Reinvestment Fund financing is assisting in the fourth phase of Telesis Corporation’s redevelopment of the Barclay neighborhood in Baltimore, MD. This phase includes 15 rehabbed homes targeting low- to moderate-income buyers (80%-120% AMI). Reinvestment Fund financing is leveraged with funds from the HUD Neighborhood Stabilization Program, Community Development Block Grant program and the Maryland Department of Housing and Community Development’s Neighborhood Conservation Initiative.
Just five blocks northeast of Penn Station and seven blocks southeast of Johns Hopkins University’s Homewood Campus, deteriorated housing and high vacancies have left their mark on Barclay. Its location between the stable neighborhoods of Mt. Vernon and Charles Village has made it an important focus of redevelopment efforts. The neighborhood is well served by transit with multiple MTA bus stops and a light rail station a short walk away.
Telesis’ prior work in the community includes the development of 72 affordable rental units in 28 buildings financed with Low-Income Housing Tax Credits and state and city loan funds and 20 rehabbed rowhomes, all of which have been sold.
Homes in the current phase will have three bedrooms, two to three bathrooms, and be fully rehabilitated with new interiors and new roofs. Standard amenities will include hardwood floors throughout, microwaves, dishwashers and garbage disposals, granite counters, central AC, and security systems. Some will have rear parking pads and decks.
The houses are expected to achieve the Energy Star for New Homes Standard and are designed to Enterprise Green Communities criteria. Those located in the Old Goucher College National Historic District will also be renovated according to the standards of the Commission on Historic and Architectural Preservation. Projected sales prices range from $175,000 to $265,000.