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Board approves $5 million in DHCD loans to complete Perkins Homes phases, adding about 150 units
Summary
The Board of Estimates approved two DHCD loans on July 1, 2026 — a $4 million 40‑year loan for Perkins Homes phase 5A and a $1 million 40‑year loan for phase 5B — to finance roughly 150 new units (majority affordable) and to replace public housing on the Perkins/Somerset/Oldtown site.
The Baltimore City Board of Estimates on July 1 approved two companion Department of Housing and Community Development loan items to complete Perkins Homes redevelopment: SB26‑12080 (a $4 million 40‑year HOME + Affordable Housing Trust Fund loan for phase 5A) and SB26‑12081 (a $1 million 40‑year HOME loan for phase 5B).
Deputy Commissioner Wendy Redford presented the items on behalf of DHCD and said the two tranches together will bring roughly 150 new housing units to the Perkins/Somerset/Oldtown redevelopment. "In total, we're looking at 150 new units that will be coming to market with the majority of them being affordable," she said.
DHCD and the Housing Authority of Baltimore City (HABC) outlined the components: phase 5A (addresses listed as 300 and 322 South Caroline Street) is a four‑story building with 46 rental units and 14 townhomes, of which 30 units will replace prior public housing units and 17 LIHTC units will be restricted to 60 percent of area median income (AMI); total development cost for the 5A tranche was presented at roughly $42 million. Phase 5B was presented as a four‑story building with 90 units (64 affordable, 26 market rate) and total development cost cited at about $46 million.
HABC senior vice president Cynthia Newman Lynch said earlier phases are completed and leasing is underway. Officials also noted Choice Neighborhoods grant funding and other layered financing that leverage federal and city resources.
Board members asked about the related City Springs school project and timetable; presenters said demolition at Lombard Middle is complete and that funds for the school have been secured, though different agencies manage that construction timetable.
The Board approved each DHCD loan item by voice vote. The record shows the items were moved, seconded and adopted; no formal roll‑call tally appeared in the public transcript. DHCD said it will continue coordination with HABC and city schools as the final phase moves through construction and lease‑up.
