$500,000 for a High-Quality, Affordable-Housing Project
Client: Moses G. Parker
Client Location: Baltimore, MD
CDFI: Baltimore Community Lending (BCL)
CDFI Service Area: MD
Financing
A word-of-mouth referral brought Moses G. Parker to Baltimore Community Lending (BCL) in 2012 for financial help in rehabilitating an eight-unit apartment building in the historic neighborhood of Reservoir Hill.
The result: the $500,000 loan he needed.
Moses had sought traditional financing and been turned down. Because the project met affordable-housing guidelines, however― for households with incomes of less than 80 percent of the area median―he qualified with BCL.
Moses, a former Bethlehem Steel worker, was inspired to get into real estate development by a piece of advice from his grandmother, “They won’t be making anymore land, so you’d best invest in it.”
In 1985 he began buying and rehabilitating single-family properties for low-and moderate-income people, and bought the Reservoir Hill property in 2006.
He said he is driven to build with quality and cost in mind: “I like to create housing that I would live in — livable housing that is affordable.”