Local and state officials recently gathered to dedicate the partially publicly funded project, which will cost Hampstead Village LLC about $18.3 million to realize. Approximately $9 million of the funds for development are the result of grants from federal and state programs, while $7.3 million of the appropriations are coming from a loan provided through SunTrust Bank. Streuver Brothers Eccles & Rouse has been tapped to serve as the contractor for the endeavor.

Built in 1917, the Old Hampstead School is located in Carroll County, about 25 miles outside of Baltimore. Doing its part to facilitate the project, the Town of Hampstead donated the school property to the developers for just $1. When construction wraps up next summer, the property will not only offer residences for the local low-income elderly population, it will also feature such amenities as a hair salon, an exercise center, and a computer training facility.

"The Hampstead School is the latest example of Maryland's ongoing commitment to support affordable housing and senior citizen programs," Gov. Robert L. Ehrlich Jr. says. "This project will help revitalize the community and encourage future growth and economic development in Carroll County."