Baltimore, Maryland (PRWEB) June 04, 2014
Mayor Stephanie Rawlings-Blake yesterday joined Housing Authority of Baltimore City (HABC) Executive Director Paul T. Graziano, The Michaels Development Company, AHC-Greater Baltimore, Inc., elected officials and members of the O’Donnell Heights community for a ceremonial ribbon cutting of the newly constructed Key’s Pointe Residences. The first phase of an exciting new 62-acre development, Key's Pointe Residences is a dynamic community that when fully complete will offer over 900 new affordable and market rate townhomes and apartments with over six acres of new parks and green space in Southeast Baltimore.
“Key's Pointe Residences is the embodiment of the renaissance that's going on all over Baltimore City,” said Mayor Stephanie Rawlings-Blake. “These beautiful new homes provide another opportunity for Baltimore to welcome new residents to an amazing community that both current and new residents will enjoy.”
Located in the southeast corner of Baltimore City just outside of Dundalk, the O’Donnell Heights family development was originally built in 1942 and was last modernized in 1983. A Steering Committee, made up of O’Donnell Heights residents, community organizations, and other stakeholders, was created to assist the HABC and the development team to create a redevelopment plan that will give way to a new dynamic residential community. This first phase features 76 new townhouse-style residential units with16 reserved for persons with disabilities.
“The development of Key’s Pointe Residences has rejuvenated the O’Donnell Heights community and it could not have happened without the help of the community and the support of our state and federal partners,” said Executive Director Graziano. “We are also proud of the work our development partners have done and it will go a long way to strengthening and bringing new energy to the greater community.”
The Michaels Development Company, along with the non-for-profit AHC of Greater Baltimore, Inc., are the Housing Authority's private-sector partners on the O'Donnell Heights redevelopment, having been selected through a competitive bidding process.
“It is evident that the City, the housing authority, and residents that live in and around O’Donnell Heights are deeply committed to the revitalization and success of this community. We are thrilled to serve as their development partner in bringing about their vision for quality, mixed income housing and neighborhood rebirth,” said Sasha-Gaye Angus, Vice President of Michaels Development. “This is a great day that marks the start of many great things to come.”
In addition to the rental homes, Key's Pointe Residences offers a new playground with splashpad, and a computer room. A new community center is planned for future phases.
“AHC-Greater Baltimore is proud to be a part of this wonderful community. It is a testament to the vision, determination and commitment of the City of Baltimore, residents and neighbors and the many partners who have all worked together to make this day possible. We are excited to keep moving forward on the next phase of Key's Pointe,” said Andrew Vincent, director, AHC-Greater Baltimore.
The funding for the $20 million O’Donnell Townhomes Phase 1 includes $13.4 million in equity raised from the sale of federal Low Income Housing Tax Credits awarded by the Maryland Department of Housing and Community Development; $1.5 million in HOME funds from the U.S. Department of Housing and Urban Development awarded by Baltimore City, and $900,000 from the state’s Rental Housing Funds. Additional financing came from the Federal Home Loan Bank of New York, which awarded this phase of O’Donnell Heights just shy of $1.4 million and a $3.6 million permanent loan from Bellwether/Enterprise. Bank of America invested in the tax credits, which were syndicated by Prestige Affordable Housing Equity Partners. Key's Pointe Residences will be professionally managed by Interstate Realty Management Company, which will ensure it remains a long-term asset to the community.
HABC expects to break ground on the next phase during the first half of 2015.
About the Michaels Organization: The Michaels Organization is a family of eight integrated but independent companies dedicated to excellence in affordable, mixed-income, military, and student housing. Serving more than 100,000 residents in 360 communities across 34 states, D.C., and the U.S. Virgin Islands and with a development portfolio valued in excess of $ 3.5 billion, The Michaels Organization is a national leader in the residential real estate industry, with full service capabilities in development, property and asset management, construction, mortgage finance, and tax credit syndication.
About HABC: HABC was established in 1937 to provide federally funded public housing programs and related services for Baltimore's low-income residents. HABC is one of the largest public housing authorities in the country. The Agency currently serves over 25,000 low-income households. To learn more, visit http://www.baltimorehousing.org.
About AHC-Greater Baltimore: AHC-Greater Baltimore has been in the Baltimore region since 2002 and has developed six properties with more than 1,000 affordable apartments. Projects include Barclay Greenmount, Greenspring Overlook, Kirkwood House, Lansdowne Apartments, MonteVerde and Union Rowe. Additionally, AHC-Greater Baltimore is on the development team for new construction in O'Donnell Heights. AHC- Greater Baltimore is part of AHC, Inc., headquartered in Arlington, Va., a private, not-for-profit developer of affordable housing in the Mid-Atlantic region providing quality homes for low- and moderate-income families. For more information, visit http://www.gbahc.org.