Baltimore is aiming to reduce its thousands of vacant properties by offering grant funds to those who are interested in fixing them up.

Mayor Brandon Scott, a Democrat, announced the “first round” of City-Wide Affordable Housing TIF Funds last week. The initiative is part of a $3 billion plan over 15 years from the two-term mayor that aims to end the housing crisis “for good” within 15 years, he said in a news release.

“Using these funds in our neighborhoods that have been disinvested in for decades will increase homeownership while preserving communities,” Scott said in the release. “It will take all of us working together to get there.”

Here’s what to know about the program.

What are TIF funds?

Tax Increment Financing funds are public financing tools utilized by local governments to help encourage development. The money is being made available in Baltimore to help redevelop particularly run-down, vacant residential dwellings, though allowing the city to borrow against expected tax revenues from the properties once they’re revitalized.

The funding is contingent upon the anticipated revitalization ultimately coming to fruition but is to be awarded as grants that have no repayment requirement.

Where are the vacant properties?

The program mostly focuses on East and West Baltimore due to historical disinvestment, according to the mayor’s office.

Baltimore has also used TIFs to subsidize infrastructure and redevelopment costs for the Baltimore Peninsula and Harbor Point areas. Those neighborhoods have seen a surge of investment in recent years.

Who is the target audience for the grant program?

According to the release issued last week, developers, community-based organizations, legacy residents, property owners within the TIF District in East and West Baltimore, and stakeholders interested in neighborhood revitalization should plan to attend a series of information sessions that will explain more about who is eligible and how the program works.

When do grant applications open?

The Baltimore City Department of Housing and community development will officially open for applicants with residential properties Friday. There will be multiple application rounds.

How much will this cost?

The program is giving up to $150 million in bond proceeds. The state is contributing $900 million to Scott’s broader, multibillion-dollar housing plan.

“Bringing potentially hundreds of vacant properties back into productive use will provide much needed revenue by increasing the City’s tax base,” said Michael Mocksten, the city’s finance director, said in the release. “More importantly, our residents will benefit from the generational wealth that we anticipate will be created from increased housing values.”

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