Greater Baltimore Committee organizes lenders for $100 million housing fund

Baltimore business leaders are launching a major financial push to tackle thousands of empty buildings across the city. The Greater Baltimore Committee, a regional business advocacy group, is organizing lenders and investors ahead of a planned $100 million private capital fund. This effort is part of a broader strategy seeking $5 billion in private financing to address at least 37,000 vacant or vulnerable properties over 15 years. Baltimore currently has nearly 11,400 vacant buildings citywide after years of population loss following the decline of local heavy industry. In some target neighborhoods, the cost of fixing up a house is higher than what the finished building is actually worth, making traditional bank loans nearly impossible to get. Working with national housing nonprofit Enterprise Community Partners, the business committee plans to launch a Funders’ Consortium in November to connect banks and investors with vetted redevelopment projects. Financial institutions can already express interest as the fund's exact structure and financial products are being built. Greater Baltimore Committee CEO Mark Anthony Thomas said the move builds on private sector support to strengthen neighborhoods. "This is an important next step in building the private-sector support needed to strengthen Baltimore’s neighborhoods," Mr. Thomas said in a statement. Mayor Brandon Scott said the city has already eliminated more than one in four vacant properties. Baltimore Mayor Brandon Scott added that the announcement opens new opportunities for anyone wanting to take part in the city's turnaround. Maryland Housing and Community Development Secretary Jake Day and Enterprise Mid-Atlantic market leader David Bowers are also backing the initiative, which aims to coordinate investments so revitalization happens without pushing out current residents. The group hired Stephen Madsen, a former director at consulting firm Econsult Solutions, to lead the new project. If you are a developer or lender looking at real estate deals in the Mid-Atlantic, this consortium will map out clear paths and financing gaps for projects where public money is already flowing. At least you won't need a map to find a boarded-up house in this town.