The Lafayette Square project is one of nine funded through Baltimore's Community Development Financing Corp., a non-profit organization formed to finance renovation of vacant houses and development of vacant lots in Baltimore.
In the year since its founding, the CDFC has lent $4 million to create 46 units for sale and 63 rental units.
Developers of the other eight projects include:
* Southeast Development Inc. -- Renovation of five vacant properties in the 1800 block of East Eager Street for sale to families earning $14,000 to $24,000. CDFC loan amount: $315,000.
* St. Ambrose Housing Aid Center -- Renovation of nine vacanproperties in the 200 block of North Mount Street and 806 Homestead St.The homes will be sold to families earning $14,000 to $24,000. CDFC loan amount: $508,369.
* Improve Inc./Matthew Swerdloff -- Renovation of a six-unit apartment building in Reservoir Hill. The apartments will be rented to families earning $16,200 to $20,250. CDFC loan: $146,325.
* Alcott Place Limited Partnership -- Conversion of a vacant school at Reisterstown Road and Keyworth Avenue to 44 apartments for low-income senior citizens. The apartments will be rented to families earning $14,000 to $20,000. CDFC loan: $825,000.
* Housing America Through Training -- Construction of nine modular homes in the Calloway-Garrison community. The homes will be sold to families earning $24,000 to $35,000. CDFC loan: $225,000.
* Sandtown-Winchester Improvement Association: -- Renovatioof two vacant properties containing a total of four units. The houses will be rented to families earning $12,000 to $18,000. CDFC loan: $100,000.
* Maj. Lorenzo Downing -- Renovation of a building at 1127 N. Caroline St. for use as five apartments. The apartments will be rented to families earning $14,000 to $25,000. CDFC loan: $65,177.
* The French Co. -- Renovation of two vacant buildings in the Market Center area for use as four apartments. They will be rented to families earning $20,000 to $32,000. CDFC loan: $354,000.
The Community Development Financing Corp. is a $40 million loan fund that uses money from Baltimore and 12 private lending institutions.
In addition to the nine loans already awarded, it has 13 in the process of approval.