The Challenge
In 1997, this partially vacant, crime-ridden and badly deteriorated apartment complex was considered a horrific blight to the mixed-income, economically and racially integrated Beechfield community. Failure to redevelop this complex threatened to dismantle the entire neighborhood.
The Plan
In cooperation with the Beechfield Community and Improvement Association, Landex developed and financed a revitalization plan using an innovative and creative financing structure that raised a total of $8.5 million. Among the sources that were layered and leveraged for this plan were Maryland Partnership Rental Housing Funds and Rental Housing Production Funds, an allocation of Section 42 Credits, Baltimore City HOME and CDBG funds, a Fannie Mae Bridge Loan and private debt and equity.
Financing
- Baltimore Community Development Finance Corporation
- $700,000
- Maryland Department of Housing and Community Development
- $3,000,000
- City of Baltimore HOME funds
- $1,000,000
- Tax Credit
- $2,800,000
Results
This ninety-four (94) unit mixed-income community includes thirty (30) apartments that have been set aside for low income public housing residents and sixty-four (64) apartments that are designated for market rate households (which in this community is 60% of median income).
Among the extensive physical improvements to the property were: new roofs and insulation, new thermal pane windows, new kitchens and baths, new entry systems, upgraded landscaping and a new community center with a state-of-the-art computer lab, and a multi-purpose room that was named in honor of Cecil Barrington, the late President of the local civic association. The Center is the hub of community activities. In addition, the property boasts a magnificent outdoor deck with beautiful trees adjacent to a large playground.
The Beechfield Community and Improvement Association honored the Landex team with a Certificate of Appreciation for its work in the community.