Key Takeaways
- Baltimore is launching a $6.2 billion housing development initiative to revitalize over 37,000 vacant properties and create 33,000 new homes within 15 years.
- The project will utilize a unique affordable housing tax increment financing program, augmented by $900 million from the state of Maryland.
- Efforts to reduce the number of vacant properties have already seen a decline from 16,000 in 2020 to 12,510 as of August 2023.
Baltimore’s Ambitious Housing Initiative
Baltimore is moving forward with what civic leaders are calling the “most ambitious housing development program” in the nation. This initiative plans to revitalize more than 37,000 vacant or at-risk properties with the assistance of $1.2 billion in public funds and $5 billion in private funding. The Greater Baltimore Committee unveiled these plans in September, outlining a strategy to develop an additional 33,000 houses and lots over the next 15 years.
Funding for the program will be primarily sourced through a pioneering affordable housing tax increment financing initiative. This unique financial mechanism aims to leverage future property tax revenue increases from renovated neighborhoods to support their ongoing rehabilitation. Furthermore, Maryland has committed $900 million to aid this effort, demonstrating a strong public-private partnership.
Baltimore Mayor Brandon Scott emphasized the transformative nature of the initiative, stating, “With over a billion dollars in public funding, strong private-sector partnerships, and deep community engagement, we’re not just reducing the number of vacant homes — we’re transforming entire neighborhoods and creating lasting economic opportunity for our residents.”
The city has seen significant strides in reducing vacant properties in recent years. In 2020, Baltimore had approximately 16,000 vacant properties. As of August 2023, this number has decreased to 12,510, reflecting a nearly 22% reduction. “We’re committed to transforming Baltimore’s neighborhoods by addressing vacancy with urgency and precision,” said Jake Day, secretary of the Maryland Department of Housing and Community Development. He noted that the goal is to build stronger, safer, and more connected communities through careful collaboration at both local and state levels.
The revitalization strategy will not only focus on individual buildings but will also tackle vacancy issues “at the block level.” The Greater Baltimore Committee is collaborating with the mayor’s office and the nonpartisan organization Baltimoreans United in Leadership Development to ensure a holistic approach to community transformation. Initiatives announced in 2023 also included a request for information to design a strategy for attracting private capital to support these goals.
Baltimore is also implementing several reforms aimed at increasing housing density. Proposed legislation will enable construction closer to property lines and will eliminate the requirement for off-street parking, making it easier to develop housing in various neighborhoods.
Through this ambitious project and legislative reforms, Baltimore aims not only to reduce homelessness but to foster sustainable and vibrant communities, reversing the long-standing trend of vacant properties and improving overall quality of life for its residents.
The content above is a summary. For more details, see the source article.
