WBALTV-11: Baltimore spending $30M in ARPA funds to create Housing Accelerator Fund

Tolly Taylor, WBALTV-11

BALTIMORE — Baltimore is spending $30 million to build more affordable housing in a way the mayor hopes will transform the city's housing landscape.

It's going to be a lengthy application process for the Housing Accelerator Fund, but city leaders said the funding is ultimately intended to incentivize developers to build much-needed housing.

The program is funded by American Rescue Plan Act money.

"(There's) $15.2 million from the city's ARPA fund and $14.7 million from the Home Investment Partnerships Program American Rescue Plan Act funds, funding that will provide awards of this housing up to $250,000 per unit," Mayor Brandon Scott said Wednesday.

The Notice of Funding Availability proposes maximum awards for the construction of affordable housing of up to $250,000 per unit for permanent supportive housing and up to $100,000 per unit for traditional affordable housing. Additionally, projects will be eligible for awards of up to $500,000 for predevelopment costs associated with the funded units.

The Baltimore City Department of Housing and Community Development is hosting an information session for developers to learn about the new program at 1 p.m. on Sept. 14. To attend, register online here.

The mayor and DHCD officials said they will meet with developers and review the application process, after which, they expect funds to be available and building to begin in the early spring.

Whether a housing project is in the design stage or near the finish line, if they meet the criteria, they can qualify for this funding.

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