Prepared 9/16/2026. Sources are cited inline. UNVERIFIED marks anything I could not confirm from a primary or official source. Program rules change often, so confirm with each agency before the 9/18/2026 submission.

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KEY NUMBERS TO USE IN THE MODEL

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1. NIIF — Neighborhood Impact Investment Fund (Baltimore)

Who they are - A 501(c)(3), Treasury-certified CDFI (certified 2021), launched in 2019. - Initially capitalized by a $51.7M loan from Baltimore City. Next City reported the city loan as roughly $52M, 30 years, 0%, funded by leasing three city parking garages. - NIIF raised $8.8M+ in federal funds after CDFI certification. - Sources: https://www.baltimoreniif.org/about/ ; https://nextcity.org/urbanist-news/balancing-the-scales-of-investment-in-baltimore

Scale - The CDFI Fund case study (2024) reports $52.5M in loan commitments since inception, with most borrowers minority-led, plus 1,761 rental units and 364 for-sale units financed. — https://cdfi.org/wp-content/uploads/2024/03/case_65.pdf

Leadership and contacts - Mark Kaufman, President & CEO (CDFI Fund case study; Next City). - Ryan Rattanni, Chief Lending Officer (NIIF Real Estate Loans page). - Address: 2601 N. Howard St., Suite 215, Baltimore, MD 21218; [email protected].

Where NIIF lends - Only in City-defined "Eligible Neighborhoods," about 65% of the city, outside the downtown core and waterfront. This includes four "Impact Investment Neighborhoods." — https://www.baltimoreniif.org/eligible-neighborhoods/ - Check 1816–1820 N. Charles on NIIF's interactive map. NIIF has financed nearby North Avenue Market (Station North) and AREA 405 (Greenmount West), which suggests the area is eligible (UNVERIFIED).

Real estate loan products (published terms; "subject to revision")

Source: https://www.baltimoreniif.org/financing/real-estate-loans/

Other products - Occupancy to Ownership: loans for small businesses and nonprofits to buy the property they occupy, with DHCD through SSBCI. — https://www.baltimoreniif.org/financing/ - Lending partnerships: - $1M to Arctaris Impact Investors (small-business loans of $1–$5M). - $2M low-interest loan to Baltimore Community Lending (BCL), which makes small-business and construction loans. - BCL is a route for small developers. — https://www.baltimoreniif.org/financing/lending-partnerships/ ; https://bclending.org/

Underwriting (not published) - NIIF does not publish DSCR, equity, or guaranty requirements. File 04 gives the typical CDFI expectations to model: DSCR ≥1.20x, 10–20% sponsor equity, and a personal guaranty. - NIIF says it complements banks and other intermediaries rather than competing with them. It offers subordinate loans "to complement other lenders" and "flexible, patient capital." — https://nextcity.org/urbanist-news/balancing-the-scales-of-investment-in-baltimore ; https://www.baltimoreniif.org/financing/

Recent and relevant deals

How NIIF could participate in the debt stack 1. NIIF as the senior construction lender. Up to 80% of as-completed value at 5%, which replaces the 14.9% loan in the prior Exhibit D. 2. NIIF as the subordinate / gap lender behind a bank or BCL loan, up to 95% combined LTV on the term loan. 3. NIIF bridge secured by the BRNI grant, LBI grant, and MHT credit proceeds, so work can start before reimbursement-based grants pay out.

Apply: confirm eligibility on the map → choose a product → submit NIIF's online intake form (Real Estate Loans page).

