Mayor Stephanie Rawlings-Blake Announced $300,000 in Funding to Assist First-time Homebuyers
Baltimore, MD. (March 09, 2010),
Mayor Stephanie Rawlings-Blake and Commissioner Paul Graziano announced today that the Community Development Block Grant (CDBG) First-Time Homebuyer’s Program received $300,000 in renewed funding in February. Baltimore Housing’s Office of Homeownership established the program in August 2009. At the start of the program, $300,000 was available for down payment and settlement assistance to low-income families. Within two months, those funds were exhausted. With the additional $300,000 in funding, 60 more income-eligible families will receive $5,000 in home buying assistance.
“We’re pleased to offer the Community Development Block Grant First-Time Homebuyer’s Program to help make the dream of owning a home possible for income-eligible families in Baltimore,” said Mayor Stephanie Rawlings-Blake. “We’re equally excited to announce that affordable housing stock is still available for purchase in many of Baltimore’s 220 neighborhoods.”
These homeownership incentive funds can be used in combination with an $8,000 First-Time Home Buyers Federal Tax Credit, totaling $13,000 in home buying support. In November 2009, the Worker, Homeownership, and Business Assistance Act of 2009 extended the tax credit for first time homebuyers purchasing a primary home between January 1, 2009 and April 30, 2010, with settlement by July 1, 2010. Additionally, active City employees may qualify for $3,000 in home buying incentive funds through the Baltimore City Employee Homeownership Program...