With the creation of the Spring Garden Community Development Corporation (CDC), a non-profit entity dedicated to the revitalization of the Spring Garden area, a transformation began of one of this country’s most important urban cores. Spring Garden CDC and its development partner, Michaels Development Company, sponsored Spring Garden Community Revitalization II, a 100 percent affordable housing project, made possible by a complex financing structure that included many city, state, and federal subsidies, including Low Income Housing Tax Credits and Historic Preservation tax credits.
Winteringham Village exemplifies The Michaels Organization’s philosophy of long-term responsible ownership and commitment to value creation for both residents and investors. The community employs a full-time social service coordinator who has created valuable relationships with local and national businesses in the community. Continental Mortgage Corporation is currently orchestrating the $13.5 million refinance of the project’s debt to generate funds for significant capital improvements to ensure the continued, long term viability of this affordable housing community.