nmtc impact analyses looking at both the trees the...

NMTC Impact Analyses

Looking at Both the Trees

&

The Forest

Robert Lefenfeld

Managing Principal

Real Property Research Group, Inc.

NH&RA Summer Institute

August 6, 2014

The Trees - Telling the story of

individual projects

Impact studies have multiple uses beyond that of required

backup for a NMTC application

Help Developers tell the story of their project to attract

interest from CDEs

Set the framework for future analysis of post-transaction

impacts

CDEs can use impact analysis to evaluate their portfolio

Help generate local support for a project

Used by Lenders to document CRA requirements

Spectrum of Impacts For Individual Projects

Economic

Measured by change in economic output, employment and income

Fiscal

Measured by change in local government revenue and expenditures

Social

Measured by change in service delivery capacity and impact on low income population

Green

Measured by the extent to which a project meets industry standard benchmarks for Green building (LEED Certification Tiers)

Understanding Context

Insight of local context is the key to a project’s impact on its community

Project and Site Analysis

Neighborhood and Demographic Characteristics

Local and Regional Economic Conditions

Stakeholder Interviews

Analysis of local context is an “on the ground” exercise

Economic Impacts

Measured by change in economic output, employment and income

The NMTC program is a jobs program

Impacts from past performance and projected impacts

are scored in part on the jobs created or maintained, specifically for low income persons

Impacts during construction and operations are measured

separately

Temporary vs. permanent impacts

Direct, Indirect and Imputed impacts

Regional Multipliers

Regional multipliers form the basis for most economic

impact analysis

Multipliers describe the

relationship between different

sectors in an economy

An increase in output in one

sector (direct impact) increases

demand for output in other

sectors (indirect impact)

40¢

16¢

6¢

60¢

24¢

10¢

4¢

1¢3¢

$1

2¢

Initial 1 2 3 4 5

Leakage

Local Spending

Initial Impact:

Indirect Impact:

Total Impact:

$1.00

.40

.16

.06

.03

.01

$1.66The Indirect Impact

Initial Change – the Direct Impact

$1M Increase in Construction Spending

Multipliers are used to measure change

in output, income and employment

Source: US Dept of Commerce, Bureau of Economic Analysis; RIMS II I-O Model, Suburban Maryland, 2006.

Impact of $1,000,000 Increase in Construction Spending

Sector Output Income

Employment

(jobs)

Resource Extraction $13,900 $1,500 0

Construction $1,004,700 $200,500 4

Manufacturing $51,400 $6,500 0

Transporation/Trade $154,800 $33,800 1

Services $435,900 $88,500 2

TOTAL $1,660,700 $330,800 8

Regional Multipler 1.6607 0.3312 8.0945

Fiscal Impacts

Direct and indirect employment and income

impacts also generate fiscal impact

Indirect fiscal impacts are measured on a per unit or per

capita basis (jobs and population)

This analysis takes into account general fund revenue and

expenditures

Revenue from traffic tickets, user fees, business taxes, etc.

Expenditures for general gov’t, police, fire, courts, etc.

Model Annual

Revenues…

Attributable to:

Residents &

BusinessResidents Only Students Only

City of Boston FY 2014

General Fund Revenues

Net Property Taxes 1,719,480 1,719,480 - - -

Excises and Fines 216,000 216,000 - - -

Interest on Investments 500 - - - 500

Payments in Lieu/Urban Redevelopment 105,570 - - - 105,570

Misc Dept Revenue 53,590 53,590 - - -

Licenses, Penalties, Permits 49,860 49,860 - - -

Available Funds 17,310 - - - 17,310

State Aid 402,560 - 164,866 237,694 -

Budgetary Fund Balance 40,000 40,000

Total General Fund Revenue 2,604,870 2,038,930 164,866 237,694 163,380

External Grant Funds 306,871 178,955 127,915

Total Local Government Revenue ($000s) 2,911,741 2,038,930 343,822 365,609 163,380

