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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%
Population Change 2010-2012
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%
Population Change 2012-2017
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%
Household Change 2010-2012
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%
Household Change 2012-2017
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
$80,000
Downtown Hampden-Woodberry East Baltimore Baltimore City Baltimore Region
Inco
me
($)
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
Downtown Hampden-Woodberry East Baltimore Baltimore City Baltimore Region
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
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.