Coleman Manor Apartments in the Mondawmin neighborhood of West Baltimore has a new owner, Love Regardless, Inc. (LRI), a quickly emerging affordable housing nonprofit based in Baltimore City. In partnership with Homes for America (HFA), LRI’s acquisition of Coleman Manor preserves the long-term affordability of 50-units of subsidized housing reserved for seniors aged 62 years and older. Mansur Abdul-Malik is one of LRIs officers and board members and served as the lead executive for LRI on this acquisition.
Neighborhood Impact Investment Fund (NIIF) provided a $1.239 million loan to support the acquisition of the property along with certain upgrades that will help sustain the building into the future. With a strong commitment to the community, Abdul-Malik, a West Baltimore native says of preserving affordable housing in his hometown, “In a time when Maryland is in a housing crisis and many of our older citizens are in need of safe, decent, and affordable housing, ensuring this resource is available for our older citizens is a promise we must all pitch in to fulfill – this speaks directly to the mission of LRI.”
In partnership with the City of Baltimore and the State of Maryland DHCD, LRI and HFA were also successful in securing a Payment in Lieu of Taxes (PILOT) agreement for the property that will provide significant savings to allow for further investment in the property to support energy upgrades and modernization of major systems.