Baltimoreans United in Leadership Development (BUILD), Maryland
On Monday, December 11, a groundbreaking collaboration unfolded in Baltimore as leaders from various sectors, including faith and business figures, joined forces with Mayor Brandon Scott's administration and BUILD Baltimore. Together, they unveiled an ambitious $8 billion plan to revitalize the city's blighted landscape, mainly focusing on vacant homes. The initiative, funded by $3 billion in public funds and $5 billion in private funds, seeks to comprehensively address the rehabilitation, demolition, and beautification of approximately 35,700 vacant and "at-risk" properties throughout Baltimore.
Mayor Scott's office has pledged a substantial commitment of at least $300 million over 15 years, utilizing a tax increment financing district as part of the financial strategy. Notably, BUILD plays a pivotal role in this historic endeavor. With BUILD's involvement, the coalition underscores the transformative impact envisioned over the 15-year investment period, signaling a concerted effort to tackle Baltimore's persistent blight issues.
Public Financial Management, the consulting firm tasked with formulating the financial framework, has proposed a diverse set of funding sources, including tax increment financing bonds, reactivation of the Industrial Development Authority, exploration of new local revenue streams, utilization of social impact bonds, and solicitation of funds from the state. While acknowledging the ambitious nature of the proposal, the coalition emphasizes the urgency of adopting a comprehensive approach to Baltimore's vacant housing crisis, with BUILD contributing significantly to this historic and transformative effort.
Despite potential funding challenges, the coalition envisions positive impacts on property values, tax bases, and job creation, particularly in neighborhoods that traditionally have limited government investment. Mayor Scott expresses a steadfast commitment to the 15-year vision, underlining the need for sustained efforts to transform Baltimore's housing landscape. The collaboration marks a significant milestone in the city's journey toward revitalization, signaling hope for a brighter future and improved living conditions for its residents.
Baltimore leaders propose $8 billion plan to confront vacant housing - The Baltimore Banner.
Baltimore's vacant properties plan (baltimoresun.com)
A plan to take on Baltimore's vacant properties,''once and for al'' (wmar2news.com)
Mayor announces plan to invest $3 billion into vacant houses (wbaltv.com)