Baltimore Bolsters Affordable Housing with $100 Million InvestmentBaltimore Bolsters Affordable Housing with $100 Million Investment In a significant step towards addressing the housing affordability crisis, Baltimore City has announced a $100 million investment in affordable housing. This investment will support the creation and preservation of affordable housing units, providing crucial assistance to low- and moderate-income residents. The funding will be distributed through two initiatives: * $50 million for New Affordable Housing Development: This funding will support the construction of new affordable housing units, including apartments, townhomes, and single-family homes. The aim is to increase the supply of affordable housing options for families, seniors, and individuals with disabilities. * $50 million for Affordable Housing Preservation: This funding will help preserve existing affordable housing units to prevent them from being converted to market-rate housing. The funds will be used for repairs, renovations, and other measures to maintain the quality and affordability of these units. The investment is part of Baltimore’s larger effort to address homelessness and housing instability. In recent years, the city has experienced a surge in housing costs, making it increasingly difficult for low-income residents to find affordable housing. Mayor Brandon Scott stated, “This $100 million investment will make a tangible difference in the lives of our most vulnerable residents. By creating and preserving affordable housing, we are not only providing stable homes but also building stronger communities where everyone can thrive.” The investment will be allocated to organizations that have experience in affordable housing development and preservation. The city will prioritize projects that serve the most underserved populations, including families earning below 50% of the Area Median Income (AMI). “Affordable housing is not just a luxury, it’s a basic human right,” said Housing Commissioner Alice Kennedy. “This investment will help us expand access to safe, decent, and affordable housing for all Baltimoreans.” The $100 million investment is a testament to Baltimore’s commitment to addressing housing affordability. It is a crucial step towards creating a more equitable city where everyone has the opportunity to live in a stable and affordable home.