Work has already begun on the City Arts, artist residence located in Baltimore's Greenmount West neighborhood. The project is part of the Station North Arts and Entertainment District and will provide affordable housing targeted to artists, a gallery and performance space.
Homes for America, Jubilee Baltimore, and TRF Development Partners Baltimore are partnering to develop City Arts. The energy-efficient development is slated to bring 69 transit-oriented rental apartments and 8 for-sale townhomes to the neighborhood.
The rental portion of the project is being financed using $2.6 million from the Tax Credit Assistance Program, part of the federal stimulus funding, and the MD DHCD's Low Income Housing Tax Credit program. The tax credits generated an equity investment of $9.3 million from Bank of America syndicated by Enterprise Community Investment. Bank of America is also providing bridge financing and a permanent loan of $1.3 million. MD DHCD also provided the project $135,000 through its Multifamily Energy Efficiency and Housing Affordability Program.
The project is expected to create or retain 168 jobs. The building construction began in December 2009 and is expected to be available for occupancy by January 2011.
Source: Jubilee Baltimore
Writer: Walaika Haskins