In February 2021, NIIF joined with Reinvestment Fund and the Housing Authority of Baltimore City to provide predevelopment financing to McCormack Baron Salazar for the first phase redevelopment of Perkins Homes, a distressed public housing complex. NIIIF provided $425,000 in pre-development financing. The project is expected to deliver 102 units of housing including over 90 affordable public housing units.
In October 2020, NIIF and the same partners closed a second pre-development loan in which NIIF committed an additional $600,000 for the second phase of the project. This phase will address construction on two additional parcels on the site which will ultimately contribute an additional 156 units to the project.
These projects are part of a broader Choice Neighborhoods redevelopment in which the City is working with a development team to create more than 1,300 new, mixed income rental units that will include one-to one housing replacement for current residents.