Somerset Development Company has formed 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.