The project will create 303 new workforce housing units in a former downtown hotel.
A former hotel in downtown Baltimore is being turned into affordable housing, reports Donna Kimura for Affordable Housing Finance. The project, which will create 303 units of workforce housing, is being funded through the Opportunity Zone program, a federal initiative that encourages development in struggling communities by providing incentives to investors.
The building, originally built as apartments in the 1960s, later became a hotel that shuttered during the Covid-19 pandemic. “The development is led by GoodHomes, a New York City-based firm that specializes in distressed hotel-to-workforce housing conversion projects.”
According to Kimura, “The development is notable because it embraces the idea of repurposing a property ‘that had run out of its use’ and turning into a new residential community, says Nihar Sait, managing director at Arctaris, adding that the firm is also exploring office-to-residential opportunities.”
FULL STORY: Former Baltimore Hotel to Become Workforce Housing
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