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Renters, Homeowners & Investors: The Changing Profile of - - PowerPoint PPT Presentation

Oct 25, 2023 493 likes •761 views

Renters, Homeowners & Investors: The Changing Profile of Communities Federal Reserve Board of Governors February 26, 2013 Baltimore Housing Commissioner Paul T. Graziano Baltimore s Challenge: 16,000 Vacant Buildings Breakdown of the

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Renters, Homeowners & Investors: The Changing Profile of Communities Federal Reserve Board of Governors February 26, 2013 Baltimore Housing Commissioner Paul T. Graziano

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Baltimore’s Challenge: 16,000 Vacant Buildings

Breakdown of the City’s 16,000 Vacants by Area Type

(75% Privately Owned)

To view Development Clusters go to: http://www.baltimorehousing.org/vtov_code_clusters

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6% 31% 63%

(1,000 Vacants) Located in Development Clusters (5,000 Vacants) Located in Areas With Development Demand (10,000 Vacants) Located in Areas Without Development Demand

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Addressing Blight: Mayor Rawlings-Blake Vacants to Value

  • Strategy 1: Streamline the disposition

process

  • Strategy 2: Streamline Code Enforcement

in Middle Market Neighborhoods

  • Strategy 3: Facilitate Investment in Block

Clusters Near Areas of Strength

  • Strategy 4: Homebuyer

Incentives/Developer Capital

  • Strategy 5: Support Large-Scale

Development in Distressed Areas

  • Strategy 6: Maintain, Clear, Hold and

Identify Non-Housing Uses

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Vacants to Value at Work

Strategy 1: Streamlining Disposition

100 134 524 100 200 300 400 500 600 FY 10 FY 11 FY 12

Properties Sold

Properties Sold

  • Restructured Land Resources division
  • Created predictable, expedient and

transparent transaction processes

  • Selling City-owned properties is now 3

times faster

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Vacants to Value at Work

Strategy 2: Streamline Code Enforcement in Middle Markets

*Construction costs only

Neighborhoods Vacant at Start Total 85 1593

Phase VBN $900 Citations Rehabbed or Rehab Underway Receivership Filed Receivership Pending Filing Non-VBN $250 Citations Private Investment Based on Permits * PHASES I-IV 1006 527 406 108 1182 $24,565,750

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Block Clusters Vacants at Start Rehabbed

  • r Rehab

Underway Receivership Filed and Open Receivership Pending Filing Private Investment Based on Permits* City-owned Properties at Start City-owned Properties Remaining for Disposition Demolitions 15 1233 448 408 45 $22.4 M 251 32 72

Strategy 3: Facilitate Investment Near Areas of Strength

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Vacants to Value at Work

Strategy 4: Homebuyer Incentives / Developer Capital

Homebuyer Incentives

  • V2V Homebuyer grants of $10,000

– 123 grants awarded to date – 28% new residents to the City

  • Wells Fargo CityLIFT program ($4.5 million) provides $15,000 homebuyer grants

– 50 commitments to date

Developer Access to Capital

  • Conventional lenders
  • CDFI loan funds
  • Private equity funds

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Strategy 5: Support Large Scale Redevelopment in Distressed Areas

Vacants to Value at Work

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Greening Vacant Lots:

  • In FY11, 162 lots were adopted
  • After the launch of the Power in Dirt Initiative, there

were a total of 667 lots adopted in FY12.

  • This reflects an increase of over 400%
  • 43 sites have utilized the Water Access Program

Demolition:

  • Regularly demolish 200 - 300 blighted structures per year
  • Clinton Global Initiative - 1500 properties in 3 years
  • State of City Commitment - 4000 demolitions over 10

years

Vacants to Value at Work

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Strategy 6: Maintain, Clear and “Land Bank” for Interim and Future Use

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Greenmount Ave. Redevelopment Corridor

Mid Town/ Cultural District EBDI/Hopkins Medical

Downtown

North - South

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Vacants to Value at Work

2121 Jefferson Ave. - Before

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Vacants to Value at Work

2121 Jefferson Ave. - After

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Vacants to Value at Work

1200 Bond St.- Before

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Vacants to Value at Work

1200 Bond St. - After

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Vacants to Value at Work

Dallas & Biddle - Before

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Vacants to Value at Work

Dallas & Biddle - After

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Vacants to Value at Work In Uplands

Uplands Before

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Vacants to Value at Work In Uplands

Uplands After

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Vacants to Value at Work In Oliver

1200 Block of Broadway Before

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Vacants to Value at Work In Oliver

1200 Block of Broadway After

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Vacants to Value at Work

New Construction Rental

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Vacants to Value at Work In Johnston Square

Lillian Jones Apartments Development Underway

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Vacants to Value at Work In Poppleton

University of Maryland Biopark

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Vacants to Value at Work In Woodbourne McCabe

McCabe Avenue Demolition

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Vacants to Value at Work In Woodbourne McCabe

McCabe Avenue Groundbreaking

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BALTrMORE

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  • www. IJ.altim-orehousin g. org

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