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2. Maryland Legislative Bond Initiatives (LBI / "bond bills") — 2027 session

Primary source: DLS, Guidelines for the Submission of Legislative Bond Initiative Requests (the "current" edition posted is dated Nov. 2022) — https://mgaleg.maryland.gov/pubs-current/current-bond-initiative-submission-guidelines.pdf ; also https://dls.maryland.gov/pubs/prod/CapBgt/HowtoRequestLBI.pdf and https://mgaleg.maryland.gov/mgawebsite/Budget/BondInitiatives

Eligibility (DLS)

• The project must be capital (land or structures), with a useful life of at least 15 years.
• It must serve a public purpose. Private organizations can receive funds.
• No sectarian use.
• The applicant must own the property or hold at least a 15-year lease. Otherwise the owner signs on as co-grantee or beneficiary.
• Match: "LBI's will be authorized as nonmatching fund grants unless otherwise specified in the project authorization." Committees still weigh the strength of non-State funding in the funding plan.
• LBI should not fund projects eligible for other State capital programs. Applicants must show they explored those programs.
• Priority factors:
• Shovel-readiness: able to proceed within 18 months of the bond bill's effective date, with permits and financing commitments.
• Delegation support.
• Job creation.
• Documented fundraising.
• Name matching: the grantee's legal name must match its SDAT record exactly, because it must match the DGS grant agreement. LLAYD's own BRNI form shows the entity as "LLAYD LLC" / "Live Life As You Dream," so reconcile the names.

Timeline (DLS general schedule, applied to the 2027 session)

Baltimore City delegation - Five districts lie entirely or partly in the city: 40, 41, 43A, 45, 46. — https://www.baltimorecitydelegation.com/ - District 40 delegates: Marlon Amprey, Frank Conaway Jr., Melissa Wells. — https://en.wikipedia.org/wiki/Maryland_Legislative_District_40 - Cross-file in both chambers to be eligible for funding in both.

LLAYD history: LLAYD prepared a 2024 LBI request for $1,030,000 to revitalize two commercial spaces at 1816. — LLAYD files: LBI_Request_Form_2024 (LLAYD) 1816 N. Charles St..pdf.txt, LLAYD LBI Request - 1816 N. Charles St.pdf.txt

Modeling note: don't count LBI money in the base-case sources for construction starting before mid-2027. Show it as a gap-filler, or as a take-out of a NIIF bridge loan.

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3. Baltimore City CHAP Historic Tax Credit (10-year property tax credit)

Legal basis: Baltimore City Code Art. 28 §10-8, "Historic restorations and rehabilitations." — https://codes.baltimorecity.gov/us/md/cities/baltimore/code/28/10-8

Eligibility - The property must be a City Landmark, individually listed on the National Register, or contributing to a City or National Register historic district (North Central NR district applies here), or in the Baltimore National Heritage Area. - Check CHAP's "Historic Tax Credit Eligible" map layer. — https://www.baltimorecity.gov/chap/our-work/tax-credits/tax-faq - Significant improvements: documented construction cost of at least 25% of the property's pre-rehab full cash value. - Both residential and commercial properties qualify, and interior and exterior work both count.

Timing - "Applies only to eligible improvements that, before the improvements are begun, have been preliminarily approved by CHAP." - Completion: 2 years for projects under $3.5M, 3 years for projects over $3.5M, with a one-time extension (FAQ). - Sunset: "Applications for a credit under this section may not be accepted after December 31, 2027." (§10-8). Apply for 1818 and 1820 now. - Risk: if 1816 work started before CHAP preliminary approval, its credit may be at risk.

Credit calculation - The credit is computed once, as the city tax attributable to the assessment increase from the eligible improvements, and applied for 10 years. It appears on the bill as a "Special Credit" and is fully transferable. — https://www.baltimorecity.gov/chap/tax-credits ; FAQ - Projects with construction cost ≤$5M: full (100%) credit on the increase. - Projects >$5M: 80% in years 1–5, stepping down to 30% in year 10. - Projects >$3.5M: must also document that the credit is necessary for the project to proceed. — §10-8 (as summarized from codes.baltimorecity.gov). Older sources cite the tier break at $3.5M instead: https://www.thebanner.com/politics-power/local-government/historic-preservation-tax-credit-extension-GNEJT7JLBBDXFB5YSR67OV6B6E/ - State property tax is not credited. - Worked example: - Pre-rehab assessment $230,000; post-rehab $1,100,000. - Credit = ($1,100,000 − $230,000) × 2.248% = $19,558 per year × 10 years. Illustrative only; the Department of Finance calculates the actual credit. - The Bowery appraisal (1816) treated the CHAP credit as 100% abatement of the city tax increase and added its present value (at a 3.80% discount rate) to the stabilized value. (LLAYD file)

