Baltimore County and MCB Real Estate, LLC are teaming up to provide 460 affordable housing units across Baltimore County – a deal that officials have called the “largest attainable housing agreement in county history.”

The Baltimore City based developer, led by David Bramble, has purchased three multiplexes in Nottingham, Parkville and Sparrows Point with a total of 918 units. Out of the 460 units set aside for affordable housing, 350 units will be set aside at affordable rates for people who make up to 80% of the area median income (AMI) and 110 units will be set aside for people making at or below 60% AMI. According to Maryland’s housing department, that’s $76,000 and $53,600, respectively, for a two-person household in Baltimore County.

“We're talking about the firefighters that keep us safe. We're talking about the teacher that ensures our students are learning, growing and becoming successful. Likewise 60% AMI includes essential professionals like our 911 operators, and emergency service professionals,” said County Executive Johnny Olszewski during a Friday morning news conference held at The BLVD at White Springs Apartments in Nottingham, the site of some of the new affordable apartments.

“These units will be preserved at affordable rates for at least 20, and up to 40 years,” said Olszewski, a Democrat who is also running to represent Maryland’s 2nd Congressional district in the U.S. Congress. He said the new housing efforts will protect renters from “sudden or unexpected increases, and [provide] those safe and secure homes that residents can use as a launching pad for their lives.”

The main difference between this operation and other affordable housing initiatives is that very little construction is necessary: the units are already built. They will be renovated to ensure safety and more comfort for residents.

The county isn’t offering subsidies or tax credits to finance the program. Instead, MCB will be doing a payment in lieu of taxes, or PILOT, with the county where the developer will pay a negotiated sum instead of annual property taxes. They will also get a deferred loan of $6 million.

Goldman Sachs Asset Management’s Urban Investment Group also provided aid in the deal’s negotiation.

It’s a big step forward for the county which needs to hit 1,000 affordable housing units by 2027. That’s due to a 2016 agreement with the U.S. Department of Housing and Urban Development that attempts to reconcile some of the county’s decades of discriminatory housing practices.

Bramble said Friday that upgrades on some of the units are already underway.

The three multiplexes acquired by MCB Real Estate are:

• The 258-unit Springs Townhomes in Parkville
• The 459-unit BLVD at White Springs Apartments in Nottingham
• The 201-unit Beacon Pointe Apartments and Townhomes in Sparrows Point (reportedly purchased in July of 2022)