The second phase of Key’s Pointe, the redevelopment of a massive 1940s public housing community, is now underway. The project, one of the first new developments in Southeast Baltimore in many years, is bringing a neglected 62-acre site back to life. The multi-phase project will eventually include more than 900 new affordable and market-rate apartments and over six acres of new parks and green space.
The development, a partnership among AHC Greater Baltimore, The Michaels Development Company and the Housing Authority of Baltimore (HABC), is a suburban/urban hybrid that combines a traditional street grid with close-together homes, sidewalks, alleys and patios. The Green Communities-certified project also provides long-term environmental features, including landscaped micro bio-retention facilities to effectively manage storm water runoffs.
The second phase of the project will include 68 affordable and market-rate residential units, a multi-purpose meeting room and office, as well as green space for residents. Construction is expected to be completed in early 2018.
The funding for the $23.26 million second phase includes $11 million in tax-exempt bonds issued by the Maryland Department of Housing & Community Development (DHCD); $8.78 million in low-income housing tax credit (LIHTC) equity from syndicator Riverside Capital, LLC; a $5.99 million FHA 221(d) 4 loan from Wells Fargo Multifamily Capital; a $7.65 million Rental Housing Factor Funds (RHFF) loan from HABC; and a $493,000 loan from DHCD’s Rental Housing Works (RHW) loan program. Additional sources include deferred developer fee. The combined finance sources equal $34.26 million – $11 million more than the total development cost – due to DHCD’s requirement to collateralize the State-issued tax-exempt bonds.
The first phase of the redevelopment, which included 76 residential units (including 16 units reserved for persons with disabilities), was completed in 2014. Half of the finished homes are deeply affordable using a Project-Based Section 8 contract with 27 reserved for current and former public housing families. The remaining units are available to families earning up to 50% of the Area Median Income.
Photo: Mayor Stephanie Rawlings-Blake joined the Housing Authority of Baltimore City (HABC) Executive Director Paul T. Graziano, The Michaels Development Company, AHC Greater Baltimore, Inc., elected officials, state and federal partners, and members of the community for a ceremonial groundbreaking for the second phase of Key’s Pointe.