DOF Partners With Remington Properties

success-stories-remington

Plans To Develop Affordable Housing In City of Baltimore, MD

In 2014, DOF provided a $120,000 loan and in 2015 a $750,000 loan to Remington Accessible Housing (RAH), a for-profit LLC, founded in 2013. The purpose of these loans is to provide mini-perm financing for as many as eight single-family residences in Baltimore County, MD.

RAH has an agreement with the Baltimore County Housing Authority and the Baltimore County Planning Department to create ADA compliant homes for tenants containing a person with a disability as a member of the household. The Planning Department has a program of awarding HUD grant funds to be used to rehabilitate the property and complete ADA related upgrades.

RAH will continue to develop properties in partnership with the Baltimore County Housing Authority, which has made public commitments to develop at least 1,000 ADA compliant, single-family units in the next ten years, and is looking to RAH to facilitate a significant portion of that work. DOF expects to be RAHs financing partner for this work, with several more lending opportunities expected this year. Conversations with both RAH and a Baltimore County representative support this view.