Baltimore’s City Council is no longer considering a land bank authority, as lead sponsor Councilwoman Odette Ramos withdrew her bill on Monday evening. The measure aimed to create a quasi-governmental agency to tackle blight. It faced opposition from those who argued it would duplicate efforts and drain resources from the city’s housing department.
“I look forward to addressing this issue with the right tools,” Ramos said. “We have some work to do.”
Supporters say the city is missing an opportunity to address the vacant housing crisis efficiently. But, Housing Commissioner Alice Kennedy defended the agency's efforts, noting it is already working to reduce the number of vacant properties, which is just over 13,000.
A special financing package to address blight is now before the City Council. The first bill introduced Sep. 30 would allow the Board of Finance to issue up to $65 million in bonds, at one time, to renovate vacant homes. The second bill would create special development districts to utilize these funds.
City officials describe the plan as the affordable housing tax increment financing, or TIF, aimed at supporting working-class residents. It is part of the mayor’s $3 billion initiative to eliminate vacant properties, which he introduced in December 2023.
Mayor Brandon Scott emphasized that the TIF will prioritize underserved neighborhoods. “Today's legislation is for people in Park Heights, East Baltimore, West Baltimore, Sandtown, and Broadway East. This is your answer,” he said.
City Council President Nick Mosby spoke in favor of the TIF at a press conference before the council meeting. “I'm here to think about the homeowners that had to live through this for decades,” said Mosby.
“As a middle class resident, who decided to take their biggest investment in purchasing a home in Baltimore, I’ve had to watch properties with the same material by the same builders appreciate 100% or more, in different communities. It’s alarming! This is a day that we attempt to reverse that,” he declared.
Michael Mocksten, the city’s finance director, said that as new residents move into the renovated homes, their property taxes will help pay off the bonds, funding further development. The city aims to issue a total of $150 million in bonds over a 15-year period. He added that they have secured most of the additional funding from the state. Hearing dates for the new proposals have not yet been announced.
