Ceremony marked major step in restoring important historically under-invested neighborhood
NEW YORK, Dec. 14, 2023 /PRNewswire-PRWeb/ -- The NHP Foundation (NHPF), a national not-for-profit provider of affordable housing, today kicked off construction of a new $52M affordable housing development that will create 100 affordable apartments for seniors. Construction of Park Heights Senior apartments continues the revitalization of the neighborhood that includes the redevelopment of Pimlico Racecourse, construction of the new Enoch Pratt Free Library, and the two developments along Park Heights Avenue by Comprehensive Housing Assistance, Incorporated.
The transaction was made possible with:
- $8.7M from HUD
- $22.5M from the sale of tax credits to R4 Capital in conjunction with Aetna, a CVS Health Company
- $13.3M from the City of Baltimore
- $5.4M from Maryland CDA
- $2.1M in deferred developer fee
The event marks the creation of NHPF's fourth affordable housing property in Baltimore and was attended by speakers, pictured above, including:
- Justin Williams, Deputy Mayor for Community and Economic Development, Baltimore
- Yolanda Jiggetts, CEO Park Heights Renaissance
- Sharon Green Middleton, Councilwoman
- Alice Kennedy, Housing Commissioner Baltimore City Department of Housing and
Community Development
- Gregory Hare, DHCD Assistant Secretary of the Community Development Administration
- Sandy Rosenberg, Delegate
- Angelo Edge, CEO of Aetna Better Health of Maryland
Commenting on the tax credit investment, Angelo Edge, CEO of Aetna Better Health of Maryland, a CVS Health company, said "We recognize the important changes that Park Heights Renaissance will bring to the city, and we are incredibly proud to be part of this pivotal rejuvenation. We're grateful to the other funding partners of this future community and we look forward to using our combined resources to make a significant impact on health issues individuals face here in Park Heights."
Local elected officials and community leaders hailed the groundbreaking as a much-needed development to address the housing shortage in Baltimore and support growth in the city.
"This partnership with NHPF and Henson Development Company represents the strength of collaboration over competition and what can be accomplished together to rebuild community," remarked Yolanda Jiggetts, CEO, Park Heights Renaissance, the Baltimore organization that fosters social and economic opportunities to support the community. "We commend the partnerships' commitment over the past few years to the community during the predevelopment phases that have led to this momentous day."
The new construction is a first phase of the Park Heights Major Development area that will also include a multifamily rental apartment building adjacent to the senior building, 17 for sale homes, and brand new infrastructure including new water, sewer, stormwater facilities, curbs, gutters, sidewalks, and widening Virginia Avenue to make for a better traffic pattern.
Councilwoman Sharon Green Middleton, an ardent supporter of the project since its inception, added "More than a construction project or physical building, this chapter of Park Heights development is a commitment to pushing forward and I want to thank everyone for their role in affirming that the seniors of our community will have a place to call home."
Justin Williams, Deputy Mayor for Community and Economic Development noted "As we turn the soil today, we are planting more than just the physical foundations of a building. We are reaffirming our commitment to the seniors of Baltimore, ensuring they have access to affordable, dignified, and comfortable living spaces. He added, "This project is also a beacon of economic revitalization for Park Heights, promising not just homes for our seniors, but also jobs and further development for the community. It's about building a stronger, more inclusive Baltimore, where everyone, regardless of age or background, has a place to call home."
The Park Heights Senior property will include community amenities such as a dedicated resident service coordinator, a fitness center, a library, a computer center, a coffee bar, several lounge areas, and a kitchen area for seniors to hold events.
"With Park Heights Senior Apartments, NHPF and its partners plan a transformative new chapter that will turn a once blighted area into a vibrant place with stable housing and other amenities that will give residents opportunities," commented Park Heights Senior lead developer Mansur Abdul-Malik, "And today's ceremony provides an opportunity to thank all the partners for making long-held dream come true."
Notable features of Park Heights Senior apartments include rooftop, carport, and gazebo mounted solar panels, battery storage, and meeting the National Green Building Standards for energy efficiency. This combination means clean energy to power the building, battery storage to ensure in case of an emergency the building always has power, and using building materials and practices that reduce energy usage, pollution, and waste. The features dovetail with a bill recently signed by Mayor Scott requiring 100% zero emissions for the city's administrative fleet.
Media Contact
marijane funess, nhpf, 19148303754, [email protected], www.nhpfoundation.org
SOURCE nhpf
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