Two Landmark Projects Bring New Momentum to Baltimore
BALTIMORE, July 31, 2012 /PRNewswire/ — The Reinvestment Fund (TRF) is financing two major education projects in Baltimore – the Maryland Institute College of Art’s (MICA) Studio Center and Elmer A. Henderson: A Johns Hopkins Partnership School (Henderson-Hopkins). Both projects signal new momentum in challenged neighborhoods. TRF provided New Markets Tax Credits totaling over $20 million for both projects, which will bring over 200 jobs and serve over 700 students.
“These projects are symbolic of TRF’s long-term commitment to Baltimore,” explained Don Hinkle-Brown, TRF’s President and CEO. “In the past 5 years, we have invested $50 million in these neighborhoods through our lending and real estate development efforts. The MICA Studio Center and the Henderson-Hopkins school are more than just catalysts for economic development – they are investments in creating world-class educational opportunities and building vibrant communities in Baltimore.”
The MICA Studio Center, which houses graduate programs, is located in a repurposed 100-year-old former garment factory in the Station North area. This renovation will support MICA’s plan to expand its graduate programs by adding studio and gallery space, an auditorium and a cafe.
“The Station North Arts and Entertainment District is a growing hub for the arts in Baltimore, and our investment in this facility is a testament to our continued commitment to this neighborhood and the arts,” said Fred Lazarus IV, President of MICA.
On seven acres, the Henderson-Hopkins school, formerly named the East Baltimore Community School, willl serve kindergarteners through eighth graders in a new 90,000-square-foot building and 175 students in the new Harry and Jeanette Weinberg Early Childhood Center. The campus is the cornerstone of a major redevelopment effort by East Baltimore Development, Inc. to revitalize 88 blighted acres adjacent to the Johns Hopkins Hospital and to create a thriving mixed-use community for families, businesses and public institutions.
TRF is a national leader in rebuilding America’s distressed towns and cities through the innovative use of capital and information. TRF has invested $1.1 billion in mid-Atlantic communities since 1985. As a CDFI, TRF finances housing, community facilities, food access, commercial real estate and energy efficiency projects. It also provides public-policy expertise by helping clients create practical solutions and by sharing data and analyses via www.PolicyMap.com. To learn more about TRF, visit www.trfund.com.
SOURCE The Reinvestment Fund