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Home >Real Estate Development >Homes Preserved > Poppleton Cooperative

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Poppleton Coop in Baltimore, MD:

Stimulus Resources Allow Residents to Preserve and Green Affordable Housing in Revitalizing Baltimore Neighborhood

 


Low income families who had endured deteriorating living conditions in W. Baltimoreís Poppleton neighborhood will now be able to enjoy its resurgence. Poppleton Cooperative will be rehabilitated and redeveloped into 111 quality rental homes affordable to very low-income families and seniors.  A complicated mix of stimulus funding sources, including the New Issue Bond Program and HUD's Green Retrofit Program, have proven critical to the success of the financing. 

A considerable increase in public and private investment is reshaping the Poppleton neighborhood.  Poppleton had long been associated with blighted housing and crime. In 2005, the Baltimore Dept. of Housing and Community Development crafted a $100 million redevelopment plan to transform the neighborhood.   The renovation of Poppleton Cooperative will further the revitalization of the neighborhood while preserving access to economic opportunities for residents.   Poppleton Cooperative is situated among the University of Marylandís BioPark-- a new $300 million biotech campus that is expected to generate jobs and capital investment. The property is located less than a mile from employment centers in downtown Baltimore and within walking distance to many sought after urban living amenities including convenient public transit and cultural opportunities. 

Acquiring and rehabilitating Poppleton Cooperative will cost more than $24 million. NHT/Enterprise and its partners, Poppleton Community Development Corporation and Hampstead Development Group, blended multiple funding sources to finance the project. Bonds were issued under the New Issue Bond Program (NIBP) by the Maryland Department of Housing and Community Development (MD DHCD).  NIBP is a U.S. Treasury initiative intended to stabilize the housing market by allowing state housing finance agencies (HFAs) to provide low-interest, long-term financing for single-family and multifamily housing.  MD DHCD is one of 16 HFAs using this program to finance multifamily production and preservation. The NIBP loan and an allocation of 4% low income housing tax credits make up close to half of the project financing.

Also critical to the project were $1.5 million provided through HUDís Green Retrofit Program (GRP) and debt restructuring through HUDís Mark-to-Market program, both administered by the Office of Affordable Housing Preservation (OAHP).    GRP is a $250 million program authorized by the American Recovery and Reinvestment Act of 2009 to finance energy retrofit and green investments in privately-owned, HUD assisted properties.  These funds will assist in the installation of utility-saving fixtures and retrofits. The project will also receive a debt restructuring and debt forgiveness through HUDís Mark-to-Market program with the restructured notes assigned to NHT/Enterprise as a qualified non-profit purchaser.   The City of Baltimore and State of Maryland also provided significant funding support closing the remaining project gap, including $2.95 million in HOME funds.

During the next year, Poppleton Cooperative will receive much needed substantial green repairs and improvements ensuring that very low income families have access to quality affordable homes, while furthering the trend of recent investment that is restoring the Poppleton neighborhood to its historic vibrancy.


Property at a Glance

Location: Baltimore, MD

Development Team: National Housing Trust/ Enterprise Preservation Corporation, Hampstead Development Group, and Poppleton Community Development Corporation

Total Units: 96 units will be redeveloped into 111 units

Original Financing: HUD 221(d)(3) Below Market Interest Rate Loan

Acquisition and Rehabilitation Financing Sources:
  • New Issue Bond Program
  • 4% Low Income Housing Tax Credits
  • HUD Green Retrofit Program
  • Mark-to-Market Debt Restructuring and Debt Forgiveness
  • HOME Funds
  • Other State and City Funding
  • Project-based Section 8 Contract
  • Project-based Vouchers