Baltimore Raises $55 Million For Neighborhood Investment Fund

Here’s a prediction from our editorial team covering Baltimore City. You’ll be seeing more and more announcements of Baltimore City’s tangible revitalization efforts as 2018 goes on. The City recently announced an aggressive plan to raise millions for a new fund in an innovative way. The City, under direction by Mayor Catherine Pugh, will be leasing city-owned parking garages to the Maryland Economic Development Corporation. Estimates say about $55 million can be generated.

The initiative is called the Neighborhood Impact Fund  and the mayor hopes it will attract even more investment and development from private companies. The money will go toward neighborhood improvement and revitalization in target neighborhoods like Park Heights, Sandtown and East Baltimore.

The Neighborhood Impact Investment Fund will operate as an independent nonprofit entity closely aligned with the city, and is modeled after other similar national programs.