- Created 161,500 square feet of lab and office space and generate income for the EDBI for future redevelopment efforts
- Created more than 250 construction jobs, with set asides to women and minority contractors
- Created permanent jobs
NCIF: $7 million NMTC allocation
CDFI partners: Harbor Bank of Maryland and City First Bank of D.C.
Large bank: US Bank
NCIF provided a $7 million New Markets Tax Credit allocation to support the development of the 1812 Ashland project, a key component of a larger, $1.8B initiative to revitalize the highly distressed community of East Baltimore, an area that has suffered from persistent poverty and high unemployment over the years. The 1812 Ashland project holds lab and office space for both local and national tenants that have developed research relationships with Johns Hopkins University (JHU), as well as emerging companies attracted to Baltimore for its proximity to JHU’s developing technologies. The project created hundreds of construction and permanent jobs, generating significant economic activity for the local community.
The project benefited from support from East Baltimore Development, Inc., (EBDI) a nonprofit that was created in 2003 to lead the revitalization initiative that includes investments from major philanthropic and public/private institutions who are all committed to partnering with the community to create a healthier, thriving mixed-income neighborhood.
Harbor Bank of Maryland and City First Bank of D.C. each supported the project as CDFI bank partners in our latest 3-Way Partnership. Each provided a portion of their own NMTC allocation to support the project.