"This initiative demonstrates the strength and alignment of our region in addressing vacancy at scale, said Mark Anthony Thomas, president of the GBC. As a core economic development priority, the public dollars committed to this effort are designed to catalyze significant private-sector investment, grow our population, and strengthen neighborhoods. By bringing together civic leadership, private capital and community partners, Baltimore is setting a new national benchmark for city revitalization."
"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. So far, the city has committed $300 million including a new tax increment financing program designed to fund affordable housing. Maryland has pledged $900 million over the next several years for housing and neighborhood reinvestment."
The initiative mobilizes coordinated public and private investment to address residential vacancy at block scale, integrate housing with infrastructure, commercial corridors, parks, and community spaces, and strengthen neighborhoods. Leadership includes the Greater Baltimore Committee, the Mayor's Office, BUILD Baltimore, and coordination through Reinvest Baltimore established by Gov. Wes Moore in 2024. The city committed $300 million including a tax increment financing program for affordable housing, while Maryland pledged $900 million, with a public-support target of $3 billion. Urban Institute data show recent vacancy-reduction progress. The plan aims to catalyze private investment, grow population, and create lasting economic opportunity.
#vacancy-reduction #neighborhood-revitalization #public-private-partnership #affordable-housing #baltimore
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