Community and Economic Development Loan
Community and Economic Development Loan: $45,000,000 (over 2 years)
The Community and Economic Development Loan would provide up to $45 million to be used for activities that promote economic and neighborhood development. This loan supports activities that revitalize neighborhoods, create jobs, and increase tax revenues for the City. For example, funds will be used to support redevelopment efforts from Coldstream Homestead Montebello to Lexington Market; eliminate blight through strategic whole block demolition; leverage federal investment to build affordable housing; provide financing and incentives for private investment; and improve the appearance of commercial and industrial areas. The funds would allow for the planning, development, and execution of community development programs, including making grants and loans to organizations working to improve the City. In the past, this type of loan has been used to fund activities from the Department of Housing and Community Development, the Baltimore Development Corporation, the Downtown Partnership of Baltimore, and certain cultural agencies such as the Maryland Science Center and the Creative Alliance.
Project Highlight: Johnston Square Redevelopment
The Johnston Square Redevelopment project is a major initiative to stabilize the Johnston Square community and capitalize on development occurring to the east and north. Working together with other City departments and community organizations, the Department of Housing and Community Development (DHCD) is taking a comprehensive approach to revitalizing the neighborhood, from demolition of unsafe structures, rehabilitation of housing units, and new construction of affordable and mixed-use buildings. The 2014 Community and Economic Development Loan supported this effort, providing $1.5 million for acquisition, relocation, and demolition in the neighborhood. DHCD was able to work with community groups to demolish unsafe and vacant structures, allowing other entities to put the land to use by building new affordable housing, installing community green spaces, and more. The funds were paired with federal and private funds to support this comprehensive approach to reinvestment in the Johnston Square neighborhood.