NIIF Investments

NIIF Invests In Zero-Energy Project in Opportunity Zone On North Avenue

In October 2021, NIIF joined with Enterprise Community Loan Fund to provide a combined $2.5 million loan ($1.0 from NIIF) to support the North Avenue Zero-Energy project, a mixed-use affordable housing and commercial project located in the heart of Penn North.

The 20,000 square foot project will restore seven row-homes into mixed-use buildings with twenty apartments and four ground-level commercial spaces prioritizing Black-owned businesses and nonprofits that serve the community. 50% of the apartments will be reserved for residents at 50% of the Area Median Income. With the opening set for 2022, this building will be the first affordable housing “Zero-Energy” project in Baltimore, meaning the building will produce as much energy as it consumes, and residents will not have to pay utility bills.

The Penn North project is being undertaken by Schreiber Brothers Development, a Baltimore-based firm. Additional investment for the project was provided by the CEI-Boulos Opportunity Fund. The project is in a federal Opportunity Zone and represents a successful effort to leverage this federal program to drive inclusive growth.

“Our approach is intentionally driven by community input and partnership to advance development without displacement,” said Brendan Schreiber, President of Schreiber Brothers Development. “The project responds to what leaders and activists have told us they want for the Penn North community. We are here to support the vision that residents, business owners and other partners have for their neighborhood and lead the way in ensuring community members are at the table for every step.”