Baltimore City’s neighborhoods are seeing a reinvigorated focus on reducing blight and vacancy with the State’s Baltimore Vacants Reduction Initiative (BVRI) and the City’s innovative “non-contiguous” Tax Increment Financing (TIF) tool.
In contribution to this momentous work, NIIF has closed its first loan for a BVRI project with Coppin Heights Community Development Corporation! With a $663,000 loan from NIIF alongside BVRI support from Maryland Community Investment Corporation, Coppin Heights CDC is rehabbing 3 vacant rowhomes with intergenerational in-law suites on West North Avenue. The homes will soon be available for affordable homeownership.
This loan is made possible, in part, through a generous grant from JPMorganChase to NIIF. The funding includes support for reduced equity requirements, closing-related costs, and a pilot initiative using a construction technology platform to accelerate funding, manage risk, and reduce cost.
We are thrilled to support the push to accelerate vacancy reduction taking place across the City, and grateful to JPMorganChase for their support!