Habitat America, Osprey Property Company and Bolton Properties are pleased to announce the Grand Opening of the newly-renovated Bay Country Apartments, formerly Cambridge Park Apartments in Cambridge, MD, and the dedication of the New Beginnings Family Center on Thursday, November 13 from 3:00 to 5:00 pm. The guest speaker will be Victor L. Hoskins, Secretary of the Community Development Association.
The $13 million renovation of Bay Country Apartments includes improvements of all 144 units at approximately $50,000 per unit and the construction of a 6,600 square foot Resident Services Center with three classrooms, computer lab, mini gym, laundry and will house the New Beginnings Youth and Family Center. Apartment improvements include painting, replacing windows and doors and renovating kitchens and bathrooms. Exterior improvements include replacing dark and dangerous stairwells with attractive stairtowers, removing a smaller building to eliminate a troublesome alleyway, and the addition of landscaping throughout the community.
The 144 unit apartment community was financed with $1.1 million in federal low-income housing tax credits; $8.4 million in equity financing by Related Capital Corp.; and $2.4 million in debt financing from Mercantile Safe Deposit & Trust Co., and $1 million from a HUD Grant and other sources. Federal and state tax credits and grants are awarded based on aggressive social services to address community deficiencies such as unemployment, drug abuse, domestic violence, crime and unsupervised children. New Beginnings Youth and Family Center leverages community resources with on-site programs to deliver supportive services to family, with a special emphasis on youth. The organization works with apartment management companies to keep them free from drugs, violence and crime. It is financially supported by grant and foundation money and employs experienced social services staff member and volunteers.
New Beginnings provides mentoring, tutoring and after-school programs for at-risk youth within the apartment community and nearby low-income neighborhoods. The maximum award of $50,000 in Maryland tax credits was granted to support operating, staffing and development and implementation costs for programs serving children and families living in affordable housing. Activities focus on crime prevention, social skills and character building, and academics. The Center has established partnerships with local schools, Boys and Girls Club, 4-H Club, the local YMCA, the police department and the Character Counts! program. Parents receive instruction on parenting skills, job training, computer training, health services and the availability of faith-based services. Bay Country has seen a 75% reduction in crime, without any extra police or security.
Osprey Property Company LLC
Bolton Properties Inc.
D’Aleo & Associates, LLC
Hamel Builders, Inc.
Related Capital Corp.
Mercantile Safe Deposit &Trust Co.
Habitat America LLC