Potential homeowners will soon see a major boost to the first-time home buyer’s program.
Baltimore Mayor Brandon Scott on April 27 announced He is doubling the available aid from $5,000 to $10,000.
Additionally, home buyers are buying houses May qualify for $20,000 in support in impact investing areas.
There are approximately $2.5 million available for the program.
Aid payments are set up like a five-year forgivable Loan,
The loan is reduced by 20% for each year the buyer lives in the home.
The Baltimore City Department of Housing and Community Development (DHCD) will review the applications and oversee the program.
part of a broader plan to foster change baltimore the middle class.
Baltimore Mayor Brandon Scott said: “Home prices and mortgage rates continue to rise. This dynamic could cause housing affordability to sink for many first-time buyers.”
Who is eligible?
To qualify, home buyers must have a household income of 80% or less of the area’s median income.
Currently, it is $55,950 for a family, $63,950 for two, or $79,900 for four members.
An additional $5,000 bonus is available for home buyers who:
- Buy the house they have rented and occupied for at least six months
- Has a disability or a household member is disabled
For applications submitted on or after May 1, 2022, an additional $10,000 bonus is available to those making purchases in one of Baltimore’s Impact Investment Areas.
You can visit the city’s website for information about Incentive program for first time home buyers,
other programs available
In addition to the First-Time Homebuyers Incentive Program, there are four other programs in Baltimore to help potential homebuyers.
The programs are:
- Baltimore City Employee Homeowner Program: Provides $5,000 for city employees who have been with the city for at least six months
- stay close to your work: Promotes homeownership near your workplace
- buying in baltimore: grants
- Vacancies for Price: Encourages rehabilitation of properties with vacant building notices issued by the city
For more information on first-time home buyers, The Sun has covered a Assistance Program that $10,000 . offers up to,
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