HABC Celebrates Groundbreaking for the Hollins House
RAD developer to preserve and significantly improve an aging public housing property
The Housing Authority of Baltimore City’s (HABC) Executive Director Paul T. Graziano joined CPDC, HUD, elected officials, partners, residents and members of the community in celebrating the groundbreaking for Hollins House, a community of affordable apartments for seniors and non-elderly disabled residents in Southwest Baltimore on April 19, 2016. As one of the first Rental Assistance Demonstration (RAD) deals in Baltimore City, Hollins House is receiving more than $10 million in renovations and will remain permanently affordable to low-income households in Hollins Market. This affordable housing redevelopment also represents a new way of revitalizing housing that focuses on the health and other needs of community residents.
The Housing Authority of Baltimore City (HABC) selected CPDC in 2013 as its development partner to convert all 130 one-bedroom units at Hollins House from public housing into Project Based Section 8 rental units under HUD’s Rental Assistance Demonstration (RAD) program. The Hollins House project closed in November 2015. Renovations are expected to be complete by early 2017.
Located in the Hollins Market neighborhood of Baltimore, the Hollins House high-rise building features 130 one-bedroom apartments. During renovations, all apartments will receive new windows, upgraded floors, kitchens, bathrooms, and HVAC. The enclosure of the existing balconies will solve existing water infiltration problems and expand the indoor living space in each apartment, enhance the building’s energy efficiency, and significantly improve the building’s exterior appearance. Additionally, first floor common areas will see substantial upgrades including an expanded vestibule, a new game room, a library with computer stations, new and expanded community program space, resident services office, and seating areas. The leasing and management office, mail room, and laundry room will be updated, and there will be a new door entry system and upgraded security.
Financing for Hollins House consists of $7.5 million in tax credit equity through the purchase of 4% Low Income Housing Tax Credits by Enterprise Community Investment; an $11.475 million permanent FHA insured loan, provided by Red Mortgage Capital; $12 million in tax exempt bonds, issued from the Maryland Community Development Administration; and a $900,000 bridge loan from Enterprise Community Loan Fund. HABC also provided a seller take back loan in the amount of $6.1 million.