Wells Fargo supports rental housing in communities of opportunity

 

Through their Priority Markets Program, the Wells Fargo Foundation has awarded $80,000 to St. Ambrose Housing Aid Center for the preservation of affordable rental apartments in the Hampden community. The award provides the final funding needed for St. Ambrose to begin a comprehensive renovation on their Union Avenue Apartments.  This garden style apartment complex is home to 54 families.

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Since the initial renovation in 1996, normal maintenance has occurred as residents moved out.  Heating and hot water systems were replaced complex wide within the last 5 years.  However, the turnover rate has been historically very low and the property needs a substantial renovation to the interior and exterior to assure that it meets the competitive standards of today’s market and the neighborhood. The planned renovation will upgrade the property to include central air conditioning, enhancing the exterior of the property by removing unsightly window units and replacing windows.  The agency is holding units vacant to enable an in-place rehab.  Residents from an entire building will relocate to renovated vacant units allowing for the total renovation of one building at a time.

With a severe deficit in the number of affordable rentals in the City, this funding from Wells Fargo represents a significant investment in the community and assures an improved quality of life for the residents. Union Avenue apartments provide an affordable home for families in a neighborhood that is bustling with newer developments and is close to public transportation and schools.  The anticipated start date for the renovation is the summer of 2018 and St. Ambrose is committed to creating a property that demonstrates that affordable rental can blend into the urban aesthetic and be viewed as an asset within the community.

Thank you to Wells Fargo for their support in creating better housing opportunities in Baltimore.

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