Buying a home in Baltimore is more affordable than you might think. With relatively low housing prices and a number of available incentives, buying a house can be much cheaper than renting, help you build equity, and promotes long-term stability in our city’s neighborhoods. GHCC’s Healthy Neighborhoods program can help by providing low-interest loans and incentives for buying and renovating homes in on target blocks in Greater Homewood.
Healthy Neighborhoods is a citywide initiative that helps strong but undervalued Baltimore neighborhoods increase home values, market their communities, create high standards for property improvements, and forge strong connections among neighbors.
Our Healthy Neighborhoods are home to strong public schools (click here for more info)! In Greater Homewood, these neighborhoods are: Charles Village, Remington, Ednor Gardens and Waverly Village (click on the map to see an enlarged view).
Since 2005, our Healthy Neighborhoods program has generated over $11 million in investments in these four target areas by:
- Providing low-interest loans to help over 50 families buy and renovate homes
- Administering grants for dozens of small-scale block beautification projects like tree planting, number plaques, shutters, porch lighting and house painting
- Investing in large neighborhood-scale projects like parks, playgrounds and community gateway signage
Healthy Neighborhoods Loans
There are three different loan programs available with a number of incentives to help homebuyers and homeowners make improvements to their properties and create lasting value in their neighborhoods:
Purchase/Rehab Loan and Refinance/Rehab Loan
*Available on the 139 designated Target Blocks
*Borrow up to 110% of the post-renovation value
*Pay as little at 3% down
*No mortgage insurance (PMI)
*Free architectural consultation
Home Improvement Loan
*Available for any property; not limited to Target Blocks
*Borrow between $5,000 and $20,000
*Free architectural consulation
*Eligible for $10,000 Matching Grant
All recipients of Healthy Neighborhoods loans may be eligible for a Matching Grant. Qualified buyers will receive up to $10,000 to complete a renovation project.
For further resources, see the links at the bottom of the page or click here for our 2013 Starter Packet, a printable five-page resource guide for Healthy Neighborhoods loans.
Neighborhood Stablization Program (NSP2)
The Neighborhood Stabilization Program (NSP2) is a federally-funded effort to help mitigate the effects of the foreclosure crisis. Healthy Neighborhoods will award up to $25,000 to qualified purchasers of foreclosed, short sale and vacant homes within the designated targeted areas of:
The Neighborhood Stabilization Program is administered by Healthy Neighborhoods.
New Home Development Projects
North Calvert Green: large, beautiful, affordable, energy-efficient homes located in the Barclay-Old Goucher neighborhood. Developed by Telesis Corporation.
Miller’s Square: homes in the Remington neighborhood with unique architectural details, salvaged lumber, high efficiency appliances, and exposed brick. A Seawall Development project.
Saint Ambrose: a local nonprofit that renovates and sells homes in the Waverly Village and Ednor Gardens communities and throughout Baltimore City.
Johns Hopkins University’s Live Near Your Work program offers down payment assistance grants of up to $17,000 for eligible employees to purchase homes near one of the University’s campuses.
CityLIFT offers $15,000 grants to any home purchaser in Baltimore City.
Live Baltimore offers up to $4,000 in down payment assistance for attending one of its biannual Buying into Baltimore home buying fairs.
The Community Development Block Grant program offers $5,000 in down payment assistance for first-time homebuyers.
The City’s Vacants to Value program offers $10,000 grants to homebuyers purchasing formerly vacant homes.
The Federal Home Loan Bank of Atlanta foreclosure recovery assistance programs offer up to $12,000 in down payment assistance.
Many of these incentive programs can be combined so that your monthly payments will be lower than you ever thought possible!
Our 14 Realtor Partners are familiar with our neighborhoods, homes, Healthy Neighborhoods and various other incentive programs. They have been carefully selected and can provide you with top-notch service during your home search.
Most Healthy Neighborhoods loans require at least $5,000 of renovation work.
For more information about GHCC’s Healthy Neighborhoods program, please contact Andre Stone, Real Estate Manager, at (410) 261-3511 or firstname.lastname@example.org.