BALTIMORE—The city’s Housing Authority intends to sell almost 40% of its public housing units to private developers.
The initiative, part of a program run by the U.S. Department of Housing and Urban Development, would allow the city to raise millions in funding for upgrades and maintenance of public housing developments.
Housing Authority Commissioner Paul T. Graziano says that in 2015 long overdue upgrades valued at $300 million at 22 city housing complexes would begin including roof replacements, new elevators and heating systems, and remodeled kitchens and bathrooms, according to the Baltimore Sun.
Under the program, developers will purchase the buildings, which will become privately owned Section 8 housing. The new owners will be able to take advantage of federal tax credits associated with the program.
The sale of the first 11 complexes will close late this year or early next year. Another 11 public housing properties will be sold by early 2016. See story in the Baltimore Sun.