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Greater Baltimore AHC, Union Rowe, Baltimore City, Andrew Vincent, vouchers, affordable housing, financing, tax credits, bonds, apartments, condos
Early this week Greater Baltimore AHC announced a $4.4M renovation for the 72-unit Union Rowe apartment complex on the west side. GBAHC director Andrew Vincent tells us a complex mix of affordable housing credits, state-issued tax-exempt bonds, and other financial products is financing the project. Work will finish in 10 months, and Andrew says he'll hold off on leasing the property's 22 vacant units until it's done. Not that demand isn't there: he tells us there are over 30,000 families on Baltimore City's waiting list for public housing and affordable housing vouchers. Supply will be outpaced by demand for the forseeable future, Andrew says, and he's seeing more investor interest, too.
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?Affordable-housing tax credits have been the main financing engine for this industry for 20 years,? he says, ?and the recession really slowed things down. In 2009, there was almost zero interest for purchasing credits.? Andrew tells us investor appetite has rebounded over the past six months, probably because money is starting to flow again (necessitating tax credits for new income). He sees the market holding steady for the next two years. We know you're dying to know more about apartments, affordable housing, and condos, so don't forget to sign up for our first-ever Baltimore Multifamily Summit now!
Related Topics: Baltimore City, Andrew Vincent