* Irvington Place, a new three-story, 41-unit rental...

INDUSTRY WATCH

June 12, 1994

* Irvington Place, a new three-story, 41-unit rental housing building for low-income senior citizens in Irvington in southwest Baltimore, was opened recently by Mayor Kurt L. Schmoke. It was built with $2.4 million from the state-funded "Partnership Rental Housing" program.

Irvington Place has one-bedroom and efficiency apartments and color-coded halls to help residents recognize their floor. There is also a security system and a community room with kitchen.

An MTA bus stop in front of the building, a food market and mini-mall across the street, and a Neighborhood Housing Service community center and a police substation a few doors away are some of the community features.

Individuals and couples whose income is at or below 50 percent of the state median income can apply for an apartment at Irvington Place. Contact A. R. T. Management at 644-2334.

* The Maryland Department of Housing and Community Development is providing a $614,000 low-interest loan to the Panelized Housing Demonstration Project, which will rehabilitate eight town homes into 15 apartments for low-income Baltimore residents.

Fifteen pre-constructed modular units will be dropped into gutted townhouses in Johnston Square, Harlem Park, Sandtown-Winchester and Oliver. All homes are expected to be ready for occupancy by June 1995.

Eleven of the apartments will be rented to four-person families with a maximum income of $23,600. The remaining have a family income ceiling of $21,250.

* Mid-States Mortgage has opened for business at 818 Roeder Road, Suite 703, Silver Spring. The company offers conforming and nonconforming mortgages, especially for people with credit problems. John A. Hunt, a vice president with Atlanta-based Modern Mortgage and Investors Corp., Mid-States' parent company, will run the Silver Spring office. Information: (301) 608-9697.

* Nottingham Management Co., a commercial property management firm, recently changed its name from Fidelity Management Company. Nottingham Management is a subsidiary of Nottingham Properties Inc. of Towson.

* Rufus S. Lusk & Son Inc. announced that information on real estate ownership and sales, mortgages, assessments, taxes and property characteristics for Anne Arundel, Baltimore, Carroll and Prince George's counties is available through the firm's LUSKnet II computerized system. LUSKnet II can be examined free by calling 683-6677 or (301) 588-6700.

* Ryland Mortgage Co. has introduced a "Lock, Shop & Drop" program to protect homebuyers from rising interest rates. Under the program, buyers can lock in a rate before finding a home. Then, if interest rates improve, the buyer has the option of relocking at a lower rate. A subsidiary of The Ryland Group, Ryland Mortgage is headquartered in Columbia. The company operates 40 offices in 17 states and services nearly $10 billion in mortgage loans.

* Tenant Buyers of Baltimore Inc. says it has a program to help families with incomes between $12,000 and $28,000 purchase homes in the city for $30,000 to $60,000. The company will rent homes to qualified tenants and help them accumulate the money to go to settlement in six to 12 months. Tenant Buyers will also assist individuals who want to improve their credit.

ON THE MOVE

* AAA Appraisers said Barry Nabozny, senior appraiser with the Baltimore residential and commercial appraisal company, has joined the 5,000-member Appraisal Section of the National Association of Realtors.

* Bozzuto & Associates named Julie Smith president of Bozzuto Management Co., a wholly owned subsidiary with 3,400 multifamily rental units. She formerly was senior vice president with the management firm.

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