Healthy Neighborhoods helps strong but undervalued Baltimore neighborhoods increase home values, market their communities, create high standards for property improvements, and forge strong connections among neighbors. As a Healthy Neighborhood, Greater Mondawmin residents and homeowners are eligible for special grants and loans:
Purchase and Renovation Loan:
To acquire and rehab a home located on a target block with no maximum loan amount, 3% down , no mortgage insurance required, 4% interest rate, free consultation with in-house architect. You can borrow up to 110% or the post-rehab value. Limited to target blocks.
Refinance and Renovation Loan:
Borrow up to 110% of after-rehab value, no private mortgage insurance, 4% interest rate, 2 points required as loan origination fee, and free design advice. Limited to target blocks.
Home Improvement Loan:
Borrow between $5,000 and $20,000, 4% interest rate, free consultation with an architect, eligible for any home in the target neighborhood, not limited to target blocks.
All recipients of Healthy Neighborhoods loans may be eligible for a Matching Grant. Qualified buyers will receive up to $10,000 to complete a renovation project.
Limited Funds for Purchase Only
Interested in a home in one of Baltimore’s Healthy Neighborhoods that doesn’t require renovation to achieve a move-in condition? $3 million is available to assist those who are looking to purchase without renovations.
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