program, in collaboration with Howard County

The project was structured as a twin 4% and 9% LIHTC transaction, with equity syndicated by Enterprise's housing credit investments business. The $64.15 million figure represents total redevelopment cost, equal to roughly $521,500 per home based on the 123 apartments.

Community Homes Housing, Inc. (CHHI), a Howard County-based nonprofit, previously owned the property. CHHI and Enterprise developed the shared vision for transforming the former Waverly Winds site. CHHI provided seller financing and additional support through its affordable housing fund as part of its investment in Legacy at Cedar Lane I/II and The Vision at Parkway. A land swap agreement with Columbia Association also contributed to the redevelopment, helping integrate the community into the surrounding neighborhood.

The project team includes Moseley Architects and Harkins Builders, Inc. Enterprise Residential manages the community.

Statements From Enterprise and Bank of America

"Legacy at Cedar Lane marks an important milestone in our work to expand housing opportunity in Columbia, nearly doubling the number of homes at this site while preserving affordability and creating a modern, sustainable community for current and future residents," said Janine Lind, president of Enterprise Community Development. "We're proud to continue investing in a place so closely tied to Enterprise's history and to carry forward James Rouse's vision of a community where people across a range of incomes can live and thrive."

Janet Currie, Greater Maryland President of Bank of America, said: "Supporting initiatives that uplift communities across our service regions has always been at the forefront of Bank of America's work. Providing financing for the Legacy at Cedar Lane I/II housing development allows us to create a tangible impact for families in their search for affordable, high-quality housing in Maryland."

Part of a Broader Columbia Redevelopment Effort

Legacy at Cedar Lane I/II is part of Enterprise's effort to replace approximately 300 aging apartments across a one-mile stretch of Columbia with nearly 600 modern homes. Together with Legacy at Twin Rivers and The Vision at Parkway, which held its grand opening Oct. 26, the redevelopment expands housing options in Columbia through a mixed-income approach.

The Vision at Parkway is a four-story, elevator-served building with 82 one- through four-bedroom units replacing 41 at the former Ranleagh Court site; 66 apartments are affordable and 16 are market-rate. Combined, the two projects raise the total from 103 units to 205, a net addition of 102 apartments.

Market Context in Howard County

Howard County faces affordability pressures common to high-employment suburban markets, including limited available housing, rising development costs and demand for apartments near jobs, schools, health care and transportation. The financing of Legacy at Cedar Lane I/II reflects how large affordable developments often combine public funding, tax credits, bank construction debt, permanent financing and nonprofit support.

Maryland housing data for 2026 show uneven conditions across counties. Homes statewide averaged 60 days on the market in March, up 26.8% year over year, and Howard County recorded the state's largest increase in that measure. The data concerns for-sale housing rather than apartment occupancy.

The project also reflects a preservation-plus-density approach, replacing older properties with more units, improved energy performance and expanded accessibility while retaining an affordable component. Enterprise's use of both 4% and 9% credits combines two tax-credit structures within a single mixed-income redevelopment.

Sources

• Enterprise Community Partners: Enterprise Community Development Celebrates Grand Opening of Legacy at Cedar Lane I/II in Columbia, MD