Stacking - CHAP cannot be combined with other City credits. The FAQ allows combining it with the Enterprise Zone credit only for commercial projects under $3.5M; the HPTC is a City credit, so it cannot stack. - CHAP can be combined with the MHT state credit and the federal HTC. — FAQ

Application logistics - $50 review fee. Apply at https://propertytaxcredits.baltimorecity.gov - Questions: [email protected]. Credit calculation: [email protected] (Dept. of Finance). - Staff contact per Baltimore Heritage: Stacy Montgomery, (410) 396-4866. — https://baltimoreheritage.org/resources/historic-tax-credits/

Model treatment - The CHAP credit is not a source of funds. The prior Exhibit D listed "Tax Credits (CHAP) $285,000" as a source. - CHAP reduces operating expenses (property tax) for 10 years and raises NOI and value. - Only a lender that sizes debt on higher NOI "monetizes" it indirectly. Move it out of Sources.

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4. Historic tax credits: MHT state credits, MHT grants and loans, and the federal HTC

4a. Is the site in a National Register district?

Yes. - The BDC RFP lists "National Register Historic District (North Central)." — BDC RFP p. 4 - The North Central Historic District was listed on the NR on 12/27/2002. It covers about 630 buildings around Charles, St. Paul, Calvert, Maryland, Guilford, and North Ave. — https://www.baltimorecity.gov/chap/our-work/historic-districts/maps/north-central ; https://en.wikipedia.org/wiki/North_Central_Historic_District_(Baltimore,_Maryland) - Individual contributing status of 1816, 1818, and 1820 is UNVERIFIED. Confirm through NPS Part 1 / MHT Part 1 or the CHAP map. The RFP calls 1820 "part of a historic mansion," and Bowery says 1816 is CHAP-eligible, which supports contributing status.

4b. MHT Historic Revitalization Tax Credit — Small Commercial

Source: https://mht.maryland.gov/funding/tax-credits/small-commercial-tax-credit ; COMAR 34.04.07.03 https://regs.maryland.gov/us/md/exec/comar/34.04.07.03

• Credit: 20% of eligible rehab expenses. Cap $50,000 per 24 months; $55K (OZ Level 1) / $60K (OZ Level 2); OZ bonus of +5% / +7.5%.
• Project size: eligible expenses between $5,000 and $500,000.
• Eligible property: a certified historic structure (NR-listed, NR-district contributing, or local and MHT-eligible) that is income-producing, rehabbed for sale to a homeowner, or used for commercial or nonprofit purposes.
• Baltimore Heritage adds that the property cannot exceed 75% residential rental use (UNVERIFIED against current MHT text). — https://baltimoreheritage.org/resources/historic-tax-credits/
• Eligible costs: roof, structural, windows and doors, masonry and repointing, MEP, interior restoration, and A/E fees.
• Ineligible costs: new construction, remodeling, appliances, carpet, and landscaping.
• Program funding: $2M per year on a rolling, first-come basis (MHT page; a 2026 search summary cited a $4M cap and an Aug. 31, 2026 date — UNVERIFIED conflict).
• Review time: 10–30 days for completeness; 40–45 days for decision.
• "Any work begun prior to MHT review and approval will not qualify."
• Contact: MHT Tax Credit Program, 410-697-9535, 100 Community Place, Crownsville, MD 21032.
• Strategy: each building (1818, 1820) could be a separate small-commercial project of ≤$500K QREs, each worth up to $50K–$60K. Whether each building can be treated as its own project is UNVERIFIED with MHT.

