Vacant Foreclosed Houses Return to Affordable Homes
$2.7 Million State Grant to Help Stabilize Neighborhoods
Towson, Maryland (November 19, 2013) – Baltimore County has been awarded $2.75 million from the Maryland Department of Housing and Community Development to help stabilize neighborhoods and return vacant, foreclosed houses into affordable homes.
Funding is from the National Mortgage Loan Servicing Practices Settlement.
Benefits to Homebuyers and Veterans
"Neighborhoods across the County are still recovering from the housing crisis caused by the great recession. With these funds, foreclosed houses will once again become homes, returning veterans will have additional affordable housing choices, and homeless men will find a supportive residence where they can start to pull their lives together," said Baltimore County Executive Kevin Kamenetz.
"This funding will truly make a difference in neighborhoods that have seen high foreclosure rates," said County Council chairman Tom Quirk.
$20,000 Down Payment or Closing Costs
The settlement funds will allow Baltimore County to offer 65 homebuyers a $20,000 loan toward down payment or closing costs when purchasing a home in ZIP codes where there are high foreclosure rates. The program will be administered by four non-profit housing counseling groups selected through a formal proposal process: Harbel, Southeast Community Development Corporation, Diversified Housing and Neighborhood Housing Services of Baltimore.
Veterans: Affordable Rental Units, Onsite Training
Returning veterans and their families also will benefit from the settlement funds. Monroe Homes Inc. (MHI), a development corporation with expertise in assisting veterans, will purchase foreclosed properties and rehabilitate them to create affordable rental units for veterans.
Episcopal Housing Corporation, a community housing development organization, will convert Nehemiah House in Rosedale into 12 efficiency units for homeless men. Nehemiah House also will offer a range of supportive services including onsite job training.