Source: City of Boston

BUDGETED REVENUE ($000s) Total BudgetNot

Attributable

Attributable to:

Residents &

BusinessResidents Only Students Only

City of Boston FY 2014

Operating and External Fund Budgets

Mayor's Office, General Admin, Information 343,481 301,730 41,751 - -

Public Safety 479,875 479,875 - - -

Boston Public Schools 1,065,329 - 1,065,329 -

Public Works, Transportation, Environment 162,162 162,162 - - -

Public Property 50,483 27,582 22,901 - -

Human Services, Neighborhood Development 122,511 - 122,511 - -

Public Health (Hospitals) 109,272 109,272 - - -

Non-Mayoral Departments 7,139 7,139 - - -

Total Operating and External Fund Budgets 2,340,251 1,087,760 187,162 1,065,329 -

Reserves, Adjustments 77,550 - - - 77,550

Fixed Costs, inc Debt Service and Pensions 493,940 - - - 493,940

Total Local Government Expenditures 2,911,741 1,087,760 187,162 1,065,329 571,490

Source: City of Boston

BUDGETED EXPENDITURES ($000s) Total BudgetNot

Attributable

…and Annual

Expenditures

Revenue and Expenditure per Unit

Revenue per Unit Total

Residents &

Business Residents Only Students Only Not Attributable

City of Boston Unit Base 1,025,577 639,231 57,100

TOTAL LOCAL GOVERNMENT REVENUE ($000s) $ 2,911,741 $ 2,038,930 $ 343,822 $ 365,609 $ 163,380

Per Job (including Property taxes) 1,988$ 1,988

Per Job (NOT including Property taxes) 311$ 311

Per Resident (NOT including Property taxes) 849$ 311 538

Per Student 6,403$ 6,403

Expenditures per Unit Total

Residents &

Business Residents Only Students Only Not Attributable

City of Boston Unit Base 1,025,577 639,231 57,100

Total Local Government Expenditures $2,340,251 $1,087,760 $187,162 $ 1,065,329

Per Job $1,061 1,061

Per Resident $1,353 1,061 293

Per Student $18,657 18,657

Net Annual Fiscal Impact REVENUE

Direct Revenue Impact

Impact per

Unit Basis

Annual Impact /

Contribution

Property Tax see calc to City of Boston $238,527

City Revenue impact per direct job* $311 x City Direct Jobs Impact $32,271

Total Direct Revenue Impact $270,798

Indirect Revenue Impact

Impact per

Unit Basis

Annual Impact /

Contribution

City Revenue impact per indirect/induced job $1,988 x City Indirect/Induced Jobs Impact $25,767

Total Indirect Revenue Impact $25,767

Total Revenue Impact $296,565

* Not including property tax

EXPENDITURES

Direct Expenditure Impact

Impact per

Unit Basis

Annual Impact /

Contribution

City Expenditure impact per direct job 1,061 x City Direct Jobs Impact $109,885

Total Direct Expenditure Impact $109,885

Indirect Expenditure Impact

Impact per

Unit Basis

Annual Impact /

Contribution

City Expenditure impact per indirect/induced job 1,061 x City Indirect/Induced Jobs Impact $13,747

Total Indirect Expenditure Impact $13,747

Total Expenditure Impact $123,632

Total Surplus / (Deficit) to Local Government $172,933

Social Impacts

Document community context and need for additional capacity

Charter school project > Document poor performance at area schools

Job training center > Document high unemployment, underemployment or ongoing structure changes in the local economy

Community center > Document a special needs population and/or lack of facilities

Grocery Store > Document needed neighborhood shopping in :”Food Desert”

Distribution of jobs Generated by Industry

Employment by Skill Level (Low Skilled Jobs)

Green Impact

Measured by the extent to which a project

meets Green building industry benchmarks Site Selection and Site Design

Water Efficiency

Energy Efficiency

Reuse and Recycling of Materials

Indoor Air Quality

Innovative Design

Green Impact

Site design impact on surrounding neighborhood

Development density and community connectivity

Brownfield redevelopment

Support for alternate modes of transportation

Open space preservation

Storm water management

Heat-island effect mitigation

Reduced light pollution

The Forest - Understanding the

Impact of Multiple Investments Impact of 9 New Market Tax Credit projects in

Baltimore City

Impact of 27 investments in San Francisco including:

