BALTIMORE CITY, Md. — In a bid to enhance living conditions in Baltimore City, the Maryland Department of Housing and Community Development has introduced two new home ownership incentives in collaboration with the city.
On Wednesday, Secretary of Housing and Community Development Jake Day announced that the state has allocated nearly $4.5 million to support the Reinvest Baltimore initiative.
One of the key incentives offers eligible homebuyers up to $20,000 in assistance for down payments and closing costs. The second incentive provides over 75 homebuyers who acquire redeveloped properties with a favorable interest rate of 3.5 percent.
Maryland State Senator Corey McCraye emphasized the significance of home ownership in building generational wealth, stating, "You're creating legacy... making sure that that parent, that grandparent, whoever it is that may purchase that home, that they have something that they're leaving to that next generation."
In addition to the state’s investment, the city plans to contribute $10 million for the acquisition, stabilization, and demolition of vacant buildings, paving the way for new development projects. Furthermore, $40 million will be allocated to community development organizations to support local revitalization efforts.
This year, Reinvest Baltimore is set to expand its focus on redevelopment in neighborhoods including Penn North, Brooklyn, and Broadway East. Day remarked, "We're not just funding redevelopment, we're investing it at every stage to make neighborhoods live up to their full potential, and today's announcement is all about reflecting that."
Reported by HarborBeat based on WMAR-2 News (source).
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