Paca House Baltimore, MD

UNDER DEVELOPMENT

Property Information

  • Address: 116-120 North Paca Street, Baltimore, MD, 21201

Funding:  Maryland CDA 9% Low Income Housing Tax Credits; a new first mortgage; roll over City Loans from 1995; a Seller Note; a project-based HAP Section 8 contract for 82 units

City Participation: Roll Over of existing 3rd and 4th mortgage loans from 1995: $2.075 million plus accrued interest; retain 1% interest rate; new term of 40 years; fully subordinated to the new first mortgage and CDA loans

New PILOT Agreement; the property is currently tax exempt

Continue HABC as Administrator of the HAP contract

Somerset Development Company in a joint venture with the Volunteers of America Chesapeake to acquire Paca House, a housing complex for homeless individuals with 76 single-room occupancy (SRO) units and 30 efficiencies.  The redevelopment of the property will eliminate the SROs and provide for 82 units of supportive housing for homeless veterans and 10 units of market rate housing. The redevelopment will be financed using an allocation of Maryland CDA awarded 9% Low Income Housing Tax Credits, new mortgage debt and soft loans from the State of Maryland, Baltimore City and VOAC.  The project is currently scheduled to close and start construction in the Spring of 2018.

The new development will provide for 41 efficiencies, 51 one-bedrooms, two computer labs/business centers, two community rooms, a laundry and free wi-fi.  On-site case management and a robust set of supportive services will be provided.