Board authorizes up to $30M in bonds for citywide affordable-housing TIF, approves program structure

The Baltimore City Board of Finance voted Oct. 27 to authorize issuance of special obligation bonds of up to $30,000,000 (Series 2025) to fund the citywide affordable housing tax increment financing (TIF) program.

Alice Kennedy, housing commissioner at the Baltimore City Department of Housing and Community Development, told the board the city council approved the creation of a citywide affordable housing development district (Ordinance 24‑443) and a separate ordinance that authorized up to $65,000,000 for vacant-housing rehabilitation and certain public infrastructure improvements. The Series 2025 bond authorization is the first tranche of the TIF financing plan.

The resolution approved by the board authorizes sale and delivery of up to $30,000,000 in fixed-rate special-obligation bonds (rate not to exceed 7.5 percent), approval of the indenture of trust, the funding agreement, the grant program agreement, and related documents. The package authorizes a negotiated sale and appoints Stifel Nicolaus as underwriter, McGuireWoods as bond counsel, and Municap as…