Ruscombe Gardens
Ruscombe Gardens was built in 1983 and originally financed under Section 221 (d) (4). Evergreen Partners purchased Ruscombe Gardens in 2007 and completed a renovation program in Spring of 2008. The community includes 151 one-bedroom apartments for the elderly and disabled. All of the apartments are covered by Section 8 project-based subsidy. Ruscombe is located within the Coldspring Newton Planned Community, 10 minutes from downtown Baltimore. Originally conceived as a town within a town, Coldspring is considered to be one of Baltimore's most innovative planned communities. Residents have access to shopping, healthcare and recreational facilities.
Ruscombe Gardens
4800 Yellowwood Avenue
Baltimore, MD 21209
(410) 664-4800
Office Hours: M-F 9:00 am-5:00 pm
Preservation Transaction Description
First Mortgage Financing: Tax-exempt financing using bonds issued by the Maryland Community Development Authority with FHA credit enhancement.
Equity Financing: Equity raised through the sale of 4% low income housing tax credits.
Section 8 Contract Renewal: yes
Property Rehabilitation Scope
Over $2.4 million in total rehabilitation expenditures including:
- Kitchen cabinets, countertops, appliances, & flooring replacement
- Bathroom vanity, water closet, lavatory & flooring replacement
- Carpeting replacement in both apartments and common areas
- Gas-fired furnace replacement
- New common area lighting
- Redesigned community space
- Window replacement
