Bay Ridge Apartments
Annapolis, Maryland

After

Before

Project Description
Acquisition and substantial renovation of 198-unit financially and physically distressed FHA insured property that was condemned by the City of Annapolis in 1994. Renovations of more than $25,000 per unit included, new kitchens and baths, new electrical and plumbing, new roofs, individually controlled central HVAC, and a free-standing handicapped accessible community center that includes an onsite Neighborhood Network Learning Center (NNLC) with state-of-the-art computer hardware and software. All residents have access to the skills and training required in the labor market of the twenty-first century.

Project Cost
$12.5 Million

Financing

FHA S.236 mortgage: $2 Million
Federal Home Loan Bank Affordable of Atlanta/Crestar-Sun Trust: $4.5 Million
Maryland DHCD: $1.0 Million
Anne Arundel County (Home Funds): $0.75 Million
Equity: $4.0 Million
Tax Credits from the State of Maryland: $4.0 Million (9%)
Section 8 LMSA (198 units)

Community and Supportive Services
The Resident Council, a member of the ownership entity, has the right to acquire the property at any time after the completion of the low-income housing tax credit compliance period. Housing Opportunities Unlimited runs a Resident Service Program and has been instrumental in securing funding from the US Department of Education’s Community Technology Program. Among the service amenities at Bay Ridge Gardens is a computer center that provides classes as well as access to computers for internet connections, e-mail, job searches, etc. The property participates in the Foodlink Program two day a week. There is an after-school program for youth as well as a summer camp.

Public/Private Partners

• Landex Corporation, Developer/Sponsor/Guarantor
• The Richman Group, Developer/Sponsor/Guarantor
• Bay Ridge Residents Council, a Maryland non-profit corporation
• Arundel Community Development Services
• State of Maryland Department of Housing and Community Development
• Northrup Grumman
• Anne Arundel Community College
• Boys & Girls Club
• Housing Opportunities Unlimited

References
Anne Arundel Community Development Services Maryland Department of Housing and Community Development
Kathleen Koch Stuart Wechsler
Phone: 410-222-7600 Phone: 410-514-7457
Fax: 410-222-7619 Fax: 410-987-4097

Grant Awards

• Recipient of HUD Drug Elimination Grant (1998)
• Recipient of HUD New Approach Grant (2000)
• Recipient of Department of Education Community Technology Center Grant (2001)