Baltimore Mayor To Set Up Fund For Troubled Neighborhoods
BALTIMORE (AP) -- Baltimore's mayor says she plans to raise $55 million by leasing several city-owned parking garages and to use the money to help attract development to the city's most troubled neighborhoods.
The Baltimore Sun reports that Mayor Catherine Pugh said Wednesday she is taking steps to create what she calls the Neighborhood Impact Investment Fund.
The fund will be designed to focus on historically neglected neighborhoods that the federal government defines as "severely distressed." That includes much of East and West Baltimore.
Pugh said the city's contribution would help jumpstart private investment through the fund. The goal would be to invest in real estate projects, including affordable housing, market-rate housing and smaller commercial developments.
The plan to lease garages would need approval from the City Council and the Board of Estimates.
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