Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Supportive Housing Clare Court 2 topic
No spam. Unsubscribe anytime.
Board approves $1.25 million HOME‑ARP loan for Clare Court 2 supportive housing project
Summary
The Board approved a $1.25 million HOME‑ARP loan and assumption of an $850,000 existing HOME loan for Clare Court 2, a planned expansion to create permanent supportive housing and family units; DHCD described layered funding including ARPA‑sourced accelerator funds.
On Feb. 19 the Board of Estimates approved a HOME‑ARP loan of $1,250,000 to Clare Court 2 Limited Partnership to finance part of the hard construction costs for a residential expansion at 3725 Ellesley. The Department of Housing and Community Development presented the request and said the project will add 53 new units to an existing 30‑unit development for a total of 83 units.
Alice Kennedy, Housing Commissioner, told the board the total development cost is estimated at more than $29 million and that the HOME‑ARP loan is paired with an award from the city’s Affordable Housing Trust Fund. “The home ARP loan is dollars 1,250,000.00, and that will be made to Claire Court 2,” Kennedy said. She said the loan came through the housing accelerator program, a partnership between DHCD and the mayor’s office of homeless services that used ARPA funds to support permanent supportive housing.
Kennedy said the project will include five permanent supportive housing (PSH) units targeted to qualifying populations at risk of homelessness and described referral pathways: the coordinated access program, the Housing Authority of Baltimore City’s project‑based waiting list, and the Homes for America waiting list. She said 13 units will be set at 30% AMI or below, nine at 40% AMI, eight at 50% AMI and 53 at 60% AMI or below; unit types will range from one‑ to four‑bedrooms.
Board members asked about repayment and “surplus cash.” Kennedy said HOME partnership loans historically are not expected to generate repayments and that if positive cash flow ever appears, the city’s loan includes a 25% share of surplus cash. “If there is positive cash flow in the project, then we will receive a portion of that,” Kennedy said. Board members discussed timelines for closing and coordination with state financing; Kennedy said DHCD typically gets involved as closing moves forward and participates in closing calls.
A motion to approve the HOME‑ARP loan and loan assumption was moved and seconded; the board approved the item by voice vote.
