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"To continue to grow our city and strengthen our economy, we must do everything in our power to prevent potential Baltimore homeowners from being squeezed out of the marketplace."
So says Baltimore Mayor Brandon Scott in announcing an increase in home-buying incentives for first-time homebuyers, the Baltimore Sun reports.
The incentive for first-time homebuyers who purchase a home in Baltimore's Impact Investment Areas will be increased from $5,000 to $10,000 starting May 1, 2022, with an additional $10,000 available for purchases in the city's Impact Investment Areas.
The incentives are available to households earning less than 80% of the area's median income, which is $55,950 for a household one, $63,950 for two, or $79,900 for four, per a press release.
"Home prices and mortgage rates continue to escalate.
This dynamic can cause housing affordability to sink for many first-time buyers," Scott says.
"To address these challenges and continue to grow our communities, we are boosting the assistance we offer to make buying a home more affordable."
The incentives are available through the Baltimore City Department of Housing & Community Development's First-Time Homebuyers Incentive Program, which is funded with Community Development Block Grant funds and offers down-payment help and closing cost support for first-time homebuyers.
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Social Entrepreneurship
Spotlight
Hugh Jackman: Fair Trade Entrepreneur
Renowned actor, Hugh Jackman, talks about how he started becoming a fair trade entrepreneur. Jackman is constantly building up ideas and solutions to help small coffee growers get good prices outside the massive coffee industry. His business, Laughing Man Worldwide, reinvests 100% of its profits in its partnerships with farmers.
