St. Ambrose Housing Aid Center
Project: Aigburth Vale Apartments
Multifamily Bridge Loan
Counted as part of the units of another loan
St. Ambrose Housing Aid Center, a Baltimore, Maryland, nonprofit, received a $2.1 million loan from Community Housing Capital to support the recapitalization and preservation of Aigburth Vale, a senior, affordable, multifamily project in Towson, Maryland. Situated in 4-story elevator buildings, the property contains 70 one-bedroom units available to senior residents with incomes ranging from 10% to 60% of area median income.
Aigburth Vale was originally developed with LIHTC and HOME monies. The 15-year tax credit compliance period ended in December 2015 and St. Ambrose had the first option to purchase the property. The property was in need of a moderate renovation estimated to cost $1.2 million and paying off the first mortgage and buying out the Co-General Partner made up the balance of CHC’s $2.1 million loan to St. Ambrose. The renovation work will include updating the units, replacing and or upgrading common areas and major systems, and adding accessibility improvements. The renovation and recapitalization will enable the property to continue to provide high quality affordable senior housing in the area.
St. Ambrose is the oldest housing provider in Baltimore, Maryland, with a broad base of support from individuals, local corporations and financial institutions, local and national foundations, the City of Baltimore, and the State of Maryland. Its mission is to create and maintain equal housing opportunities for low- and moderate-income people, primarily in Baltimore City, and to encourage and support strong and diverse neighborhoods. Its activities impact 3,000 low- and moderate-income families each year with services ranging from homeownership to foreclosure prevention and rental services to housing development and legal services.