Located in the Dunbar-Broadway neighborhood of East Baltimore, the Paul Laurence Dunbar Elementary School Annex Building will soon help address a workforce housing shortage with its redevelopment into a 32-unit apartment building, Caroline Street Lofts. Neighborhood Impact Investment Fund (NIIF) recently joined senior lender Univest to bridge a critical $1.734 million gap in funding sources to allow CAM Development to commence construction.
CAM Development is a highly experienced, local firm that has completed numerous rehabilitation projects in Baltimore City, including the revival of the Chick Webb Recreation Center on the same block as the workforce housing development. The project financing includes a State Historic Tax Credit (SHTC) award, which will be monetized with the help of REthos, a nonprofit that helps to simplify complex preservation projects through specialized financing to maximize tax credits.
The preservation will include restoration of the building’s original hardwood and tarragon floors, transom windows on the classroom doors, built-in millwork, and glazed brick walls and trim. They will also be replacing all exterior windows with historically accurate replicas, as well as installing “schoolhouse” style lighting fixtures.
Workforce housing serves people who fall into a category of middle-income households who likely don’t qualify for certain government programs, but who also may struggle to afford the high costs of housing. Caroline Lofts will serve this population by offering most units to tenants who are at or below 80% of the Area Median Income. Located just one block from Johns Hopkins Hospital, one of the largest employers in Baltimore City and a driver of development in the area, these apartments are strategically placed to help meet the needs of local working families.