BALTIMORE, MD - Greater Baltimore AHC, a five-year-old nonprofit that is "first and foremost a developer of quality, affordable housing," toes a conservative line, at least for the moment. It acquires existing, at-risk affordable housing rental units in the Baltimore area, rehabilitates them as quality, multifamily apartments and then provides management and stabilizing residential services to enhance community life and protect its investment.
It may eventually try its hand at building new housing units, but for now GBAHC wants to conserve what public housing already exists, 9,625 units, according to a recent Abell Foundation report, down from 18,368 in 1992, and improve it for a needy population. "Right now we're just trying to stem the loss of those units," GBAHC Director Andrew Vincent said. "Those properties are at risk of being converted to market rates, bulldozed or of losing their subsidies."
"Ultimately," Vincent added, "we'd love to preserve the existing and then work on creating additional, affordable rental opportunities. But to be honest, right now we have our hands full trying to preserve what's at risk of being lost."
An offshoot of a 30-year-old Arlington, Va., housing nonprofit, the three-employee GBAHC obtains site control of an at-risk property and then, through the creative use of Maryland tax-exempt bonds, low-income tax credits, and city and state loans, or by deferring fees or investing its own money, develops it. "The services are pretty good," said Reniesha Lee, a resident of GBAHC's Greenspring Overlook complex. "They have after school and summer programs for the children. They do some positive things."
So far, Vincent said, GBAHC has three multifamily rental properties in Baltimore to its credit, comprising about 500 units, 99 percent of them for low- and moderate-income families. Another 400-unit complex is under its site control, which the group hopes to own by year-end.
"They not only rehabbed my apartment, but they also gave us an office and a community room for the Barclay Greenmount residents," said Shirley Dendy, an eight-year resident of a low-income complex in Baltimore City. "I have nothing but good praises about (GBAHC)." The Abell Foundation report estimated that about 30,000 low-income residents await city or Housing and Urban Development Section 8 housing.
Source: The Examiner