BALTIMORE COUNTY, Md. — Baltimore County will loan a major local developer about $6 million so the developer can keep 460 apartment units on the county's east side at affordable prices for up to 40 years.
County Executive Johnny Olszewski announced this morning that 460 units at three complexes in Parkville, White Marsh and Sparrows Point will have their rates kept affordable for decades to come.
That's more than half of the 918 total units at Springs Townhomes (off of Walther Boulevard in White Marsh), the BLVD at White Springs Apartments (also near Walther Boulevard and Rossville Boulevard in Parkville), and Townhomes in Sparrows Point.
Those complexes are all owned by MCB Real Estate, best known as the developer working to rebuild Harborplace. MCB bought all the complexes in 2022.
Under the deal, MCB will be allowed to give the county a payment in lieu of taxes for 20 years, on all 918 units. Besides the tax exemption, MCB will get a deferred loan of about $6 million, with the possibility of extending it another 20 years.
The county has a new Housing Opportunities Fund that will be used to pay the developer. The fund includes federal money from the COVID-related American Rescue Plan Act.
The developer will preserve 350 units at rates that are at 80 percent or below the area's median income; 110 units at rates that are at 60 percent or below the area's median income; and will extensively renovate the apartments and townhomes.
Olszewski is touting it as "the largest attainable housing deal in Baltimore County's history." He noted in a press release that the county has a goal of 1,000 units of affordable housing by 2028.
The county executive said in a statement that he is "thankful for our partners at MCB Real Estate and the Goldman Sachs Urban Investment Group for their investment in our residents, and believe that this innovative, market-based approach to housing attainability."
