BALTIMORE — It's a major step towards combating Baltimore's vacant housing crisis.
After months of planning, officials are speeding up revitalization efforts.
Maryland's Housing Secretary approved $50 million for developers starting July 1.
The accelerated roll out intends to jump start the process revamping Baltimore's nearly 13,000 vacant homes and 30,000 empty lots.
Instead of waiting 18 to 24 months developers can expect to receive funds in less than a year.
"Rather than saying we're committing to a fixed amount of money that gets deployed later after you've spent the money, we're going to get the money into your hands up front and ask you to go get the properties that you need, deploy that money, acquire, demolish, stabilize, rehab, and get families back in houses in Baltimore." said Maryland Housing Secretary Jake Day.
Back in October, Governor Wes Moore launched "Reinvest Baltimore," with the goal of developing 5,000 vacant homes in five years.
Since then, the Baltimore Vacancy Reinvestment Council has been trying to carry out the operation.
“Vacant homes have been a challenge here in Baltimore since before I was alive. Generations of Baltimoreans have lived with this problem. Now, thanks to this work, it’s likely that kids growing up in our city will actually see the end of this problem for good,” said Mayor Brandon Scott. “Almost a year and a half ago, we laid out a 15-year vision to end vacant housing for good alongside our partners at BUILD and GBC. We knew we had the tools, the know-how, and the political will to address this challenge—we just needed the capital. I am grateful to our partners at the State and across the City—nonprofits, community leaders, and companies—who have stepped up to be part of this collective effort to finally eliminate vacant housing in Baltimore.”
Funding applications open next week, and run through May. Developers can expect funds by July.
