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Harbor Bankshares Corporation
25 West Fayette StreetBaltimore MD, 21201-3702
CDFI Awards for Harbor Bankshares Corporation
NMTC (2009) - $20,000,000
Harbor Bankshares Corporation (HBC) will use its NMTC allocation to continue its participation in the holistic redevelopment of the greater Baltimore metropolitan area in conjunction with state and city agencies, private developers, and other community stakeholders. HBC will offer equity-like debt and subordinated debt, and debt with significantly below-market interest rates and flexible terms, including higher than standard loan-to-value ratios, and longer interest-only and amortization periods to projects in targeted low-income communities. Typical investments will be for the development and/or rehabilitation of commercial real estate (including office, retail, and mixed use space), workforce and affordable housing, and community facilities.
NMTC (2008) - $50,000,000
Harbor Bankshares Corporation (HBC) will use its NMTC allocation to continue its participation in the holistic redevelopment of the greater Baltimore metropolitan area in conjunction with state and city agencies, private developers, and other community stakeholders. HBC will offer equity-like debt and subordinated debt, and debt with significantly below market interest rates and flexible terms, including higher than standard loan-to-value ratios, and longer interest-only and amortization periods to projects in targeted low income communities. Typical investments will be for the development and/or rehabilitation of commercial real estate (including office, retail, and mixed use space), workforce and affordable housing, and community facilities.
NMTC (2003) - $50,000,000
Harbor Bankshares Corporation will likely use its allocation to support up to five distinct investment funds: (1) a real estate development fund for the single purpose of developing the housing and business infrastructure relating to the development of a $800M bio-tech park; (2) a real estate equity fund; (3) a real estate development fund, in partnership with Fannie Mae, for the development of "for sale" housing in targeted low-income communities; (4) a small business loan fund; and (5) a commercial loan fund to finance large scale mixed use projects and medium to large sized businesses. Harbor Bankshares intends to take advantage of best-practices financing of low-income urban areas by partnering with local managers with compelling track records and, for the real estate equity fund, a nationally recognized management team. The flexibility that the NMTC Program allows Harbor Bankshares to expand its product mix to include loans with longer amortization periods, longer interest-onl
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