Baltimore is launching a new 15-year, $6.2 billion housing redevelopment program aimed at revitalizing tens of thousands of vacant or “at-risk” properties across the city. The program represents the largest community investment in Baltimore’s history.
The initiative is supported by $1.2 billion in public investment commitments and will leverage an additional $5 billion in private-sector financing, according to the Greater Baltimore Committee. The comprehensive, 15-year strategy will initially revitalize more than 37,000 vacant or at-risk properties, tipping market conditions for private development across an additional 33,000 houses and lots.
To date, the effort has secured $300 million from the City of Baltimore, including a first-of-its-kind affordable housing tax increment financing program and $900 million from the State of Maryland. Together, these commitments mark essential steps toward reaching $3 billion in public funding over the next 15 years.
“We’re committed to transforming Baltimore’s neighborhoods by addressing vacancy with urgency and precision,” said Secretary Jake Day, Maryland Department of Housing and Community Development.
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