巴尔的摩使用债券来开发其最耀眼的发展。如果他们可以恢复空缺的行为怎么办？

Joseph “Joe” Meyerhoff II has a solution to Baltimore’s vacant home crisis that even he knows sounds crazy, but some in the city of Baltimore are examining the idea.

巴尔的摩至少有15,000套空置房屋，这是东海岸很少见的枯萎病。然而，这座城市的住房短缺，所以迈耶霍夫想知道为什么有人不能只是修复这些房屋并出售它们。

这位退休的商人和慈善家向一家非营利组织建设者提出了这个问题，他告诉他他花了200,000美元修复了空置的巴尔的摩房屋，该房屋仅以15万美元的价格进行了评估。

那是50,000美元的亏损。

“我想，‘什么？’”迈耶霍夫回忆说。“在我知道这是什么之前，他正在描述评估差距。”

这种评估差距 - 修复房屋的成本与某人后来为房屋支付多少费用之间的区别 - 意味着没有经济动机来翻新空置房屋并出售房屋。私人开发商将因这笔交易而亏损。

Meyerhoff, who describes himself as having a tenacious personality, became obsessed with the appraisal gap and set about trying to bridge it.

这位64岁的老人 - 他和约瑟夫·迈耶夫（Joseph Meyerhoff）交响乐大厅以他的祖父，房地产开发商和慈善家的名字命名 - 住在巴尔的摩县的亨特谷。他的两个女儿长大了，除了两只狗，他是一个空的巢穴。迈耶霍夫（Meyerhoff）开始在他的日光浴室度过几天，俯瞰附近的田野，并为评估差距做出了答案。

迈耶霍夫（Meyerhoff）知道，这座城市的预算没有太多的摆动空间。但是，如果有一种方法可以创造一锅钱（数千万美元或更多）可以涵盖评估差距并刺激成千上万的空置家庭翻新，该怎么办？

他认为他已经弄清楚了。

他说：“这是人们相信的最难的事情。”“‘您告诉我，您可以借千万美元，而经济适用房为自己支付的费用，这不会使这座城市损失镍吗？’”

For years, Baltimore has issued bonds, borrowing millions of dollars, to help finance major development projects in and around downtown,like Harbor Point.尽管该市支持这些债券，但它们旨在通过所谓的税收增量融资或TIF中的补贴项目中增加的财产税获得回报。

Meyerhoff的想法是使用相同的策略，但为整个城市的空置房屋进行翻新。

[外部投资者正在巴尔的摩的低收入和黑人社区购买房屋这是给出的

The city would sell millions of bonds to investors who manage pension funds, hedge funds, mutual funds and more, creating a huge pool of money. The city could tap that pool and give money to developers and builders who successfully renovate vacant homes — a subsidy for the appraisal gap. New homeowners move into the houses and start paying property taxes. Those taxes from the newly renovated homes would pay back the debt, leaving rebuilt, repopulated neighborhoods.

After workshopping the idea for a few years, Meyerhoff has been giving presentations to housing advocates and nonprofit leaders. A spokesperson for the Baltimore Department of Housing and Community Development said a consultant paid by the city is looking into the idea.

Tax increment financing is being used elsewhere to build affordable homes. For instance, in some Michigan cities and counties, a homebuilder can take out a loan to cover the appraisal gap and divert future property taxes to pay back that loan. Emily Doerr, executive director of the Michigan State Land Bank, said such financing allows developers to build homes that nurses, firefighters and teachers can afford.

“It does cost the city more time that it won’t collect taxes on this home,” Doerr said. “But it also took a blighted house and was able to sell [a renovated home] to a moderate-income person that you want living in your neighborhood.”

This is essentially Meyerhoff’s plan in miniature form. Because what he’s envisioning would apply to more than a single location, he calls it a “noncontiguous tax increment financing bond.”

迈耶霍夫（Meyerhoff）计划的一个关键特征是，纽约市不会挂在偿还这些债券的情况下，并且不需要选民的批准才能创建它们。他说，巴尔的摩可以做到这一点。

“You could issue a half a billion dollars of these bonds, if you wanted to,” Meyerhoff said.