4c. MHT Historic Revitalization Tax Credit — Competitive Commercial

Source: https://mht.maryland.gov/funding/tax-credits/competitive-commercial-tax-credit ; COMAR 34.04.07.03

• Credit: 20% of QREs, plus +5% (OZ L1) / +7.5% (OZ L2), plus +5% for affordable housing or high-performance buildings.
• Cap: $5M ($5.25M / $5.5M in an OZ).
• Minimum: QREs greater than the adjusted basis or $25,000.
• Process: Part 1 (significance) → Part 2 (work approval before starting) → Part 3 (completion).
• Round: applications open in early June and are accepted through August 31 each year; awards come 60–90 days after the deadline.
• The 2026 round has closed. Next round: June – Aug 31, 2027.
• Credit form: a state income tax credit that can be sold or transferred. The 2021+ structure's refundability / certificate transferability is UNVERIFIED; model it as equity at about 80–90¢ per credit dollar pending a buyer quote.

4d. MHT grants and loans

4e. Federal Historic Tax Credit (20%)

• Credit: 20% of Qualified Rehabilitation Expenditures (QREs) for income-producing certified historic structures, claimed ratably over 5 years (4% per year) starting when the building is placed in service.
• Substantial rehabilitation test: QREs must exceed the greater of $5,000 or the building's adjusted basis within a 24-month period (60 months if phased). — https://www.irs.gov/businesses/small-businesses-self-employed/rehabilitation-credit-historic-preservation-faqs
• Process: NPS Parts 1–3 through the SHPO (MHT). Work must meet the Secretary of the Interior's Standards.
• Pending legislation: the HTC-GO Act (H.R. 2941 / S. 1459) would create a 30% credit for small projects and remove the 5-year ratable rule. It has not been enacted. HTC changes were left out of the 2025 reconciliation law (OBBBA). Do not model a 30% credit. — https://www.congress.gov/bill/119th-congress/house-bill/2941 ; https://savingplaces.org/historic-tax-credits/updates
• Practicality: a credit this small (e.g., $1.2M QREs → $240K) usually needs a syndicator or a direct investor with tax appetite. Transaction costs are high.
• Combining the three buildings into one project, and pairing with the MHT competitive credit, improves feasibility.
• Credit pricing (≈85–95¢) is UNVERIFIED; get an investor quote.

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5. BDC Façade Improvement Grant (FIG)

Source: https://www.baltimoredevelopment.com/doing-business/facade-improvement-grant

• Match: most variants are 1:1 matching grants, paid by reimbursement after completion.
• Eligible work: exterior only — façades, storefronts, signage, awnings.
• Which variant applies is set by property type and location, not by the applicant's choice.
• Process: a site meeting with BDC is required before applying. Do not start work before approval.
• Contact: 36 S. Charles St., Suite 2100; 410-837-9305; [email protected].
• Model: $25,000 per commercial storefront building (Rehabilitation FIG) as a reimbursement source, conditional. Whether it applies per building or per project is UNVERIFIED.
• Related programs:
• CBP's Neil Muldrow Small Business Fund (FY27 BRNI $200K) funds façades, fit-out, and acquisition in Central Baltimore. — https://dhcd.maryland.gov/Documents/PressReleases/FY27-State-Revitalization-Program-Proposed-Amounts.pdf
• The State's Maryland Façade Improvement Program ($5M, FY28 reference level) goes to local governments and CDOs, not directly to developers. — https://dhcd.maryland.gov/Communities/Documents/SRP/Program-Guidelines.pdf

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6. BRNI and what "BRVI" most likely means

Conclusion on "BRVI"