New Market Tax Credits,

Low Income Housing Tax Credits,

Historic Tax Credits, and

debt for both residential and non-residential projects

Baltimore lost one third of its

population since 1960… 8

59

,10

0

94

9,7

08

93

9,0

24

90

5,7

59

78

6,7

75

73

6,0

14

65

1,1

54

62

0,9

61

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1940 1950 1960 1970 1980 1990 2000 2010

Po

pu

lati

on

and is dominated by low income neighborhoods….

Nine NMTC Investments in Baltimore City

Downtown: • Hippodrome Theater

(2003); • Tremont Grand/Masonic

Temple (2004);

• Abell Building (2006); • Everyman Theater (2011)

East Baltimore: • East Baltimore

Development Initiative

(EBDI) I (2005) • EBDI II (2007)

• American Brewery (2007)

Hampden-Woodberry: • Clipper Mill (2005)

• Mount Vernon Mill (2012)

BAML NMTC

projects in

Baltimore include:

Demographic Context

Population

2000 Population

2010 Population

2012 Population

2017 Population

Population Change 2000-2010

Total Change 2,559 190 -6,239 -30,193 150,260

Annual Change # / % 256 1.5% 19 0.1% -624 -2.5% -3,019 -0.5% 15,026 0.6%


Total Change 558 267 706 2,102 19,738

Annual Change # / % 279 1.5% 134 0.9% 353 1.6% 1,051 0.2% 9,869 0.4%


Total Change 667 66 394 -5,115 61,733

Annual Change # / % 133 0.7% 13 0.1% 79 0.3% -1,023 -0.2% 12,347 0.5%

2012 Population Density (persons/acre)

Households

2000 Households

2010 Households

2012 Households

2017 Households

Household Change 2000-2010

Total Change 2,273 75 -1,711 -8,093 61,993

Annual Change # / % 227 2.2% 8 0.1% -171 -2.0% -809 -0.3% 6,199 0.6%


Total Change 381 129 193 881 7,524

Annual Change # / % 76 1.6% 26 0.9% 39 1.3% 176 0.2% 1,505 0.4%


Total Change 449 94 142 -1,113 24,785

Annual Change # / % 90 0.7% 19 0.3% 28 0.4% -223 -0.1% 4,957 0.5%

2012 Household Density (hhldss/acre)

2012 Average Household Size

249,903 1,020,74911,683 7,208 7,558

19.0 12.9 23.4

14,912 22,079

19,991

22,785

9,410 7,133 9,269

Downtown

19,324

15,245 23,179

East Baltimore

15,179

Hampden-

Woodberry

16,207 14,722 28,318

18,766

651,154

Baltimore

Region

2,512,431

617,948

Baltimore City

623,063

2,662,691620,961

2.38

0.7

2.54

2,682,429

1,028,273

1.9

1,053,058

2,744,162

12.0

250,784

249,671

257,996 958,756

4.8

1.51 2.92

7,337

2.01

6.2 8.0

12,513 7,430 7,893

11.9

12,064 7,751

Household and

income Characteristics

Household Tenure (2000)

Total Households 9,410 7,133 9,269 257,996 958,756

% Renters 7,926 84.2% 3,211 45.0% 4,783 51.6% 128,127 49.7% 319,712 33.3%

% Owners 1,484 15.8% 3,922 55.0% 4,486 48.4% 129,869 50.3% 639,044 66.7%

Household Tenure (2012)

Total Households 12,064 7,337 7,751 250,784 1,028,273

% Renters 10,234 84.8% 3,227 44.0% 4,863 62.7% 132,574 52.9% 347,217 33.8%

% Owners 1,830 15.2% 4,109 56.0% 2,888 37.3% 118,210 47.1% 681,056 66.2%Sources: US Census Bureau; ESRI; RPRG, Inc.

