In October 2022, NIIF joined with the Housing Authority of Baltimore City to provide predevelopment financing to McCormack Baron Salazar for the Phase 3 in the redevelopment of Perkins Homes in East Baltimore. NIIF provided $1.5 million in pre-development financing. Phase 3 entails the demolition of 100 existing public housing units, to be replaced with 119 newly constructed, income-restricted affordable housing units and 33 market rate units.
The development is part of the mixed-use, multi-phase community-wide redevelopment of the Perkins, Somerset, and Oldtown (PSO) neighborhoods and is made possible by an award to the Baltimore Housing Authority of a federal $30 million Choice Neighborhood Implementation grant in 2018. The total PSO redevelopment includes one-for-one replacement of the Perkins public housing units interspersed with workforce and market rate housing to create more than 1,300 new, mixed income rental units. Construction has begun on Phase 1, while demolition and site preparation are underway for Phase 2.
“This new mixed-income, mixed-use community will provide a range of housing choices and opportunities for legacy Perkins residents that includes public, workforce, and market-rate rental opportunities,” said Vincent Bennett, CEO of McCormack Baron Salazar.