Baltimore County’s Neighborhood Stabilization

ProgramREO Acquisition

Mortgage Assistance Loan Program

Affordable Rental Housing

Baltimore County Office of Community Conservation

Baltimore County’s Program Consists of Two Distinct Programs

•Mortgage Assistance Loan Program

•Affordable Rental Housing

Baltimore County Office of Community Conservation

General Requirements

Baltimore County Office of Community Conservation

•Must be a vacant and abandoned property due to foreclosure. No exceptions.

•Purchase price must be less than the appraised value.

•Property must be inspected prior to settlement.

•All rehabilitation work must be approved by Baltimore County’s Rehabilitation Inspection Staff.

•Sustainable and energy efficient rehabilitation required.

• Must be located in one of eight targeted zipcodes.

•21117, 21133, 21207, 21220, 21221, 21222, 21234, & 21244

Property Criteria

Baltimore County Office of Community Conservation

Loan Terms•Assistance may be provided in the form of a deferred or amortized loan.

• Payments may be deferred for a minimum of 15 years.

•The deferral period is known as the period of Affordability.

• Loans are evidenced by a Promissory Note and a Second Mortgage Agreement

• Loan is forgiven after the Period of Affordability is completed provided the intended use remains the same throughout the Period of Affordability.

• Refinance, transfer of title, and sale of the property will trigger repayment provisions.

Baltimore County Office of Community Conservation

Mortgage Assistance Loan Program

Baltimore County Office of Community Conservation

Program Requirements

• Household Income must not exceed 120% of AHMI.

• Must complete 8 hours of pre-purchase counseling.

• Does NOT have to be a first time homebuyer.

• Must agree to have a lien recorded on the property.

• Must obtain a conventional fixed rate mortgage from a participating lender as determined by Baltimore County from time to time.

•Funds can be used for closing costs, downpayment, principal curtailment, repairs, and rehabilitation.

Baltimore County Office of Community Conservation

Affordable Rental Housing

Baltimore County Office of Community Conservation

Program Requirements

• Must be nonprofit organization with housing development capacity.

• Must be in Good Standing with the Secretary of State.

• Must have evidence of other sources of financing.

• Must agree to provide housing that is affordable to households whose income is 50% or less of the AHMI.

• Must agree to serve homeless households experiencing mental illness.

•Funds may be used for acquisition and acquisition/rehabilitation.

•Must agree to provide supportive housing and case management services.

Baltimore County Office of Community Conservation

Program Contacts

Marcia D. Williams

HOME Program Coordinator

Elizabeth S. Glenn

Chief of Community Planning and Development

Office of Community Conservation

Housing Opportunities Program

410.887.3124

www.baltimorecountymd.gov/agencies/community/housing

Baltimore County Office of Community Conservation