Greater Baltimore Committee to Launch Funders’ Consortium to Advance Neighborhood Revitalization

(BALTIMORE, MD) — The Greater Baltimore Committee (GBC) announced today that it intends to launch a new Funders’ Consortium in November, advancing its work with Enterprise Community Partners (Enterprise) to develop an investment framework supporting neighborhood revitalization and housing market stabilization in Baltimore.

The Funders’ Consortium will bring public, private, and philanthropic funders together around a growing pipeline of redevelopment activity in neighborhoods where significant public investment is already underway. The Consortium aims to support projects for which financing gaps remain, aligning different sources of capital to move projects forward.

GBC is inviting financial institutions and capital providers interested in participating to express interest ahead of the November launch.

“This is an important next step in building the private-sector support needed to strengthen Baltimore’s neighborhoods,” said Mark Anthony Thomas, President and CEO of the Greater Baltimore Committee. “For institutions looking to make an impact in Baltimore, this creates an opportunity to collaborate through GBC and support the projects and neighborhoods driving our revitalization. There is significant investment and activity already underway. We want to make it easier for capital providers to see those opportunities, work together, and help move projects that can strengthen neighborhood housing markets.”

“Enterprise’s coordinated investment model has helped unlock housing pipelines in Atlanta, Miami, and Colorado,” said David Bowers, Vice President and Market Leader, Mid-Atlantic Region, Enterprise. “In Baltimore, we’re excited to work with GBC to launch a Funders’ Consortium that gives public and philanthropic partners real insight into the city’s housing market, connects them to a vetted pipeline of ready projects, and helps align capital behind development to drive revitalization without displacement.”

The initiative builds on a partnership launched in December 2023 by GBC, Baltimoreans United in Leadership Development (BUILD) and the Mayor’s Office to address vacant and vulnerable properties at scale and restore neighborhood housing markets. That work established a long-term strategy centered on more than $3 billion in public investment over 15 years, designed to address at least 37,000 properties and related infrastructure and leverage significant additional private investment.

“As we work to deliver investment and opportunity to every single neighborhood of our city, private-public partnerships are critical,” said Mayor Brandon M. Scott. “We see the impact of support from GBC and our private sector partners every single day, especially when it comes to generational challenges like the vacants crisis. Together, we’ve eliminated more than one in four vacants citywide, but we know we have more to do. This announcement marks the next step forward and opens up new opportunities for anyone interested in being part of Baltimore’s Renaissance.” 

GBC is also helping advance the work through the Baltimore Vacants Reinvestment Council, established by Governor Moore via an October 2024 executive order. GBC co-chairs the Council’s finance committee, which focuses on mobilizing private capital alongside public investment.

“Capital providers looking to invest in Baltimore need a clear path to the neighborhoods and projects where their dollars can make the greatest impact. The Funders’ Consortium will do precisely that by creating greater clarity around where strong redevelopment opportunities exist, how projects fit within broader strategies and geographies, and how private capital can help move them forward,” said Maryland Department of Housing and Community Development Secretary Jake Day. “This new effort will build a more coordinated, predictable approach to supporting both private-sector investors and community development partners in advancing our shared vision for Baltimore’s revitalization.” 

Developing the Investment Framework

Earlier this year, GBC selected Enterprise to help develop and implement its private capital strategy. Since then, GBC and Enterprise have been developing an investment framework to identify where capital can have the greatest impact over time based on public investment, market conditions, development activity, neighborhood leadership and project readiness.

The work underway includes identifying a pipeline of projects within priority geographies and developing an inventory of financing products currently available in the market. Participating financial institutions and other capital providers will share information about relevant products, eligible uses, transaction sizes and underwriting requirements, allowing GBC and Enterprise to better understand where existing capital can move projects and where financing gaps remain.

The Funders’ Consortium will provide a regular structure for participating institutions to engage with developers and a vetted pipeline. A project review process will give capital providers consistent information on development costs, existing commitments, and financing needs and readiness – creating greater visibility into opportunities and a more coordinated pathway for projects seeking investment.

The need for private capital is significant. In many neighborhoods, rehabilitation and construction costs can exceed current property values, making conventional financing difficult. The broader strategy is designed to align public investment with private capital to help close those gaps, strengthen housing markets, and create the conditions for increasing levels of private investment as the work evolves.

The Funders’ Consortium will also serve as a precursor to the creation of a private capital fund. Informed by GBC and Enterprise’s efforts to develop an investment framework, the fund will be shaped to provide the investment criteria, structure, and financing products needed to move projects forward and support sustained redevelopment in Baltimore neighborhoods. 

GBC Adds Dedicated Leadership

GBC has hired Stephen Madsen to join its Strategy team and lead the initiative. Madsen joins GBC from Econsult Solutions, Inc., where he served as Director and focused on housing, economic development and public finance. His previous experience includes housing policy and program analysis with the New Jersey Housing and Mortgage Finance Agency.

Madsen will lead GBC’s work with Enterprise, public partners, developers and capital providers as the investment framework and Funders’ Consortium move into implementation.

Financial institutions and other capital providers interested in participating in the Funders’ Consortium can contact Stephen Madsen at smadsen@gbc.org. 

ABOUT THE GREATER BALTIMORE COMMITTEE

The Greater Baltimore Committee (GBC) is the leading voice for the private sector in the Baltimore region, providing insightful economic and civic leadership to drive collective impact. Comprising more than 300 organizations—including businesses, nonprofits, foundations, and healthcare and educational institutions—the GBC is dedicated to fostering the prosperity of the Greater Baltimore region. For more information, visit gbc.org.

ABOUT ENTERPRISE COMMUNITY PARTNERS

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $92 billion and created 1.1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.

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