* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmember Mitchell
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
Title
Basilica Place - Let's Help Provide Some Assistance
FOR the purpose of asking the honorable members of the Baltimore City Delegation to the Maryland General Assembly to sponsor legislation providing funds for Basilica Place in order to refinance and maintain this 200-unit, senior high rise that has been an important anchor in the Mount Vernon community, as well as a beacon of hope for many of Baltimore's most impoverished seniors.
Body
Recitals
Recently, Catholic Charities has invested nearly $650,000 to upgrade the elevators, replace the fire alarm system, and do many roof repairs. Most of these repairs were done via funds from various reserves as well as a $200,000 grant from HUD. Estimates show that the building will require between $1.5 and $2 million for repairs and improvements over the next 10 years.
Fortunately, it is now possible to restructure a HUD 202 project and refinance an existing debt in order to allow equity investors to be part of the transaction. Given the need of current as well as projected future repairs, this project needs to be recapitalized in order to ensure that it continues to be an affordable housing resource for seniors in Baltimore City.
Without appropriate funding, Basilica Place will no longer be able to provide seniors the affordable housing and services that it has provided f...
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