DowntownHampden-

WoodberryEast Baltimore Baltimore City Baltimore Region

84%

45%52% 50%

33%

85%

44%

63%53%

34%

0%

20%

40%

60%

80%

100%

Downtown Hampden-Woodberry East Baltimore Baltimore City Baltimore Region

Re

nte

r %

Renters as % of all Households 2000

2012

Household Income (2000)

Total Households 9,410 7,133 9,269 257,996 958,756

% < $25K 4,527 48.1% 2,444 34.3% 5,315 57.3% 110,503 42.8% 226,121 23.6%

% $25 - $50K 2,346 24.9% 2,480 34.8% 2,474 26.7% 75,454 29.2% 255,050 26.6%

% $50 - $100K 1,723 18.3% 1,796 25.2% 1,241 13.4% 55,672 21.6% 325,258 33.9%

% $100K > 813 8.6% 413 5.8% 239 2.6% 16,367 6.3% 152,327 15.9%

2000 Median Income (current dollars) $26,579 $34,626 $21,275 $30,203 $49,818

2000 Median Income (2012 dollars) $35,718 $46,532 $28,589 $40,587 $66,947

Household Income (2012)

Total Households 12,064 7,337 7,751 250,784 1,028,273

% < $25K 4,684 38.8% 1,729 23.6% 3,616 46.7% 82,476 32.9% 165,623 16.1%

% $25 - $50K 2,912 24.1% 2,140 29.2% 2,336 30.1% 66,220 26.4% 206,027 20.0%

% $50 - $100K 2,693 22.3% 2,468 33.6% 1,310 16.9% 67,907 27.1% 339,559 33.0%

% $100K > 1,775 14.7% 999 13.6% 489 6.3% 34,180 13.6% 317,064 30.8%

2012 Median Income $35,707 $47,672 $27,507 $40,732 $68,929

Change in Median Income (2000-2012) 34.3% 37.7% 29.3% 34.9% 38.4%

Inflation Adjusted Change 0.0% 2.4% -3.8% 0.4% 3.0%

Sources: US Census Bureau; The Nielsen Company; ESRI; RPRG, Inc.

DowntownHampden-

WoodberryEast Baltimore Baltimore City Baltimore Region

$35,718

$46,532

$28,589

$40,587

$66,947

$35,707

$47,672

$27,507

$40,732

$68,929

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000


Inco

me

($)

2000 and 2012 Median Household Income 2000

2012

Economic Vitality

Race/Ethnicity 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change

White 53.5% 58.5% 86.9% 79.7% 2.3% 1.6% 31.0% 28.0% 66.0% 60.5%

Black 35.6% 23.4% 6.2% 8.7% 94.9% 95.1% 63.8% 64.0% 27.4% 28.6%

Hispanic 2.0% 3.5% 2.0% 3.9% 0.7% 1.7% 1.7% 3.7% 2.0% 4.1%

Other Minority 8.9% 14.5% 5.0% 7.7% 2.0% 1.6% 3.4% 4.3% 4.7% 6.7%Simpson Diversity Index 57.9% 58.0% ↑ 0.2% 23.9% 35.0% ↑ 46.6% 9.7% 9.5% ↓ -2.5% 49.5% 50.9% ↑ 2.8% 48.7% 54.6% ↑ 11.9%

Educational Attainment 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change

% Without HS diploma or equiv. 20.9% 11.1% 32.1% 17.7% 46.5% 41.2% 31.6% 22.6% 18.1% 12.7%

% W/ HS diploma or equiv. 14.6% 12.4% 26.4% 20.5% 33.6% 35.9% 28.2% 29.4% 27.1% 26.7%

% W/ some college, no degree 14.9% 8.9% 11.8% 13.4% 13.0% 13.7% 17.6% 18.2% 20.1% 19.6%