纳税人可以和平地睡觉，知道如果房屋市场要崩溃，该债券计划将不会浪费城市的财务状况，并且投资者会预先知道，只有在房屋得到重建并且新房主缴纳财产税的情况下，他们才能偿还。

民主党议员奥德特·拉莫斯（Odette Ramos）说，她在9月召开了一次会议，要求迈耶霍夫（Meyerhoff）向住房部和利益相关者介绍他的计划。

拉莫斯说，在进行几项政策修改以解决空置住房时，迈耶霍夫的想法将有助于满足另一个需求 - 金钱。据拉莫斯（Ramos）称，专家估计，解决该市空置住房危机的耗资30亿美元。

“我们需要所有工具。我们需要一切。我们需要向州索取钱。我们需要这座城市才能赚钱。我们需要我们的私人投资者。我们只需要钱，”她说。“乔拥有的是工具箱中的一个工具，可以达到这一点。”

[巴尔的摩最具侵略性的购房者之一宣布破产这是给出的

没有美国城市或地区对迈耶霍夫（Meyerhoff）提出的规模进行类似的计划 - 至少没有人是市政债券专家马特·法比安（Matt Fabian）和他的同事从未听说过的。

Fabian是马萨诸塞州一家专门从事市政债券的Massinipal Market Analytics的合作伙伴。他认为，如果巴尔的摩能够保持书籍直截了当，迈耶霍夫的提议通常是有道理的。他说，将需要考虑数百种，可能数千份在全市的家庭翻新上的补贴，这些补贴和新产生的财产税需要被考虑。

法比安说：“该市将不得不为腐败创建一些非常严重且透明的护栏。”

另一个考虑因素是成本。

“这是非常创新的，” Fabian谈到Meyerhoff的想法时说道。“在金融市场中，创新通常意味着昂贵。”他解释说，投资者将要求更高的债券收益率，以实现未经测试的想法，这将使借钱更加昂贵。

朱莉·埃根（Julie Egan）就是这样的投资者。埃根（Egan）是北卡罗来纳州的埃根（Egan），曾是全国市政分析师联合会的主席，邦德市场的专业人员小组。埃根（Egan）说，她过去14年来为一个数十亿美元的共同基金购买债券。她的专长是住房债券，她对迈耶夫的计划持怀疑态度。

“我喜欢这个主意。…我只是认为这笔交易将面临很多逆风，”埃根说。“如果有效，那么很多事情都必须排队。”她说，这些因素包括利率，经济健康以及是否有足够的开发商，建筑商和购房者来及时为这些空置房屋提供资金，翻新和购买这些空置房屋。

埃根（Egan）和法比安（Fabian）都建议巴尔的摩市可以以自己的信誉来支持补贴，尽管这需要选民的批准。

法比安指出，如果计划失败，这在政治上可能会冒险。

[‘Ghost homes’ haunt Baltimore’s housing market. City officials think they have a creative solution.这是给出的

第三种选择是慈善团体或富裕的非营利组织来支持这些债券。

Meyerhoff knows there are costs to implement his plan, but he argues they pale in comparison to what Baltimore’s vacant housing crisis costs the city.

Two researchers from the Johns Hopkins University, Mac McComas and玛丽·米勒（Mary Miller），recently published a paper estimatingBaltimore spends at least $100 million annually on vacant homes为了响应911个电话，向棚户区推广，清洁和登机，割草，老鼠控制等等。

傍晚的阳光

日常的

---

在电子邮件收件箱中获取您的晚间新闻。从baltimoresun.com获取所有首选新闻和体育。

通过提交电子邮件接收此新闻通讯，您同意我们的Subscriber Terms & Conditions和Privacy Policy。

>

As part of their research, Miller — a 2020 Democratic candidate for mayor and a former U.S. Treasury official and T. Rowe Price Group executive — said she spoke with a developer who calculated the typical appraisal gap in Baltimore. A two-story vacant house might need a $63,000 subsidy, she said, and a three-story vacant would take $87,000.

米勒说，开发商不仅需要补贴来修复巴尔的摩的空置房屋。

“Developers are working with a pretty slim margin to begin with and it can get wiped out by one or two things going wrong,” she said. “You really need a plan where you’re bringing to bear the city’s infrastructure spending to clean up streets and alleys and lighting and all of that at the same time that the private capital is fixing up the houses.”

Before any bonds are issued, Meyerhoff said the city would need to work with community members and create comprehensive neighborhood plans in areas with high rates of vacancy, he said, a process that could take a year or longer and cost $150,000 or more per plan.

迈耶霍夫解释说，巴尔的摩不能简单地释放这项补贴。他概述了三个主要要求：

• 任何翻新或建筑都将与已建立的计划一致，该计划已获得邻里居民的批准。
• 任何发展都不能使居民取代。
• 补贴房屋只能出售给收入低于一定水平的人。

Meyerhoff knows it would take time, money and creativity to turn his idea into reality, but he emphasized people need to remember the scope and cost of Baltimore’s vacants crisis.

迈耶霍夫说：“这可以为这座城市节省很多钱。”“他们应该愿意为站起来需要做任何需要做的事情。”