Project Objectives:

Amity Ramble Apartments is a 46-unit, scattered site project-based Section 8 development located on South Amity Street in a central and developing Baltimore neighborhood. Hudson Valley Property Group acquired the development in 2018 with the goal of preserving the housing units as low-income housing for Baltimore families. The ideal outcome for seller and residents was a transaction that would not be contingent on tax credit financing and still allow for immediate capital needs to be addressed at the site.

HVPG Execution:

Nearly $700K was invested into the building in capital repairs ($15K/unit). HVPG obtained a market based rent increase to support the feasibility of the project.

Financing and Subsidy:

The project was financed by a Fannie Mae mortgage through Prudential. HVPG secured a new 20-year Section 8 HAP contract to ensure the long-term affordability of the property.

Results:

• Long-term affordability preserved for decades to come; secured by issuance of a new 20-year project-based HAP contract issued by HUD
• Additional rental subsidy secured through mark-up-to-market (tenant rents remained unchanged). Scope of rehab work includes:
  • Power washing of buildings, window replacement, upgraded and increase security lighting
  • Individual unit repairs
  • Critically needed repairs to fire escapes
  • Installation of water conversation plumbing fixtures and hardware & new LED lighting