PNC, Greater Baltimore Committee join fight to end city's vacant housing problem
Hundreds of community organizers, religious leaders and officials filled West Baltimore's Greater Harvest Baptist Church Sunday afternoon as PNC Bank and the Greater Baltimore Committee pledged to explore a private investment to address Baltimore's vacant housing crisis.
The city and state have committed billions to solve the decades-long vacant housing problem in Baltimore. There are currently 12,603 vacant homes, according to the city's Department of Housing and Community Development's dashboard.
Baltimoreans United in Leadership Development, the community group that organized Sunday's event, said in a news release its new private sector partners plan to 'organize a significant private capital fund that will leverage the public funds already committed. This private investment will be critical to rebuilding housing markets in neighborhoods broken by the legacy of redlining.'
'Baltimore finds itself in a key moment in our history, one that could be transformational for us, our children and their children,' said Laura Gamble, regional president of PNC Bank, at the podium inside Greater Harvest.
'PNC is committed to help organize the fund that will support this crucial work, and we'll do it in line with our accepted community development process and appropriate standards,' she said. PNC will also use the Baltimore Vacant Reinvestment Council's values and guidelines, she said.
PNC, Bank of America and BUILD, are 'committed to exploring a demonstration investment … to show what's possible, even as we work to bring other institutions and investors together to support the broader fund,' Gamble said.
Elizabeth Reichelt, of BUILD, said the organization thinks the fund needs to be at least $100 million. Gamble said that was 'a very reasonable goal.'
'I've never seen such … universal support for an issue of our time that we can all collectively address, and so we're going to do everything we can to not only reach the goal, but exceed it over time,' said Mark Anthony Thomas, president and CEO of the Greater Baltimore Committee, when asked if he supported the commitment to raising $100 million for the fund.
As a representative of the private sector, Thomas said he was asking to take the metaphorical collection plate from the community in its efforts to solve the vacant homes issue. He also committed to pass the plate to the Greater Baltimore Committee's corporate leaders.
'Now it's our time as a private market to really use this opportunity so that we can be at the table to help ensure that we rebuild the communities that desperately need investment, that desperately need opportunity,' Thomas said.
The city is 'already building momentum' when it comes to tackling vacant homes, Mayor Brandon Scott said, noting the thousands less vacants there are now compared to when he was first sworn in as mayor in 2020. In December 2020, there were over 15,500 such properties, according to the data dashboard.
But the community feels the momentum is lacking in some areas. Scott committed to addressing 177 issues inside a green folder handed to him by Greater Harvest's the Rev. Brent Brown. Brown said slow permitting is holding up projects across the city, including in Franklin Square.
Scott committed to solving the permit issues inside the green folder within two weeks, the stabilization issues within 60 days and acquisitions within six months.
Have a news tip? Contact Racquel Bazos at rbazos@baltsun.com, 443-813-0770 or on X as @rzbworks.
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