Baltimore City Council Approves New Affordable Housing Initiative

Baltimore City Council Approves New Affordable Housing InitiativeBaltimore City Council Approves New Affordable Housing Initiative The Baltimore City Council recently passed legislation that will create a new affordable housing initiative aimed at addressing the city’s housing crisis. The initiative, known as the “Baltimore Housing Trust Fund,” will provide funding for the construction, rehabilitation, and preservation of affordable housing units. The trust fund will be capitalized with $10 million in funding from the city’s general fund and an additional $5 million from federal funds. The city plans to issue bonds to raise additional funds for the trust fund in the future. The trust fund will be administered by a board of directors appointed by the mayor and city council. The board will be responsible for developing and implementing policies and procedures for the distribution of funds. The trust fund will provide funding for a variety of affordable housing projects, including: * New construction of affordable housing units * Rehabilitation of existing affordable housing units * Preservation of existing affordable housing units * Homeownership assistance programs * Rental assistance programs The trust fund is expected to create or preserve thousands of affordable housing units in the city. This will help to address the city’s housing crisis and make Baltimore more affordable for all residents. “This is a historic day for Baltimore,” said Mayor Brandon Scott. “This trust fund will create thousands of new affordable housing units and help to ensure that Baltimore is a city where everyone can afford to live.” The trust fund is a key part of the city’s comprehensive plan to address the housing crisis. Other initiatives include: * Increasing the supply of affordable housing * Preserving existing affordable housing * Expanding homeownership opportunities * Providing rental assistance The city is committed to working with community partners to implement these initiatives and make Baltimore a more affordable and equitable city for all.