In December 2021, NIIF joined with the National Housing Trust Community Development Fund to provide a combined $2.0 million loan ($1.0 from NIIF) to support the first phase of the redevelopment of a 17-acre site in Park Heights. The loan to NHP Foundation will fund pre-development expenses associated with a planned 100-unit affordable senior apartment building.
The City spent several years acquiring and clearing the site located just south of Pimlico Race Course and selected a development team led by NHP to execute a multi-phase development plan. The overall project will ultimately include over 280 housing units, a neighborhood park, community gardens space, and an urban plaza.
“The City has been eagerly driving this effort, and we are excited to see this important project moving forward,” said Alice Kennedy, Baltimore City Housing Commissioner. “This is a tremendous opportunity for transformative growth and investment in Park Heights, providing affordable housing and new homeownership opportunities.”
In addition to providing 100 units of senior housing, the first building is expected to include a common community space, a doctors’ office in the building for residents, a courtyard for residents to socialize, ample parking, and a new leasing/management office to serve all future redevelopment properties.
The NHP Foundation is a not-for-profit real estate organization dedicated to preserving and creating sustainable multi-family housing that is both affordable to low- and moderate-income families and seniors. Since its founding in 1989, NHP has invested nearly $1.2 billion in the preservation and new construction of affordable housing, including two projects in Baltimore and several more elsewhere in the state and Washington, DC.
“Delivering large scale, transformative investment to the Park Heights community is a perfect fit with NHPF’s mission to create more resilient housing,” said Stephen M. Green, NHPF Executive Vice President & CIO, “We are thrilled to be partnering with Baltimore City in this important undertaking.”