October 13, 2015 – Baltimore, MD – Ellington Churchill, Jr., Deputy Secretary of Maryland Department of Housing and Community Development and Baltimore Mayor Stephanie Rawlings-Blake were among those who today attended the groundbreaking event for City Arts 2, a new $15.9 million residential development for artists. Located in the Greenmount West neighborhood of Baltimore’s Station North Arts & Entertainment District, the project continues and compliments the success of City Arts Apartments just two blocks away.
The second effort of a partnership of three nonprofit organizations, Homes for America, Jubilee Baltimore, and TRF Development Partners-Baltimore, this energy-efficient development is slated to bring 60 transit-oriented rental apartments to the neighborhood.
The newly constructed apartment building will also feature a shared dance studio, a multi-purpose co-working space, a fitness center, a lounge, and a management office. As part of the project, a parcel of land fronting on Barclay Street will be developed and managed as public open space for use by the community. City Arts 2 will be income restricted to those earning 60% of Area Median Income and less. Construction begins this fall and is expected to be completed by the end of 2016.
The rental development costs total $15.9 million and is being financed with a loan from Bank of America, equity from the sale of Low Income Housing Tax Credits syndicated by Enterprise Community Investments and purchased by Bank of America, and low-interest subordinate loans from the Maryland Department of Housing and Community Development (DHCD) and The Housing Authority of Baltimore City. The Baltimore Regional Neighborhood Initiative awarded a $100,000 grant to develop the Barclay Street Park.
“The community and public sector support for City Arts II has been tremendous,” said Nancy Rase, President and CEO of Homes for America. “This is a very challenging development site and the City of Baltimore worked closely with us to resolve a myriad of issues and Maryland DHCD has consistently worked with our team to creatively resolve financing issues. We are confident the community will be well served by this development.”
“It’s hard to believe that, just a few years ago, the Greenmount West neighborhood was more than 50% vacant,” said Charlie Duff, President of Jubilee Baltimore. “The first City Arts building inspired confidence in the neighborhood. Old residents are staying, and new residents are coming in. We’re proud to be a part of it!”
“City Arts 2 recognizes the artist community here and will provide them with affordable living and work space,” shared Sean Closkey, President of TRF Development Partners Baltimore. “Just as City Arts Apartments sparked impressive revitalization efforts along Oliver Street, City Arts 2 continues our commitment to stimulating revitalization in the Greenmount West neighborhood.”
Other key partners in the effort include Hord Coplan Macht, the architects; Southway Builders, Inc., the general contractor; and STV, the engineers.
About Homes for America
Homes for America, Inc. is a 501(c)(3) nonprofit housing corporation which specializes in developing and preserving housing for low and moderate income households and special needs populations. Homes for America carries out its mission in a variety of ways, including as a developer of affordable housing, providing development services to nonprofit organizations, and providing technical assistance to government agencies to develop and implement housing programs.
Media contact: Diane Clyde, Homes for America 410-269-1222 | firstname.lastname@example.org
About Jubilee Baltimore
Jubilee Baltimore helps Baltimore to build safe, stable, desirable, mixed-income neighborhoods through affordable housing development and neighborhood revitalization. Jubilee Baltimore helps to strengthen weak housing markets, increase the attractiveness and vitality of city neighborhoods, and bring about revival without displacement and social disruption.
Media contact: Talya Constable, Jubilee Baltimore | 410-327-7373 ext 104 | email@example.com
About TRF Development Partners-Baltimore
TRF Development Partners Baltimore (TRF DP) is a partnership of The Reinvestment Fund and Baltimoreans United in Leadership Development (BUILD). TRF DP was established to create sustainable market growth in distressed Baltimore neighborhoods through a “build from strength” investment strategy. TRF DP is a residential developer that creates new and rehabilitated homes that are high quality, energy efficient and affordable to Baltimore’s hard working families.
Media contact: Kavita Vijayan, The Reinvestment Fund | 484-716-6566 | Kavita.firstname.lastname@example.org