Baltimore: City Council Approves Plan to Expand Affordable Housing

Baltimore City Council Approves Plan to Expand Affordable HousingBaltimore City Council Approves Plan to Expand Affordable Housing In a significant step towards addressing the city’s housing crisis, the Baltimore City Council has unanimously approved a plan to expand affordable housing options for low-income residents. The plan, presented by Mayor Brandon Scott, includes a series of measures aimed at increasing the supply of affordable units and reducing barriers to homeownership. Key Provisions: * Building 10,000 new affordable units by 2030: The plan sets an ambitious goal of creating 10,000 new affordable units over the next decade. These units will be primarily targeted towards households earning less than 80% of the area median income. * Preserving existing affordable housing: The plan includes measures to protect and preserve existing affordable housing stock. This includes providing incentives to landlords to keep rents affordable and investing in repairs and renovations of aging housing units. * Increasing homeownership opportunities: The plan aims to increase homeownership rates among low-income residents by providing down payment assistance and closing cost subsidies. It also encourages the development of community land trusts, which offer discounted home prices and long-term affordability protections. * Rezoning to promote affordability: The plan calls for rezoning certain areas of the city to allow for more affordable housing development. This will involve streamlining approval processes and reducing zoning restrictions that have historically made it difficult to build affordable units. Funding and Implementation: The plan will be funded through a combination of public and private sources, including federal grants, city funds, and partnerships with non-profit organizations. The city will establish a Housing Strategy Implementation Team to oversee and coordinate the plan’s implementation. Significance: The plan has been widely praised by housing advocates and residents who have long struggled to find affordable housing in Baltimore. It is a bold and comprehensive approach that, if implemented effectively, has the potential to significantly reduce housing insecurity and improve the lives of low-income residents. The plan’s approval is a testament to the growing recognition of the critical need for affordable housing in Baltimore and across the nation. It is a positive step towards creating a more equitable and just city for all its residents.