Maryland closes financing for 150 affordable Baltimore apartments
By Staff Writer · Published 10/22/2026, 7:29:12 PM ET
More than $49.3 million in tax credits, bonds and state housing funds will support two Perkins Homes phases. The announcement gives no leasing date for the new units.
Maryland has closed financing to support construction of 150 affordable apartments in Baltimore’s Perkins Homes redevelopment, Gov. Wes Moore announced October 22.
The Department of Housing and Community Development will administer more than $49.3 million through federal low-income housing tax credits, bond financing and the state’s Rental Housing Works program. The amount describes a financing package using several tools, rather than a single state cash grant.
The investment covers phases 5A and 5B and continues the state’s work with the Housing Authority of Baltimore City. The broader Perkins-Somerset-Oldtown plan includes replacement housing and neighborhood redevelopment in East Baltimore near the Johns Hopkins Medical Campus.
McCormack Baron Salazar will lead this development phase and manage the property, according to the state. The announcement describes the new construction but does not provide its completion date, rent schedule, income limits or application window.
The state says its housing department has administered nearly $292 million for Perkins Homes and Somerset Homes during the Moore administration, using bonds, tax-credit equity and Rental Housing Works funds. That is a broader figure covering the redevelopment effort; the release does not identify it as another new award alongside the latest package.
For the completed Perkins redevelopment, the state describes a planned total of 1,346 rental units, with about 73% reserved as affordable housing. Those figures cover the full project and should not be read as the number of apartments delivered by this financing closing.
What it means
Closing financing moves these two construction phases forward, while the apartments themselves remain future housing. Residents do not have a new leasing timetable or application process in this announcement. The distinction also matters for the funding total: tax-credit financing, bonds and state program funds serve different roles, and the release does not describe the entire package as a direct cash appropriation.
Source
This State & Nation summary is based on Maryland Governor’s Office’s original release, dated 2026-10-22. The reporting and statistics above are attributed to that publication.