Riverfront Townhomes Baltimore, Maryland After

Before

Project Description
In partnership with the Cherry Hill Development Corporation, a community-based 501(c)3 organization, Hanover Park Apartments, a 50 year old 320-unit, barracks-style apartment complex in a distressed neighborhood in Baltimore’s south side, was transformed into a 126-unit traditional Baltimore townhouse community. A second phase of owner-occupied, for-sale housing is being planned. The “New Urbanist” design for the site and buildings included the addition of new streets with shorter blocks, traffic calming bump outs, the addition of green spaces, front proches, bay windows, and rear yards with decks and parking pads. In addition to new kitchens and baths, all of the townhouses have basements, some of which are finished. The project financing was structured to enable the rental townhomes to be sold at the completion of the low-income housing tax credit compliance period to the residents in fee simple ownership. Residents in Phase I may participate in a Homebuyer Savings Incentive Plan that matches dollar for dollar resident savings up to $10.00 per month. Phase II scheduled to begin in Spring 2004 will involve 24 single family, for-sale homes.

Project Cost
$16.5 Million

Financing

• Crestar Bank / SunTrust: $ 2.3 Million
• Maryland State HFA: $ 1.0 Million
• City of Baltimore: $ 3.0 Million
• Equity: $ 10.2 Million

Community and Supportive Services
A partnership of the Boys and Girls Club of Central Maryland and the Baltimore City PAL Program provides after school programs from 3-9 pm, five days a week, for children ages 6 to 18 during the school year and full-day camp programs during the summer; state of the art computer learning center, linkage with neighborhood health center and exercise facility providing membership at reduced rates.

Public/Private Partners

• Landex Corporation, Developer/Sponsor/Guarantor
• Cherry Hill Development Corporation, 501c(3) community non-profit Community Partner
• City of Baltimore, Department of Housing and Community Development
• State of Maryland, Department of Housing and Community Development
• Cherry Hill Legal Aid (Advisor)
• Cherry Hill 2000 (a consortium of businesses, social service organizations, local government, and private citizens)
• Boys & Girls Club of Central Maryland
• Fannie Mae Baltimore Partnership
• Fannie Mae Equity Investment

References

• Frank Coakley, Executive Director
  Fannie Mae Baltimore Partnership
  Baltimore, MD 21201
  Phone: 410-659-1205
  Fax: 410-659-1214
  
• Stuart Wechsler
  MD Department of Housing
  and Community Development
  Phone: 410-514-7457
  Fax: 410-987-4097

Awards

• This redevelopment is highlighted in Fannie Mae’s American Dream Annual Report for FY 2001.
• The community received a HUD New Approach Grant FY 2000