Baltimore City has introduced its first Affordable Housing Tax Increment Financing (TIF) legislation to address decades of disinvestment and reduce vacant properties. This citywide initiative aims to issue up to $150 million in bonds, targeting 3,991 currently vacant properties for redevelopment. The TIF funds will be used as grants for public infrastructure and construction costs, prioritizing homeownership opportunities for legacy residents and supporting small developers. Unlike traditional TIFs with defined project areas and primary developers, this program is city-sponsored and available to a wide range of applicants. Repayment of the bonds will come from the increased property taxes generated as the vacant properties are revitalized and occupied.

Source of this story: https://dhcd.baltimorecity.gov/affordable-housing-tif