Winter 2026 Update

Neighborhood Impact Investment Fund (NIIF) has had a busy winter thus far, committing more than $7 million to support impactful projects in Baltimore. The financing supports a wide range of projects, including the transformation of a historic East Baltimore high school site into affordable housing, the acquisition of a long-vacant bank building on North Avenue for redevelopment, and the expansion of essential healthcare services in Park Heights. Learn more about the latest investments in NIIF’s portfolio below.

Historic Renovation to Create

Affordable Senior Housing

The historic former home of the Institute of Notre Dame in East Baltimore is adding a new chapter to its story as affordable housing for seniors. Severn Development and CAM Management acquired the former all-girls Catholic high school at the end of 2025. This venture is made possible with $2.5 million in loans from NIIF, historic tax credits, and private funds.

The project will transform more than 175,000 square feet of vacant classrooms and other facilities into The Residences at Notre Dame with 126 senior apartments, a community center, and small offices. Importantly, the Caroline Center will also remain onsite as a tenant. A nonprofit supported by the School Sisters of Notre Dame, the Caroline Center provides educational and technical training for low-income women to become healthcare professionals.

The redevelopment will also protect the building’s 170-year-plus history, including restoring its tin ceilings, wood floors, and ornate interior and exterior trim. Located in NIIF’s footprint in the Oldtown neighborhood, the project adds to other nearby redevelopments aimed at bringing back activity and resources to the area.

Located at the corner of North Avenue and Charles Street in the heart of Station North Arts District in the Charles North neighborhood, the long-dormant former bank building that once housed a branch of Equitable Trust Bank is slated for restoration! The Central Baltimore Future Fund, under the auspices of the Central Baltimore Partnership (CBP), recently acquired the over 19,000-square-foot building to redevelop it as an anchor for the area’s transformation.

NIIF is thrilled to support financing for the project, along with support from the State of Maryland’s Department of General Service, Maryland Department of Housing and Community Development, and a local foundation.

Built in 1940, the building last served as a bank branch in 2003. Since that time, the highly visible façade topped by a billboard has become a consistent target of graffiti and a symbol of urban deterioration. CBP plans to restore its historic façade, and offer retail, office, exhibition, or maker spaces to tenants. It is an important part of their broader vision to create economic growth and investment in Central Baltimore.

Since 1972, Park West Health Systems (PWHS), a Federally Qualified Health Center (FQHC), has been a comprehensive health and social services provider for patients in Park Heights and the surrounding Northwest Baltimore area. Its distinction as a FQHC means PWHS can provide services regardless of a patient’s ability to pay or insurance status, which is particularly vital in an underserved community.

And now PWHS is kicking off an enormous effort to expand their footprint and services!

PWHS’s building was originally constructed in 1950 as a Jewish Fraternity Social Club. The building went through several uses before it became a medical facility in 1972. Though able to adapt it to provide holistic, “patients-first,” services for decades, the building is outdated and lacks sufficient square footage to meet the considerable health needs of the community.

The PWHS Capital Expansion Project will include renovations of more than 10,000 square feet and new construction of more than 15,000 square feet. It will enable patient access, improve operational flow, and include an exterior makeover, making it a visible sign of investment. This development will enable the expansion and delivery of health, dental, behavioral, and mental health services while integrating new disciplines in psychotherapy and youth behavioral health intervention. In addition, as the second largest employer in the neighborhood, the expansion will create new job opportunities.

NIIF is a part of a consortium of partners supporting PWHS’s ambitious plans. As lead lender, NIIF joined with Primary Care Development Corporation (PCDC), a national CDFI specializing in the financing of health facilities. The loan structure includes a grant bridge loan and a construction-to-perm co-loan. NIIF’s portion of the financing totals over $4.5 million. In addition to the loans, their financing includes grants from Baltimore City, Maryland State, Federal earmarks, and local foundations.