The short version: Ahoy, Baltimore! Governor Wes Moore announced October 22, 2026 that the Maryland Department of Housing and Community Development closed financing of more than $49.3 million — federal Low-Income Housing Tax Credits, bond financing, and state Rental Housing Works funds — for 150 new affordable apartments in Phases 5A and 5B of the Perkins Homes redevelopment in East Baltimore, part of the Perkins-Somerset-Oldtown Transformation Plan near the Johns Hopkins Medical Campus.
When all phases are complete, the redeveloped Perkins Homes will offer 1,346 high-quality, energy-efficient rental units, 73 percent of them affordable — replacing the original 652 public housing units and adding 329 additional affordable units, with 365 market-rate units in a new mixed-income community.
Developer McCormack Baron Salazar leads this phase; 715 homes are now complete or moving into construction, and every former Perkins household has been offered the chance to return. The state has administered nearly $292 million to date toward redeveloping Perkins Homes and Somerset Homes.
Read the full story at the Office of Governor Wes Moore.