% W/ AA or BA 27.8% 36.4% 18.4% 25.2% 5.7% 6.3% 13.9% 17.9% 22.7% 25.9%

% W/ post-graduate degree 21.9% 31.2% 11.3% 23.1% 1.3% 2.8% 8.7% 11.8% 11.9% 15.0%% with HS diploma or better 79.1% 88.9% ↑ 12.3% 67.9% 82.3% ↑ 21.2% 53.5% 58.8% ↑ 9.8% 68.4% 77.4% ↑ 13.2% 81.9% 87.3% ↑ 6.6%

Vacancy 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change

Residential Vacancy Rate 11.3% 15.6% ↑ 37.8% 8.3% 10.2% ↑ 24.1% 26.8% 29.9% ↑ 11.2% 14.1% 15.8% ↑ 11.5% 7.0% 8.2% ↑ 16.7%Poverty & Labor Force 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change 2000 2010* %Change

Poverty Rate 27.2% 27.4% ↑ 0.8% 11.8% 12.3% ↑ 4.1% 36.7% 29.9% ↓ -18.7% 22.9% 21.3% ↓ -7.1% 9.9% 9.8% ↓ -0.6%Unemployment Rate 6.6% 5.7% ↓ -13.2% 6.1% 5.2% ↓ -14.8% 21.7% 20.7% ↓ -4.4% 10.7% 11.5% ↑ 7.4% 5.0% 6.6% ↑ 31.6%% Pop 16+ in Labor Force 59.5% 64.3% ↑ 8.1% 63.4% 70.9% ↑ 11.8% 46.5% 49.9% ↑ 7.3% 56.6% 62.2% ↑ 9.9% 66.4% 68.1% ↑ 2.6%

* 2010 figures are from the 5yr 2010 American Community Survey, which represents the average result over a five-year period from 2006 through 2010.

Sources: US Census Bureau - 2000 Census; 2010 Census; 2006-2010 American Community Survey; Local Employment Dynamics


House Price

Trends

Compute Economic Impact

Project Description

Sponsor MD Stadium Authority WC Smith PMC Properties Everyman Theater EBDI Humanim Jonathan Rose Companies Terranova Ventures

Non Profit/For Profit Government For Profit For Profit Non Profit Non Profit Non Profit For Profit For Profit

Project Type Historic Rehab Historic Rehab Historic Rehab Historic Rehab Programmatic Support Historic Rehab Historic Rehab Historic Rehab

Use Performing Arts Banquet Space Market Rate Housing Performing Arts Office Mixed-Use/Office Mixed-Use/HousingProject Location

Neighborhood Downtown Downtown Downtown Downtown East Baltimore East Baltimore Hampden-Woodberry Hampden-Woodberry

Census Tract Census Tract 401 Census Tract 401 Census Tract 401 Census Tract 401 Census Tract 704 Census Tract 802 Census Tract 1308.06 Census Tract 1306

Address 12 North Eutaw St 225 North Charles St 1 South Eutaw St 315 West Fayettete St 1731 E Chase St 1700 North Gay St 2000 Clipper Park Rd 3000 Falls RdBank of America Investment Detail

Date of Initial Investment 2003 2004 2006 2011 2005 / 2007 2007 2005 2012

QLICI Amount $9.6 million $6.6 million $1.3 million $16.0 million $33.5 million $16.7 million $5.0 million $27.1 million $115.7 million

Total Investment Amount $9.6 million $14.4 million $1.5 million $12.1 million $38.3 million $9.4 million $7.9 million $36.0 million $129.1 million

NMTC Equity $1.2 million $1.3 million $0.3 million $4.9 million $9.5 million $6.0 million $1.2 million $7.5 million $31.9 million

HTC Equity $8.4 million $3.7 million $1.2 million $5.3 million $3.4 million $6.7 million $7.3 million $36.0 million

Other Investments $9.4 million $1.9 million $28.8 million $21.2 million $61.3 million

Total Project Costs $70.7 million $24.3 million $8.6 million $21.7 million No Construction $21.3 million $50.0 million $43.5 million $240.2 million

