Vacants to Value Homebuyer Program
The Vacants to Value Program is a new City initiative to encourage the purchase of City owned vacant properties, City government must do everything it can to spur growth and reinvestment by:
- streamlining the sale of vacant city property.
- strengthening the code enforcement efforts in transitional blocks and emerging markets to promote rehabilitation.
- providing new targeted incentives for homebuyers and developers who invest in vacant homes.
The following are current adjustments to the Citys Incentive Programs to meet the demands of the Vacants to Value Program. The Homeownerships Policy and Procedure applies to all programs.
Buying Into Baltimore
$200,000 has been dedicated for this Vacants to Values initiative. A borrower utilizing the Buying Into Baltimore Incentive Program to purchase a City owned property will receive a $5,000 deferred loan. The property must be owner occupied.
Community Development Block Grant
$300,000 of Block Grant funds has been dedicated for this Vacants to Value initiative. This amount can fund up to 60 deferred loans at $5,000 for those who qualify according to HUDs Community Development Block Grant Program regulations. The Buyer can only use these funds to purchase a rehabbed vacant home from a Developer.
Live Near Your Work Program
$200,000 has been dedicated for this Vacants to Value initiative. Utilizing this Employer Matching Program, the City will match the employers contribution up to $3,000, netting the employee a $6,000 incentive. The employee must purchase a City owned vacant property within the employers program boundaries. The employee must further occupy this property as their primary residence.
New Programs
Vacants to Value Booster Program
The program will offer $10,000 in down payment and closing cost assistance to the first 50 buyers of qualified Vacants to Value properties. This program is offered in addition to other Vacants to Value homeownership incentives, traditional homeownership incentive programs, and property tax credits.
Good Neighbors Program
$500,000 has been allocated to this program for all City employees to purchase one of the City's vacant properties. This is a $5,000 deferred loan that dissolves at a rate of 20% per year for 5 years. The allocated amount is enough to assist 100 applicants.
Office of Homeownership
417 E. Fayette Street, Suite 1125
Baltimore, MD 21202
410-396-3124
www.baltimorehousing.org
