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Home Ownership Incentives

Home ownership incentives can be added to the LYNW grant.  In order to qualify for the incentives or the LNYW grant, you must complete the Homebuying Counseling Certificate.  You are strongly encouraged to contact Sandy Jenkins at 443-997-7000 before starting the application process.


BUYING INTO BALTIMORE

$5,000 for buying a city-owned Vacants to Value home.   Also, $4,000 forgivable loan.  Visit www.baltimorehousing.org/vacants_to_value for more information.  Must attend event and buy in designated region.  Homebuying counseling certificate required.  Loan forgiven in 5 years if buyer remains owner/occupant.

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CDA MARYLAND MORTGAGE (COMMUNITY DEVELOPMENT ADMINISTRATION)

A 30-year fixed rate mortgage with buy down options.  Income and acquisition cost limits.  Must use CDA approved lender.  Homeownership counseling required.  A program of MD Department of Housing and Community Development

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COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM (CDBG)

A $5,000 forgivable loan.  Homeownership incentive down payment and closing costs loan to first-time homebuyers, maximum income of 80% median. Buyer must secure a Housing Quality Standard (HQS) Home Inspection on the property. For more information,  visit http://www.baltimorehousing.org/cdbg.

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DOWNPAYMENT SETTLEMENT EXPENSE LOAN PROGRAM (DSELP)

A $5,000 0$ deferred loan.  Down payment and closing cost loan for eligible borrowers.  Applicants must use a CDA loan. For more information, visit http://www.mmprogram.net/dselp.aspx.

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HEALTHY NEIGHBORHOODS DIRECT PURCHASE PROGRAM

$25,000 forgivable loans for homebuyers.  Available in 9 neighborhoods for eligible homebuyers of foreclosed and abandoned properties, many in move-in condition. For more information, visit www.healthneighborhoods.org.

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HEALTHY NEIGHBORHOODS HOME IMPROVEMENT LOAN

Up to $40,000 loans for home improvements.  Loans available in 41 neighborhoods.  Free design advice.  Matching grants up to $10,000 for home improvements. For more information, visit www.healthyneighborhoods.org.

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HEALTHY NEIGHBORHOODS LOAN PROGRAM FOR PURCHASE AND REHAB

Below-market interest rate loan for purchase and rehab.  Available in 41 neighborhoods.  No private mortgage insurance.  3% down payment.   Free design advice.  Matching grants up to $10,000 for home improvements. For more information, visit www.healthyneighborhoods.org.

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HISTORIC PRESERVATION – BALTIMORE CITY TAX CREDIT

Pre-rehab assessment frozen for 10 years.  Must spend at least 25% of home’s value to qualify.  Apply for credit before doing work.  Applicable in 70+ City historic districts.  Contact Commission for Historical and Architectural Preservation at 410-396-4866 for more information.

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HISTORIC PRESERVATION – MARYLAND STATE INCOME TAX REBATE PROGRAM

State income tax credit equal to 20% of rehab expenditures.  Rehab costs must exceed $5,000 over 2 years.  Apply for credit before doing work.  Applicable in 70+ city historic districts. For more information, visit www.marylandhistoricaltrust.net.

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HOME IMPROVEMENT – BALTIMORE CITY PROPERTY TAX CREDIT

Receives 100% credit for improvements in first year, reducing 20% annual for five years.  Must be owner-occupied.  Five year reduction only impacts assessment increase due to improvements completed. Call the Baltimore City Department of Finance at 443-984-4051 for more information.

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NEW CONSTRUCTION – BALTIMORE CITY PROPERTY TAX CREDIT

Receive 50% credit on City property taxes in first year, reducing 10% annually for five years.  Must buy a newly constructed home.  Owner must occupy.  Must apply within 90 days of closing and title transfer. Call the Baltimore City Department of Finance at 443-984-4051 for more information.

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SMART KEYS 4 EMPLOYEES

A $1,000 0% deferred loan.  State of Maryland incentive matches House Keys loan.  Must live within 10 miles of participating employer or within City limits.  A Maryland Department of Housing and Community Development (DHCD) settlement assistance program.  Requires use of a CDA loan. For more information, visit www.mmprogram.com.

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VACANTS TO VALUE

Vacants to Values provides an extra $500 from the City to Hopkins employees who purchase a vacant home in one of the LNYW target grant areas - A, B or C. The complete Baltimore City list of eligible properties can be found at http://static.baltimorehousing.org/pdf/vtov_list.pdf.
 
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