Acquistion Costs $4.0 million $0.4 million $1.3 million $2.0 million $0.1 million $1.2 million $3.6 million $12.6 million

Hard Costs $43.1 million $17.4 million $6.5 million $11.6 million $13.7 million $33.7 million $25.8 million $151.8 million

Soft Costs $23.7 million $6.6 million $2.2 million $8.1 million $7.5 million $15.1 million $14.1 million $77.2 millionConstruction Period Impacts (One Time)

Direct Impacts (Source) 1/2005 Projections CY 2011 Impact Rept 4/2008 Cost Cert Projections 6/2009 Cost Cert 3/2007 Cost Cert Projections

Economic Output $82.4 million $32.0 million $6.9 million $14.6 million No $22.5 million $56.3 million $29.4 million $244.1 million

FTE Employment 348 201 46 109 Construction 118 273 196 1,291

FTE Emp for Low Skilled 293 176 40 91 Activity 99 235 169 1,103

Employee Wages $21.7 million $10.4 million $2.1 million $5.1 million $6.5 million $15.1 million $8.8 million $69.7 million

Total Impacts (including indirect and induced)

Economic Output $120.3 million $48.0 million $10.1 million $22.5 million -- $33.2 million $82.2 million $43.3 million $359.7 million

FTE Employment 587 300 67 159 -- 185 435 287 2,020

FTE Emp for Low Skilled 464 247 56 127 -- 148 354 238 1,634

Employee Wages $32.5 million $14.9 million $3.0 million $7.3 million -- $9.5 million $22.4 million $12.8 million $102.4 millionOperating Period Impacts (Current Annual)

Direct Impacts (Source) FY 2010 Impact Rept QALICB Report Current Emp Sponsor Projections Current Emp Current Emp Rent Roll (imputed) Projections (imputed)

Economic Output $7.2 million $9.8 million $3.5 million $2.1 million $2.2 million $12.4 million $55.7 million $23.1 million $116.0 million

FTE Employment 168 103 10 48 31 172 240 151 923

FTE Emp for Low Skilled 154 102 7 39 19 108 159 81 669

Employee Wages na $3.3 million $0.6 million $1.1 million $1.2 million $6.6 million $11.0 million $6.8 million $30.6 million

Total Impacts (including indirect and induced)

Economic Output $15.7 million $14.8 million $7.1 million $3.6 million $3.7 million $20.4 million $87.7 million $42.4 million $195.4 million

FTE Employment 237 132 31 59 40 221 431 267 1,418

FTE Emp for Low Skilled 209 124 23 48 26 145 300 167 1,042

Employee Wages na $4.6 million $1.7 million $1.5 million $1.6 million $8.8 million $20.3 million $12.4 million $50.9 million

Combined TotalAmerican BreweryEast Baltimore

Development I and II

Masonic Temple

Historic RenovationHippodrome Theater Abell Building Everyman Theater Clipper Mill Mount Vernon Mill

Bridging the West Side Gap Once a vital downtown shopping district, Baltimore’s historic West

Side suffered from negative perceptions and empty storefronts,

created a void between an expanding campus at the University of

Maryland and Baltimore’s Inner Harbor.

Hippodrome Theatre - Rehabilitation of Theatre which now brings nearly 200,000 people to more than 200 events each year.

Creating 30 apartments and 3,000 SF of retail Abell Building in a

long vacant warehouse across the street from the Hippodrome,

the Everyman Theater converting a vacant movie house into the

new home for the Baltimore theater company.

Bridging the West Side Gap- Results

With NMTC and other private investments,

Downtown census tract grew by 142%, increasing in

population from 1,658 in 2000 to 4,006 in 2010;

the poverty rate in the area fell from 42 percent to 26

percent over the same period.

Building a New East Baltimore

Although home of the highly regarded Johns Hopkins

Hospital, much of East Baltimore as of the 2000 Census

was in economic distress:

unemployment rates were nearly twice the national

average,

30 percent of the housing stock was vacant,

half of the residents were living in poverty.

