City Arts was delighted to host HUD Secretary Shaun Donovan at our project site at 440 East Oliver Street as part of a HUD press event on the impact of the 2009 Recovery Act. Secretary Donovan used City Arts to highlight how Recovery Act dollars are creating jobs and revitalizing the economy. Secretary Donovan was joined by Congressman Elijah Cummings, Maryland Department of Housing and Community Development Secretary Raymond Skinner, and Baltimore Mayor Stephanie Rawlings-Blake.
The group toured the City Arts construction site, stopping to speak to those who are currently working at the site, including Cornelius Carey, a laborer with Southway Builders, the project's general contractor. Mr. Carey, who had not had consistent work for over a year, is currently working full-time specifically on the City Arts project.
Located in Baltimore's Greenmount West neighborhood, City Arts is part of the Station North Arts and Entertainment District and will provide affordable housing targeted to artists, a gallery and performance space. Rocco Landesman, Chair of the National Endowment for the Arts, also attended the event, using the opportunity to learn about this project as he met with the developers and local artists as well as community leaders.
Homes for America, Jubilee Baltimore, and TRF Development Partners Baltimore are partnering to develop City Arts. The energy-efficient development is slated to bring 69 transit-oriented rental apartments and 8 for-sale townhomes to the neighborhood.
The rental portion of the project is being financed using $2.6 million from the Tax Credit Assistance Program, part of the federal stimulus funding, and the MD DHCD's Low Income Housing Tax Credit program. The tax credits generated an equity investment of $9.3 million from Bank of America syndicated by Enterprise Community Investment. Bank of America is also providing bridge financing and a permanent loan of $1.3 million. MD DHCD also provided the project $135,000 through its Multifamily Energy Efficiency and Housing Affordability Program.
The project is expected to create or retain 168 jobs. The building construction began in December 2009 and is expected to be available for occupancy by January 2011.
For information about City Arts, visit www.cityartsbaltimore.net