In October 2021, NIIF closed on a $1.33 million bridge loan to the Henderson Crossing project in the Eager Park neighborhood of East Baltimore. The project involves the rehabilitation and sale of 32 vacant and impaired historic row-homes in a highly visible site within the East Baltimore Development Initiative (“EBDI”) footprint. 10 of the 32 homes will be sold to low-income buyers.
NIIF’s financing will support the ongoing work and ultimate completion of the project, which is well under way. By rehabilitating the unsafe and empty properties and improving the streetscape along heavily trafficked streets, Henderson Crossing is adding to the continued momentum in the EBDI area. This project is expected to attract a wide range of homebuyers, including first-time minority buyers and low-income buyers. The majority of homes sold thus far have been to minority buyers.
“The Henderson Crossing project, which will bring affordable and market rate historic rehabs to Eager Park, is a crucial part of EBDI’s goal of creating a mixed-income community,” said Cheryl Washington, President and CEO of EBDI, Inc. “It will bring more density, allowing us to attract amenities like a grocery store, and create more opportunities for relocated residents to return to the neighborhood.”