Building a New East Baltimore- Results

As of 2012,

The East Baltimore Development, Inc. (EBDI), addressed 750 families affected by redevelopment of the area.

20 percent of construction hires have been from the immediate

local area. The agency had placed 3,000 people in various

positions, including jobs associated with the construction effort

as well as permanent positions.

The EBDI project has resulted in 280,000 SF of

research/development space, 18,000 SF of retail, and 546 new or

rehabbed residential units, a new public school for 540 students.

The rehabilitation of the derelict-but-distinctive American

Brewery factory just north of EBDI, funded in part with NMTC and HTC equity investments, houses 200 employees of Humanim.

Expanding Stability in Hampden-Woodberry

BAML’s investments expanded an already stable, working class

community into the emerging areas surrounding it.

The Clipper Mill project resurrected of a burned-out shell of a 19th Century industrial complex. A $7.9 million in NMTC and

historic equity, leveraged the $50 million necessary to complete

the project. The project created more than 100,000 square feet

of leasable square footage, 36 apartment units and an

estimated 221 direct FTE jobs.

Mt. Vernon Mill, a $43.5 million project, will create 50,000 SF of

office space, 7,400 SF of restaurant space and 93 apartment

units (of which 20% are affordable).

Expanding Stability in Hampden-Woodberry –

Results

The census tract in which Clipper Mill is located

grew by 29% since the 2000 Census and,

The tract is no longer a Low-Income Community

under the NMTC program.

Robert Lefenfeld

Managing Principal

Real Property Research Group, Inc.

410.772.1004

[email protected]

Building a New East Baltimore Although home of the highly regarded Johns Hopkins Hospital, much of East

Baltimore as of the 2000 Census was in economic distress:

unemployment rates were nearly twice the national average,

30 percent of the housing stock was vacant,

half of the residents were living in poverty.

The East Baltimore Development, Inc. (EBDI), addressed 750 families affected by

redevelopment of the Since the project began, 20 percent of construction hires have

been from the immediate local area. As of 2012, the agency has placed 3,000

people in various positions, including jobs associated with the construction effort as

well as permanent positions.

The EBDI project has resulted in 280,000 SF of research/development space, 18,000 SF

of retail, and 546 new or rehabbed residential units, a new public school for 540

students.

The rehabilitation of the derelict-but-distinctive American Brewery factory just north of

EBDI, funded in part with $9.4 million of BAML NMTC and HTC equity investments,

houses 200 employees of Humanim.

Bridging the West Side Gap Once a vital downtown shopping district, Baltimore’s historic West Side

suffered from negative perceptions and empty storefronts, created a void between an expanding campus at the University of Maryland and Baltimore’s Inner Harbor.

Hippodrome Theatre - Rehabilitation of Theatre which now brings nearly 200,000 people to more than 200 events each year.

Creating 30 apartments and 3,000 SF of retail Abell Building in a long vacant warehouse across the street from the Hippodrome,

the Everyman Theater converting a vacant movie house into the new home for the Baltimore theater company.

With these and other private investments,

Downtown census tract grew by 142%, increasing in population from 1,658 in 2000 to 4,006 in 2010;

the poverty rate in the area fell from 42 percent to 26 percent over the same period.

Expanding Stability in Hampden-Woodberry BAML’s investments expanded an already stable, working class community

into the emerging areas surrounding it.

The Clipper Mill project resurrected of a burned-out shell of a 19th Century

industrial complex. A $7.9 million in NMTC and historic equity, leveraged the $50

million necessary to complete the project. The project created more than

100,000 square feet of leasable square footage, 36 apartment units and an

estimated 221 direct FTE jobs.

Mt. Vernon Mill, a $43.5 million project, will create 50,000 SF of office space, 7,400

SF of restaurant space and 93 apartment units (of which 20% are affordable).

The census tract in which Clipper Mill is located grew by 29% since the 2000

Census and,

The tract is no longer a Low-Income Community under the NMTC program.

nmtc impact analyses looking at both the trees the...

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