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Baltimore Redevelopment Efforts Get $50 Million Boost
Harbor Bankshares Corporation recently received a $50 million new markets tax credit allocation to enhance community development loan funds supporting revitalization and reinvestment in the city of Baltimore. The new investment funds will benefit both affordable housing development and small business financing, including a partnership with Fannie Mae to construct owner-occupied housing in targeted low-income communities and a commercial loan fund to help finance large scale mixed-use projects. Harbor Bankshares indicates that the flexibility of the tax credit program will allow it to expand its product mix to include loans with longer amortization periods, longer interest-only periods, and higher loan-to-value ratios.

For more information, contact William Rice of Harbor Bankshares at (410) 675-5722.
[Published in News from the Districts, Community Developments Investments, Fall 2004]

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