Baltimore City opened the first application round for the City-Wide Affordable Housing TIF Funds to support the redevelopment of vacant properties.
Yesterday, Mayor Brandon M. Scott announced the first application round for the City-Wide Affordable Housing TIF Funds to support the redevelopment of vacant properties throughout Baltimore City. Tax Increment Financing (TIF) is a public financing tool used by local governments to encourage development and redevelopment in underutilized or distressed areas. The application and program guidelines will be available on DHCD’s website.
The City-Wide Affordable Housing TIF is one of the first non-contiguous TIF Districts in the country. It is also one of the first to target funds to build the local economy by directing funds to small and emerging developers, community development partners, and individuals combatting vacants.
The application period will officially open on September 19. The public is encouraged to attend a series of virtual information sessions about the program. The sessions will explain how the program works, who can apply, and how the funds will help reduce vacant properties within the City’s Affordable Housing TIF District.
About the Affordable Housing TIF Program:
- Purpose: Provides up to $150 million in bond proceeds that will be made available through multiple application rounds. These proceeds will support neighborhood-based, block-level redevelopment in Baltimore’s historically disinvested communities.
- Eligible activities: This round supports the redevelopment of vacant buildings for residential use. Funds are limited to properties within the City-Wide Affordable Housing TIF District.
- Funding model: TIF funds will be provided as grants with no repayment requirement to help reduce appraisal gaps, accelerate development, and create and preserve affordability.
