$1.1M Affordable Housing Grant for O'Donnell Townhomes in Baltimore
Posted January 26, 2012
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The Federal Home Loan Bank of New York has awarded a $1,146,584 grant to Greater Baltimore AHC, Inc. to help finance the O'Donnell Townhomes project, which will create a 75-unit townhouse development for low- and very low-income families.
Liberty Bell Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.
O'Donnell Townhomes is part of an effort to redevelop a former public housing complex into new mixed-income housing, and 26 replacement units are reserved for former residents of the public housing complex. The project will also contribute to the demand for affordable rental housing in an area that has not seen investment in new housing in many years.
According to The Michaels Development Company, O'Donnell Heights is an outdated public housing complex on the city's Southeast side originally built in 1942 and last modernized in 1983. The Housing Authority of Baltimore City, working with residents and other community stakeholders, created a development plan for a residential community that includes subsidized units, market-rate apartments and for-sale homes. In 2010, HABC selected the joint venture of Michaels and Greater Baltimore AHC, Inc. (GBAHC) as their private-sector partners on the revitalization effort.
Phase 1A (O'Donnell Townhomes 1) will be the first to be developed and will include 75 primarily two-and three-bedroom townhouse-style units with some one-bedroom units as well, The Michaels Development Company says.
Additional financing is being provided by the Maryland Department of Housing and Community Development Low Income Housing Tax Credits and Rental Housing funds, Baltimore Housing HOME funds, and City Community Capital. The Housing Authority of Baltimore City will donate the land for the development.
The Federal Home Loan Bank of New York grant is part of $33.6 million in Affordable Housing Program subsidies that the bank will award as its 2011 AHP grant round. In total, these grants will help to finance 57 housing projects which will create or preserve 2,837 units of affordable housing, including more than 2,200 units of very low-income housing, in New Jersey, New York, Maryland and Pennsylvania.
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