There’s been a bit of confusion lately in the news about Port Covington’s commitment to inclusionary housing and the current law that applies in Baltimore City.
Nearly 10 years ago, the Baltimore City Council passed a law requiring developments approved for Tax Increment Financing (TIF) to include affordable housing units. The law requires the developments to include these units only if the City helps pay the cost of them.
Since the law’s passage, the City has appropriated only about $2 million total for the program – too little for the City to fund many affordable units. When the City has no money in the fund, the law requires the City to exempt the development from the requirement. To be clear: Sagamore did not request this exemption and the Mayor did not push through this exemption. The law required it.
Despite this technical “exemption,” Sagamore is committed to building a mixed-income community and has an agreement with the City to provide affordable housing at Port Covington and/or make payments into the City’s Inclusionary Housing fund so that affordable units can still be produced.
We hope this answers any questions you may have about Baltimore’s current law, its requirements and Sagamore’s commitment to inclusionary housing.