Baltimore City: First Time Buyer Funds

Baltimore City: First Time Buyer Funds

Baltimore has been awarded $300,000 to assist 60 low-income families become first-time homebuyers.

The city's Office of Homeownership launched the Community Development Block Grant program in August 2009 to help low-income families with down payment and settlement assistance. The initial $300,000 in funds from the U.S. Department of Housing and Urban Development were drained in two months.

The new round of cash will assist 60 eligible families with $5,000 in assistance each.

The incentives can be used with the federal government's $8,000 first-time home buyers tax credit being offered through April 30.

In addition, city workers may qualify for $3,000 in funds through the Baltimore's Employees Homeownership Program.

"This window of combined opportunities is time sensitive," said Paul Graziano, the city's housing commissioner, in a statement. "First-time homebuyers are encouraged to take advantage of available city homeownership incentives while federal help is being offered."

 Original Story by Baltimore Business Journal - Ryan Sharrow