Affordable Housing Options for Baltimore City Families On the Rise with New Westside Development
Penn Square Project to help create 99 construction jobs in Baltimore City
CROWNSVILLE, MD (April 14, 2010) - Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner today announced the construction of Penn Square, a project financed through the American Recovery and Reinvestment Act (ARRA). This family residential community, located on the 2600 block of Pennsylvania Avenue in the Penn North Urban Renewal Area of Baltimore City, will include the development of 91 garden style, walk-up units in three buildings.
"With the financial assistance of the Recovery Act, this new transit oriented development provides access to the road network and public transportation which will help the citizens of West Baltimore live where they work," said Secretary Skinner. “Through the support of such ARRA programs, we are able to better serve Maryland’s families by giving them more housing options that allow them to live and work in communities where they have access to economic opportunities and are able to build strong families.”
The project includes 27 one-bedroom units, 51 two-bedroom units and 12 three-bedroom units. Apartments will be available for families with incomes between 40% and 60% of Area Median Income (AMI) or within the range of $23,000 for a one-person household to $49,260 for a four-person household.
The project was financed in part with $10.6 million in proceeds through the Section 1602 Exchange program, a provision of the stimulus package that provides funding for rental housing developments. Financing also included a first mortgage of $2 million from Bank of America, a $2 million loan from DHCD’s Rental Housing Production Program (RHPP) and a developer equity contribution of more than $572,000.
The developer and owner of the project is the Woda Group, LLC. The property will be professionally managed by Edgewood Management Company. The general contractor is Woda Construction, Inc.
The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD’s programs, visit www.mdhousing.org.
News updates also are available by following DHCD on Twitter (www.twitter.com/MDHousing) and Facebook (www.facebook.com/marylandhousing).
For more information:
Deputy Director, Office of Communications and Marketing
Public Information Officer, Office of Communications and Marketing