Multi-billion dollar plan to solve Baltimore's vacant homes crisis disclosed

Multi-billion dollar plan to solve Baltimore’s vacant homes crisis disclosed

  • Baltimore Mayor Brandon Scott and community leaders announced a comprehensive, long-term plan to address the city’s vacant housing problem, impacting over 16,000 buildings.
  • The plan, called the Baltimore Vacants to Value initiative, aims to stabilize neighborhoods by rehabilitating or redeveloping 10,000 vacant homes and lots over the next 10 years.
  • It is estimated that fully addressing Baltimore’s vacant housing stock, which makes up nearly 1 in 5 homes in some areas, will cost $3-7.5 billion, according to experts [(source: The Baltimore Sun)].
  • The new initiative will bring together city leaders, nonprofit and faith-based partners, and private investors to help secure both public and private funding toward the multi-billion dollar goal.
  • In 2022, $50 million in funding was already secured from the American Rescue Plan Act (ARPA) federal funds to start stabilizing vacant homes and jumpstarting the initiative [(source: WMAR)].

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