Seeding the Fundarising Campaign

The Leadership Committee, led by Karenthia Barber, is organizing the public phase of GEDCO's fundraising campaign for the Green House Residences at Stadium Place. We have raised $9.2 million of our $13.2 million goal, to complete construction of the building, retire the long-term debt, and build a benevolence fund and capital reserve.

The committee met last night to plan their outreach to different communities. Each person on the committee will lead the effort for a different community, such as universities, building professionals, lawyers, etc. We want to share the Green House story with as many different groups as possible. Please let us know how you will help to spread the word about the first Green House project in Maryland.

Financing and planning efforts moving forward

We are proud to report that the Trustees of The Harry and Jeanette Weinberg Foundation have approved a $2 million grant to support construction of The Green House(R) Residences at Stadium Place. This grant has provided momentum to our fundraising campaign, as we continue to meet with prospective donors and request leadership gifts. A campaign cabinet is meeting weekly to coordinate GEDCO and Green House Residences fundraising efforts.

Another major component of our financing plan is a New Markets Tax Credits (NMTC) transaction, which would provide at least $2 millions towards the project. This is a very complex transaction, but we feel confident that the pieces are coming together. A financing task force is assisting in our meetings with banks and organizations to obtain bridge loans and NMTC allocations.

The design team has distributed a bid package, and five contractors have met the qualifications. We will be selecting a general contractor for the building on April 2. We are also finalizing terms with the potential operator of the project.