"BRVI" in LLAYD's files is BRNI. - LLAYD's own folder named "BRVI" contains a BRNI Request for Payment (Advance) package for award BRNI-2026-LLAYD-00539-R: $125,000 advance of a $250,000 award. - Project: "LLAYD Small Business Hub," 1816 N. Charles; term 1/1/2026 – 6/30/2028. - DHCD Program Officer: Kate Howard (Region 2, Northeast Baltimore City, 410-209-5824, [email protected]). Assistant Director: Larry Brown. - Sources: LLAYD files 1816 N Charles St__BRVI__README.md.txt and 1816 N Charles St__BRNI Funding Request.pdf.txt; contact from https://dhcd.maryland.gov/Communities/Documents/SRP/Program-Guidelines.pdf - The closest similarly named program is DHCD's Baltimore Vacants Reinvestment Initiative (BVRI). Its terms: - $50M per year, part of Reinvest Baltimore (Executive Order, 10/1/2024; goal: 5,000 vacants in 5 years). - Only community development organizations (nonprofit CDOs), plus Baltimore City and the Maryland Stadium Authority, may apply. - Projects must be in a cluster of contiguous blocks with a plan to address all vacants, focused on properties with Vacant Building Notices. - Uses: acquisition, stabilization, renovation, demolition, predevelopment. - FY27 round: 2/18 – 4/1/2026 (closed). Contact: David Birkenthal, 443-462-7445. - Sources: https://dhcd.maryland.gov/neighborhood-revitalization/reinvest-baltimore/baltimore-vacants-reinvestment-initiative ; https://dhcd.maryland.gov/Reinvest-Baltimore/Documents/BVRI/FY27-BVRI-Application-Guide.pdf - For LLAYD, BVRI is reachable only through a CDO partner such as the Central Baltimore Partnership (CBP), whose FY27 BRNI operating request references its "BVRI Strategy." - Project C.O.R.E. is the older name for the Baltimore City track of the Strategic Demolition Fund (see §7). It is not "BRVI."

BRNI program facts

Source: FY2028 SRP Guidelines (updated May 2026) — https://dhcd.maryland.gov/Communities/Documents/SRP/Program-Guidelines.pdf ; program page https://dhcd.maryland.gov/neighborhood-revitalization/community-development-funding/state-revitalization-programs/baltimore-regional-neighborhood-initiative

• Goal: make target communities competitive for private residential and commercial investment through acquisition, redevelopment, rehab, and infill.
• Eligible applicants: locally based nonprofit CDOs (CDCs, coalitions, partnerships) in Baltimore City or inner-beltway Baltimore/Anne Arundel counties. They must have an approved BRNI Neighborhood Revitalization Plan and the project must sit in a Sustainable Community and a BRNI target area.
• Partnering with a nonprofit CDFI is encouraged. BRNI groups can write support letters for CDOs working in their boundary.
• LLAYD's award shows LLAYD LLC as awardee, with the form marked "Non-Profit Organization." Confirm how LLAYD is qualified before relying on new BRNI awards.
• Eligible uses: acquisition/rehab of vacant or blighted property, mixed-use development combining housing, retail, office, business property improvements, strategic demolition, and operating costs (≤40% of an organization's BRNI total; 15% indirect cap).
• Funding: FY2028 reference level $20M capital + $499,486 operating. The FY27 list totaled $20,499,486. Typical awards are $25K–$500K.
• Award form: grant or loan (DHCD decides after underwriting). Payment is usually by reimbursement, and advances are possible (as in LLAYD's request).
• Scoring (100 points):
• Scope, need, and community input: 30
• Readiness and timeline: 20
• Financing and committed resources, including private leverage: 25
• Capacity: 25
• Round timing: FY2028 round opened 6/22/2026 and closed 8/6/2026. The next round (FY2029) is expected around June–August 2027 (UNVERIFIED).
• Compliance: current awardees must be in good standing on reporting to win new awards.

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7. Other state and city sources

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8. Hard money lending in Baltimore (last-resort bridge)

See file 02 §6 for the full table. Summary:

Positioning for BDC - Present hard money only as a contingent, short-term bridge: sized at ≤65% of as-is value, 12 months, ~12% + 2.5 pts, and taken out by NIIF or LBI/BRNI proceeds. - Show the cost in a downside scenario. - Refinancing the matured 15% Nextres loan into NIIF is itself a key feasibility improvement.