Back to the drawing board: Luxury project goes affordable
Now comes the news that a luxury condo project planned for Baltimore's west side is being reimagined as affordable "work force" housing.
Lorraine Mirabella reports that Oak Street Developers has revised its plans after the recession -- and financing difficulties -- kept construction from starting on the proposed "M on Madison" condos at North Howard and Madison streets.
It's not as stunning a turn as an already built condo high-rise with penthouses and rooftop terraces getting marketed to residents with decidedly unluxury-sized bank accounts, but I thought it worth noting.
Mirabella reports that the developer "plans to write down the cost of the project with the help of state low-income housing tax credits." That will put restrictions on the target audience.
According to the state Department of Housing and Community Development, projects getting those tax credits "must elect to set aside, at a minimum, either 20% of the housing units in the project for households with incomes of 50% or less of the area median gross income, or 40% of the housing units in the project for households with incomes of 60% or less of the area median gross income." (Sixty percent of median income is about $40,000 for a two-person household, according to the state's calculation.)
What sort of housing -- price range and type -- would you like to see a builder taking on?