This Parkville, Maryland property was most likely vacant for several years and was in complete disrepair which attracted squatters and crime; however, the majority of the neighborhood has well-kept homes. Thanks to NCST community buyer, HSR Property Group, this home is no longer a detriment to the community.
The new tenant is a first-time Baltimore Regional Housing Partnership (“BRHP”) voucher holder. The Baltimore Housing Mobility Program, operated by the BRHP, combines federal housing vouchers with mobility counseling to assist qualified families from Baltimore City to move from areas of concentrated poverty and obtain high quality, affordable housing in communities with strong schools, low crime, and ample job opportunities. Unlike regular voucher programs, BHRP provides extensive counseling to their participants to help resolve credit and other financial issues necessary to become lease-ready for the private market in a higher-opportunity area.
Homes in the opportunity areas are more expensive and the market is very competitive, which makes it difficult for BHRP voucher holders to actually find a rental opportunity. Because of the NSI First Look program, HSR Property Group was able to purchase this home, complete quality renovations, and still provide an affordable, below market lease to this family.
HSR spent $52,000 on the home’s rehab, which included a new roof, gutters, and downspouts, new exterior lighting fixtures, new exterior doors, updated landscaping, and the front porch was re-poured. The home was completely gutted, new framing and drywall installed, all rotted subflooring was replaced and new flooring installed, and fresh paint was applied throughout. The kitchen now has new appliances, countertops, and cabinets, and new light fixtures were added throughout. The basement was reframed and completely updated which created a new bedroom, bathroom, laundry room, recreational room, and extra storage. Additional renovations include new windows, new interior doors, a new water heater, new sump pump, and all electrical and plumbing was replaced and brought up to current code.