Maryland Allocates $56M in Emergency Housing Loans; Presbyterian Home Hires MacKenzie to Sell 138-Acre Site
- Oct 14, 2011
Maryland Department of Housing and Community Development Secretary Raymond A. Skinner announced on October 3 that Maryland’s housing department was successful in meeting the September 30 deadline to close on $56 million in federally backed mortgage assistance loans. The deadline marked the conclusion of the state’s Emergency Mortgage Assistance Program (EMA).
The program was designed to help homeowners facing foreclosure due to job loss or a decrease in wages, including those who lost income due to illness. The $56 million in loan funds were used to assist more than 1,400 families, 300 more than estimated at the start of the program.
In April, the state of Maryland received $40 million from HUD to be distributed through its EMA program. Because of the progress being made by DHCD in processing the loans, HUD allocated additional funds. Maryland was one of only two states to receive additional funding. The state risked forfeiting the money, had it not met the September 30 deadline.
In other real estate news, the Presbyterian Home of Maryland has hired MacKenzie Commercial Real Estate Services to sell its 138-acre undeveloped property in Harford County, Maryland. The site is located off Interstate 95 and near Ripken Stadium in Aberdeen.
In March, Presbyterian Home’s board of directors voted to find buyers for the 138-acre property, after the nonprofit canceled its plans to build a $125 million continuing care retirement community. The decision not to build the facility came when legislation that would have granted the project a 100-percent property tax break for up to 15 years on both the development’s communal facilities and for-sale condominium units was pulled in the Maryland General Assembly.
Its close proximity to the Aberdeen Proving Grounds—and the fact that it is the last and largest developable parcel along the I-95 Corridor—make the property ideal for the young workforce that is growing in the area. MacKenzie said the 138 acres are best suited for residential and retail opportunities.
MacKenzie’s Thomas L. Fidler Jr. and F. Joseph Bradley III are handling the sale. According to Presbyterian Home, efforts are under way to identify a new site within Harford County for the continuing care project.