February 11th, 2016 by WCBC Radio
Governor Larry Hogan today introduced a second supplemental budget for FY 2017 that provides $18 million to support the implementation of Project C.O.R.E., Creating Opportunities for Renewal and Enterprise. This four-year initiative, announced last month, is in partnership with Baltimore City and the Maryland Stadium Authority and will systemically address blight in city neighborhoods.
Throughout the four-year partnership, total funding for the demolition portion of Project C.O.R.E includes $75 million from the state operating budget and in-kind administrative services from Baltimore City, equivalent to $1 for every $4 allocated by the state.
“This historic multi-year partnership between the state and city to immediately begin the process of demolishing thousands of empty, decaying buildings throughout the city has the potential to deliver lasting change and will pave the way for private sector investment,” said Governor Hogan. “The state’s commitment to provide $75 million over four years for demolition is part of a bipartisan, common-sense effort that will help to make sure Baltimore’s future is better and brighter than its present or its past.”
Under Project C.O.R.E., the elimination of blighted portions of the city will be further supported by more than $600 million in financing opportunities over the next four years from the Maryland Department of Housing and Community Development to encourage private sector developers to revitalize Baltimore’s neighborhoods through housing and commercial investments. Financing for development projects will be made through a range of innovative programs and partnerships, including the Rental Assistance Demonstration program and the issuance of revenue bonds.
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