The first round of applications for citywide Affordable Housing TIF Funds are opening Sept. 19, Baltimore Mayor Brandon Scott announced.
Tax Increment Funding (TIF) is a public financing tool that encourages development and redevelopment in economically disadvantaged areas, and Scott aims to use the funds to support redevelopment of vacant properties in Baltimore City. The applications and program guidelines will be available on the Department of Housing and Community Development (DHCD) website.
“My administration is taking on a challenge that’s been ignored for generations – vacant housing – delivering $3 billion to end this crisis for good within 15 years,” Scott said in a statement. “This is a critical component of solving this challenge. Using these funds in our neighborhoods that have been disinvested in for decades will increase homeownership while preserving communities. It will take all of us working together to get there.”…