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Friday, June 24, 2022

Grand Opening of Renaissance Row Apartments in Baltimore

Redevelopment includes 84 units of affordable housing and new Park Heights Renaissance headquarters

(Baltimore, Maryland) – PennrosePark Heights Renaissance (PHR), Housing Authority of Baltimore City, and local and state officials celebrated the grand opening of Renaissance Row apartments, an 84-unit affordable, mixed-use community in the historic Park Heights neighborhood of Baltimore. The brand-new community transformed blighted housing at the intersection of Park Heights and Rosewood Avenues to create one-, two-, and three-bedroom apartments for mixed-income families.

The new community will help alleviate the affordable housing crisis in Baltimore, where the Department of Housing & Community Development estimates that over twenty percent of households are spending more than half their income on housing annually. Of the total units at Renaissance Row, eight are set aside for residents earning up to 30% of the Area Median Income (AMI) and 76 units are reserved for residents earning up to 60% AMI.

Speakers at the grand opening celebration included Ivy Dench-Carter, Senior Vice President of Development, Pennrose, LLC; Yolanda Jiggetts, Chief Executive Officer, Park Heights Renaissance; Mayor Brandon Scott, Mayor, City of Baltimore; Sharon Green-Middleton, Council Vice President, District 6, City of Baltimore; Alice Kennedy, Housing Commissioner, Baltimore DHCD; Janet Abrahams, Executive Director, Housing Authority of Baltimore City; Secretary Kenneth C. Holt, Office of Secretary, Department of Housing and Community Development; Augie Chiasera, President, Greater Baltimore/Chesapeake Region, M&T Bank.

“As residents throughout the region continue to be impacted by the COVID-19 pandemic, inflation and rising rents, we are proud to open the doors to 84 new high-quality, affordable apartments for low-income families,” said Patrick Stewart, regional vice president at Pennrose. “We can’t thank Park Heights Renaissance, the city, and the development team enough for their partnership and collaboration on the Master Plan, which will improve the quality of life of residents and neighbors for years to come.”

The mixed-use development also includes approximately 2,300 square feet of office space that will serve as the new headquarters for PHR, a non-profit representing residents, businesses, religious institutions, schools, agencies, and other stakeholders committed to shaping a better future for Park Heights. The new office space will support PHR in its mission of implementing the Baltimore City Park Heights Master Plan, which includes land and economic development alongside human development to create a thriving and sustainable community. PHR will also manage the on-site supportive service program for residents, including programming that fosters self-sufficiency, promotes education, maintains optimum resident health, and maintains working relationships between residents.

“Renaissance Row is a clear example of what effective community development strategies can accomplish,” said Yolanda Jiggetts, CEO of Park Heights Renaissance. “It’s proof of concept and is one of the many collaborative partnerships Park Heights Renaissance is utilizing to drive economic opportunities and community empowerment”

The modern apartments feature contemporary open floor plans with oversized windows; brand-new kitchens with electric range, dishwasher, and granite countertops; in-unit washer and dryer; spacious closets; luxury vinyl tile flooring; ceramic-tiled baths; and Central A/C. In addition, residents will enjoy access to robust community amenities, including a fitness center; teen game room; resident storage space; professionally landscaped grounds; outdoor green space; and more. The community is conveniently located near I-83 and the West Cold Spring Metro station, along with easy access to shopping, dining, recreation, and entertainment options.

The redevelopment received widespread political and financial support from both the State of Maryland and the City of Baltimore in order to move forward. The Department of Housing and Community Development of the State of Maryland contributed a direct loan backed by the FHA (HUD), along with an issuance of multifamily bonds, 4% Low Income Housing Tax Credits, a Rental Housing Funds loan and Rental Housing Works loan. The City of Baltimore also made substantial contributions through the issuance of soft loans through the City Bond Program and City Slot Funds Program, as well as a payment in lieu of taxes (PILOT) and a seller-take back note for the land purchase. The tax credit equity generated by the 4% LIHTCs contributed by Maryland DHCD was syndicated by Hudson Housing Capital and is being contributed to the project as equity through M&T Bank.

Pennrose is committed to developing high-quality, transformative affordable housing throughout Maryland and the Mid-Atlantic region. Pennrose is also currently developing Wilbourn Estates, which includes 78 apartments in Annapolis, Maryland.

About Pennrose

With more than 50 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates conventional, affordable, mixed-income, and mixed-use communities throughout the United States. For more information visit https://link.edgepilot.com/s/ddf907c8/9VX_LiEcdECocREN5epb8A?u=http://www.pennrose.com/.

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