TRF Development Partners Breaks Ground on New Homes in East Baltimore

The first phase of TRF Development Partners' new development in East Baltimore's historic Oliver neighborhood is now available for sale. Known as Preston Place, the 122-unit residential development will consist of newly constructed and totally restored traditional town homes. These affordable homes are part of TRF Development Partners' efforts to transform this distressed neighborhood, building from the strength of its proximity to the Johns Hopkins Medical Campus and East Baltimore Development, Inc.'s revitalization efforts. The first phase consists of newly constructed three story three-bedroom homes. Preston Place is developed through a partnership of TRF Development Partners and Baltimoreans United In Leadership Development (BUILD), a broad-based, nonprofit, community power organization rooted in Baltimore’s neighborhoods and churches.  

 

TRF Welcomes a New Capital Source

TRF recently established a $50 million loan participation facility with the General Board of Pensions and Health Benefits of the United Methodist Church (GBOP). This facility  will allow TRF to access mission-motivated patient capital on a scale unprecedented for TRF. This new relationship which greatly extends TRF's community lending capacity, offers fixed-rate, term capital for senior participations in TRF loans.

Understanding the Foreclosure Crisis

As the Federal government works to find solutions to the foreclosure crisis gripping the nation, the Senate Banking Committee came to Philadelphia early this month to learn more about the issue. Invited to testify before Senator Bob Casey and Senator Chris Dodd were Pennsylvania Housing Finance Agency Director Brian Hudson, Philadelphia Mayor Michael Nutter, a local victim of predatory lending and Ira Goldstein, TRF's Director of Policy and Information Services. Widely acknowledged as an expert in housing analysis, Dr. Goldstein is called upon often  because he brings rigor and clarity to the issue. Dr. Goldstein's testimony offered insight into predatory lending in Philadelphia, the extent of the problem and the issues that need to be addressed. Click here to read a transcript of Dr. Goldstein's testimony. For a more in-depth look at predatory lending in Philadelphia, view Dr. Goldstein's recent presentation on the subject.
TRF's Charter School Lending Surpasses $132 million

TRF's charter school lending portfolio reached over $132 million in the past quarter. Among our most recent financings were loans to the Maurice J. Moyer Academy in Wilmington, DE and City Neighbors Charter School (CNCS) in Baltimore, MD. CNCS was one of the first charter schools to open in the Baltimore City Public Schools and its leaders have been at the forefront of the city's charter school movement. TRF's loan to the school will cover predevelopment and acquisition costs associated with expanding its current church school building. TRF financing will help the school rehabilitate the unused third floor and purchase an adjoining lot to construct an addition. This expansion will allow CNCS to serve almost 200 students in grades K-8, develop its middle-grade programming and more fully implement its project-based, arts-integrated curriculum.

Extending the Reach of TRF's Supermarket Lending

TRF recently closed on a loan to a Fresh Grocer in a very distressed neighborhood of Wilmington, DE. TRF’s $3 million loan will finance the 7,000 square foot expansion and renovation of the store as well as equipment needs. The supermarket chain operates stores in Philadelphia's urban neighborhoods and emphasizes prepared foods and fresh meats. The chain has successfully served these communities by being nimble and customizing store product to local tastes. TRF is also financing Boyer's Food Markets, an operator of 17 stores in small town communities across Central and Northeastern Pennsylvania. TRF financing will help the stores purchase energy-efficient equipment and complete necessary renovations and leasehold improvements. The stores employ more than 950 people and are expected to add another 130 jobs over this project period.
TRF Completes Study of Johns Hopkins University's Employee-Housing Program

Last year, Johns Hopkins University contracted with TRF to evaluate the performance of its East Baltimore Live Near Your Work (LNYW) Program. The LNYW program is designed to encourage JHU employees to choose to live in its surrounding lower-income neighborhoods. The JHU Board recently approved TRF’s recommendations to maximize impact of the program. The proposed changes, which include a more robust program with increased funding, will help JHU focus its program on more distressed neighborhoods across a wider geography. The program plans to adjust its incentive structure to provide a greater incentive to those purchasing homes in the more distressed neighborhoods. Learn more about TRF's planning and development services...

Map of the LNYW Program's boundaries with median sales prices ranging from the lowest in reds to the highest in purple. Click to enlarge.

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