Maryland closes $49.3 million financing for 150 affordable apartments in Baltimore
Maryland has closed more than $49.3 million in financing for the next 150 affordable apartments in the Perkins Homes redevelopment in East Baltimore. The package combines federal Low-Income Housing Tax Credits, bond financing and state Rental Housing Works funds for new construction in phases 5A and 5B.
Financing moves the next phases forward
The announcement is material because it shifts the phases from a stated redevelopment plan toward funded delivery. The Maryland Department of Housing and Community Development will administer the package, while the Housing Authority of Baltimore City remains a public partner. McCormack Baron Salazar will lead the latest development phase and is also expected to manage the property.
The broader Perkins-Somerset-Oldtown programme replaces ageing public housing and restructures three neighbourhoods near the Johns Hopkins medical campus. When all phases are complete, the Perkins component is planned to contain 1,346 energy-efficient rental homes. The current plan reserves 73 percent as affordable housing, replaces all 652 original public-housing homes and adds 329 further affordable units; the remaining 365 homes are planned at market rates.
What project teams should track
For architects, contractors and owner representatives, the key issue is not the headline value alone but how the capital stack governs design and delivery. Tax-credit and bond financing can impose cost certification, accessibility, energy, procurement and long-term affordability requirements that must be coordinated with the construction documents and handover records.
The state says former Perkins households have been offered a right to return. That social commitment should be distinguished from physical completion: the financing has closed, but the 150 apartments still depend on construction, inspections and phased occupancy. The announcement does not identify a completion date for phases 5A and 5B.
