BALTIMORE — We've all seen them: the thousands of decaying, dilapidated properties in Baltimore City.
On Monday, announced to a cheering crowd at the Greater Harvest Baptist Church in West Baltimore, itself next to vacant homes: a new plan to fix them over 15 years.
"Let's picture not one single vacant or abandoned home in sight!" Rev. Cristina Paglinauan, a member of the BUILD Executive Team, said to applause Monday.
Mayor Brandon Scott, the Greater Baltimore Committee and the multi-faith community organization BUILD announced the agreement, which would combine public and private dollars to redevelop at least 37,000 - which could get to as many as 45,000 - properties in Baltimore City.
The plan commits $300 million from Baltimore City across 15 years, aiming to generate billions in return in the future.
"We can't gloss over how big this is," Scott said Monday, "with our plan, Baltimore will be on the cutting edge of housing policy for the entire country, and we're going to be putting it to use in the neighborhoods that need it the most."
The city, state and private capital is projected to create a potential $3 billion to pay for the redevelopment work, the agreement says. That figure comes from a separate study by Public Financial Management, which suggests the investment will pay for itself over the years.
"The research that informed today's event confirms what many have always believed," said Mark Anthony Thomas, the CEO of the Greater Baltimore Committee Monday, "that investing in our communities is good strategy."
They'll use what's billed a 'whole blocks' strategy, which means they'll address each vacant, empty and at-risk property on a block earmarked for redevelopment, according to the agreement.
In the mix to fund the city's contribution: tax-increment financing, or 'TIF' bonds - in the past used for choice parts.
"There is no reason the tool which has driven the successful efforts to rebuild our waterfront neighborhoods can't be utilized everywhere else," Scott added.
Projections from the PFM findings show a potential $3.5 billion return over 20 years, which could get as high as $7.4 billion over the course of 30.
