Since 2008, ReBUILD Metro has invested over $115 million in homes and other community assets that have revitalized communities without displacing people, specifically targeting formerly redlined neighborhoods that suffer from a concentration of blighted buildings. Thus far, their work has helped to transition two East Baltimore communities from generational disinvestment to a period of stabilization and growth.
ReBUILD restores vacant homes to provide both affordable homeownership and rental housing opportunities for neighborhood residents. To support this process, NIIF provided a $3.3 million debt facility that is refinancing a portfolio of 50 ReBUILD homes. The new facility will allow for gradual transition of rental units to ownership with repayment from sales over five years, providing ReBUILD with the financial flexibility to continue creating homeownership opportunities and enhancing stability without displacing legacy residents.
“We believe our work is a blueprint for how to rebuild a vibrant Baltimore, block-by-block. There is much to be done throughout the City and we are excited to include NIIF as one of our capital partners in this work,” said Sean Closkey, President of ReBUILD Metro.