It’s about time the Black community got the affordable housing and spaces needed for us to grow and flourish!
In a new announcement made in a press release, The Woodforest CEI-Boulos Opportunity fund shared the details for its $1.1 million equity investment in the Zero Energy North Avenue Affordable Housing project currently located in the “Black Arts District” within West Baltimore’s Penn North neighborhood.
The high-impact commercial real estate Opportunity Zone fund was created by Woodforest National Bank and CEI-Boulos Capital Management to change the narrative when it comes to affordable housing. Thanks to the investment, the project to rehabilitate abandoned, historic townhouses will become the first multifamily, zero energy development in the city of Baltimore. It will also be the first mixed-use, zero energy development in the state of Maryland.
“This project is a perfect example of using the OZ incentive and CRA investment to help make the vision community members had for the neighborhood a reality,” said Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank in an official press release. “Our fund prioritizes investments that intentionally engage local communities and provide capital to elevate underinvested assets to their full potential. The Zero Energy North Avenue Affordable Housing project will have tremendous social and environmental benefits, making it an exemplary community impact investment.”
After completion, there will be 20 units of affordable housing along with four commercial storefronts that will be available to lease for Black-owned businesses and neighborhood nonprofits, which includes a childcare service provider. The ultimate goal of the project is to secure both living and employment needs under one roof by providing the first right of refusal to owners and staff of the ground-level commercial spaces.
At the forefront of environmentally sustainable building practices, this initiative will include solar panels and super-insulated walls allowing the property to produce just as much energy as it consumes. In turn, this will reduce energy costs and make the housing units affordable all across the board.
Click here to learn more about Baltimore’s First Zero Energy Multifamily Development.