One of five NeighborWorks organizations selected by CHC for its first NMTC award was Neighborhood Housing Services of Baltimore (NHS). NHS will use the allocation to build 30 new homes in an area of sweeping economic development and revitalization.
NHS targeted a 7-block area to build 100 affordable homes within five years. "It's almost impossible to scale transformative work that also requires subsidy," said Dan Ellis, Executive Director & CEO of NHS Baltimore. "We use the limited subsidies we receive to get past the tipping point where we can now do the houses in this neighborhood without it. Then we move on to the next neighborhood where we do some work, but now the private market begins to do its work. That's what we're trying to do, stimulate the market to work for quality, affordable homeownership. With the help of Community Housing Capital's NMTC allocation, we believe we can get it done within three years."
"Homeownership is the greatest wealth-building tool unless you're Black in Baltimore," said Dan Ellis, Executive Director at Neighborhood Housing Services of Baltimore. "Because in Black neighborhoods in Baltimore, properties don't appreciate the way they do in non-minority neighborhoods. Community Housing Capital's investment enables us to build wealth in a community where there has been none."
Created on 28 March 2022