Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan...
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Transcript of Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan...
![Page 1: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/1.jpg)
Baltimore County’s Neighborhood Stabilization
ProgramREO Acquisition
Mortgage Assistance Loan Program
Affordable Rental Housing
Baltimore County Office of Community Conservation
![Page 2: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/2.jpg)
Baltimore County’s Program Consists of Two Distinct Programs
•Mortgage Assistance Loan Program
•Affordable Rental Housing
Baltimore County Office of Community Conservation
![Page 3: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/3.jpg)
General Requirements
Baltimore County Office of Community Conservation
![Page 4: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/4.jpg)
•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
![Page 5: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/5.jpg)
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
![Page 6: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/6.jpg)
Mortgage Assistance Loan Program
Baltimore County Office of Community Conservation
![Page 7: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/7.jpg)
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
![Page 8: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/8.jpg)
Affordable Rental Housing
Baltimore County Office of Community Conservation
![Page 9: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/9.jpg)
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
![Page 10: Baltimore County’s Neighborhood Stabilization Program REO Acquisition Mortgage Assistance Loan Program Affordable Rental Housing Baltimore County Office.](https://reader035.fdocuments.in/reader035/viewer/2022072006/56649cf95503460f949ca14d/html5/thumbnails/10.jpg)
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