Baltimore County reaches largest attainable housing agreement in its history

Baltimore County Executive John Olszewski Jr., in partnership with MCB Real Estate and the Urban Investment Group within Goldman Sachs Asset Management, Friday announced the preservation of 460 housing units of attainable housing at three multi-family properties in Baltimore County in Nottingham, Parkville and Sparrows Point for up to 40 years.

The largest attainable housing deal in Baltimore County history, this fulfills one of Olszewski’s priorities to ensure that people of all socio-economic backgrounds have access to a home.

Under the terms of the deal, MCB will preserve more than half of the 918 total units in three multi-family communities in Nottingham, Parkville and Sparrows Point at affordable rates for up to 40 years, helping provide safe and modern units for working families while also protecting residents for decades.

MCB a privately-held institutional investment management firm headquartered in Baltimore, acquired the 258-unit Springs Townhomes in Parkville, the 459-unit BLVD at White Springs Apartments in Nottingham and the 201-unit Beacon Pointe Apartments and Townhomes in Sparrows Point in July of 2022.

Under the terms of the deal, MCB will:

• Preserve 350 units, in a variety of bedroom sizes, at rates that are at 80 percent or below Area Median Income (AMI) for up to 40 years
• Preserve 110 units, in a variety of bedroom sizes, at rates that are at 60 percent or below AMI for up to 40 years
• Undertake an extensive renovation plan intended to improve the quality of life for the residents while preserving affordability.

To support these efforts, MCB will initially receive a 20-year PILOT (Payment In Lieu Of Taxes) on all 918 units for annual real estate taxes and a deferred loan of approximately $6 million, with the possibility of an additional 20-year extension. The loan will be executed through the County’s new Housing Opportunities Fund, which is designed to incentivize the ongoing development, rehabilitation, and preservation of affordable, accessible, and attainable housing across the county. The Fund includes federal dollars from the American Rescue Plan Act.

This deal is also expected to accelerate Baltimore County’s progress in meeting attainable housing goals as it is approximately halfway to the target of 1,000 units by private developers by 2028. This agreement represents an 11% increase towards meeting that obligation.