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Hip incentives offered to new Homebuyers through Home Sweet Baltimore initiative

Home ownership in Baltimore
Home ownership in Baltimore
The City of Baltimore, State of Maryland and Live Baltimore

Mayor Stephanie Rawlings-Blake and Baltimore Housing Commissioner Paul T. Graziano joined the Maryland Department of Housing and Community Development, Live Baltimore, city and state employees for the “Home Sweet Baltimore Homeownership Fair.” The event highlighted the City’s Baltimore Homeownership Incentive Program (B-HiP), the State’s Maryland Mortgage Program, and Live Baltimore’s Buying Into Baltimore events. Due to the success of the program, Mayor Rawlings-Blake announced that the City will invest an additional $2 million in B-HiP to help increase homeownership in Baltimore.

“B-HiP is helping us to realize our goal to grow the city by 10,000 families in the next 10 years,” said Mayor Rawlings-Blake. “Through this program and others, so many families in Baltimore are becoming homeowners for the first time and building wealth for future generations."

In November, Mayor Rawlings-Blake also announced an increased incentive, from $3,000 to $5,000, for City employees through the Baltimore City Employee Homeownership Program. In addition, the State announced a $20 million discounted mortgage rate to include Baltimore City for the Maryland Mortgage Program. Discounted mortgage rates will also be available for military personnel and veterans (3.5% interest), as well as disabled veterans (3.0% interest).

“Spring is a prime season for home buying, so we encourage anyone interested in purchasing a home in Baltimore to take advantage of all the homeownership incentives offered through B-HiP and the State,” said Commissioner Graziano. “Baltimore has a wealth of beautiful neighborhoods where you can make your house a home, why not start with B-HiP?”

B-HiP is a part of Mayor Stephanie Rawlings-Blake’s Vacants to Value Program. Launched in November 2010, the Vacants to Value initiative seeks to encourage reinvestment in neighborhoods by strengthening code enforcement, promoting rehabilitation, streamlining the sale of vacant city property, and by providing new, targeted incentives for homebuyers and developers who invest in vacant homes. For more information about Vacants to Value, click here.

Live Baltimore will host the “Buying Into Baltimore” home buying incentive event on April 12, 2014 from 8:30am to 3:30pm at Baltimore Polytechnic Institute, 1400 W. Cold Spring Lane, Baltimore, MD 21209. The first 30 eligible homebuyers will receive $5,000 in down payment and closing cost assistance from B-HiP toward the purchase of a home, anywhere in Baltimore City. For more information, click here.

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