Reinvestment Fund financing is supporting rehabilitation and construction of two for-sale rowhomes by People’s Homesteading Group (PHG) in Central Baltimore.
PHG, a local nonprofit, was formed by 11 very low-income families and 8 volunteer supporters, and has a mission to revitalize the Barclay and Midway communities of Baltimore through the rehabilitation and sale of vacant houses. PHG believes that developing the highest possible number of homeowners is the best way to stabilize and revitalize Baltimore’s distressed but once great neighborhoods.
In 2001, PHG began purchasing vacant properties on this distinctive block of historic homes in Central Baltimore after an intensive period of resident engagement and community planning called, Anchors of Hope in the Greenmount Community. This project develops two more new for-sale housing units targeted to and long-term restricted for buyers with income at less than 80% of the area median income. PHG has now attracted 14 first-time homeowners to this block.
Developing these historic homes supports a mixed-income community and preserves housing affordability in the neighborhood.
Reinvestment Fund’s financing for this project includes capital from the Central Baltimore Future Fund. The project is supported by Baltimore City’s Department of Housing and Community Development’s CDBG and Community Catalyst Grant (CCG) programs. A portion of Reinvestment Fund’s financing is bridging funds from the CCG program. The Maryland Department of Housing and Community Development also supported the project with predevelopment funding and buyer incentives from the Baltimore Regional Neighborhood Initiative (BRNI) managed by the Central Baltimore Partnership.
The project also gives Reinvestment Fund the opportunity to support local partners on the ground committed to community development. PHG is partnering with Jubilee Baltimore and Edgemont Builders on the project. Jubilee is a local nonprofit developer and a frequent Reinvestment Fund partner in Central Baltimore. Edgemont Builders has also partnered with Reinvestment Fund in other nearby neighborhoods.