Key facts
- Baltimore plans to launch a $100 million private capital fund for vacant housing redevelopment.
- The Greater Baltimore Committee will establish a Funders’ Consortium in November.
- The city has nearly 11,400 vacant buildings, a decrease of 1,000 from the previous year.
- A $28.8 million bond sale was completed for the city's affordable housing tax increment financing program.
- Maryland's fiscal 2026 action plan requires $3 billion in public and philanthropic investment.
Baltimore is launching a new $100 million private capital fund to address its persistent issue of vacant housing, aiming to attract investors and capital providers to projects that struggle with conventional financing. The Greater Baltimore Committee (GBC), in partnership with Enterprise Community Partners, plans to establish a Funders’ Consortium in November. This consortium will serve as a platform to connect lenders and other capital providers with a pre-vetted pipeline of redevelopment projects.
The initiative is part of a broader strategy announced last year, which seeks to attract $5 billion in private financing to tackle at least 37,000 vacant or vulnerable properties over 15 years, supported by $1.2 billion in public commitments. Mayor Brandon Scott stated that the GBC's fund represents a significant step forward in Baltimore's revitalization efforts.
Baltimore has historically grappled with inner-city neighborhood decay due to deindustrialization and population loss, resulting in approximately 11,400 vacant buildings. While the city has reduced vacant properties by over a quarter, challenges remain, particularly in areas where rehabilitation costs exceed property values. The consortium aims to identify and coordinate investment around these financing gaps.
Maryland's fiscal 2026 Reinvest Baltimore action plan outlines a requirement for $3 billion in public and philanthropic investment, with $1.2 billion already identified from public sources. The state's plan also targets 1,586 building rehabilitations in fiscal 2026, up from 756 in the previous fiscal year. Additionally, Baltimore has enacted legislative changes to facilitate development, including eliminating off-street parking minimums and increasing flexibility in building design and size.