(Baltimore, MD) -- The Maryland Department of Housing and Community Development has accelerated the rollout of an initiative to address Baltimore City's vacant property problems.
Secretary of Housing Jake Day has approved $50 million for the Baltimore Vacants Reinvestment Initiative that will be available for developers on July 1st.
The program application will ask the city's community-based development organizations to describe how many properties with vacant building notices they can address over multiple years if sufficiently capitalized.
Vacancy reduction plans will include a range of investments, including but not limited to property acquisition, stabilization, renovation and demolition.
“The changes to the Baltimore Vacants Reinvestment Initiative will forge a new path for revitalization and rehabilitation in the City of Baltimore. If we want to drive investment and growth, we need to address the vacancy problem in Baltimore and do it efficiently. That’s what this acceleration is all about,” said Governor Wes Moore. “Through the Reinvest Baltimore initiative, leaders across all parts of the city and state are coming together to stay synchronized and focused in our work to tackle vacancy.”
24/7 News Source contributed to this report.
