B-Hip - Baltimore Homeownership Incentive Program
The mayor of Baltimore, Stephanie Rawlings-Blake and her staff have reorganized the incentive programs to make it more attractive for homebuyers to buy in Baltimore City. There are many incentive programs tailor made for everyone! The new programs are part of a program called 
B-Hip - Baltimore Homeownership Incentive Program.
Here they are:
V2V $10,000 Homeownership Program -
Eligible homebuyers can get $10,000 towards closing costs for the purchase of a formerly vacant home. The property must have been vacant for at least a year prior to the sale. There are no income restrictions for this program and after five years the loan is forgiven. To qualify buyers must take homeownership counselling from an accredited agency.
Buying into Baltimore Program
The Buying into Baltimore incentive has been increased this year from $4,000 to $5,000. Also, Live Baltimore has added 4 neighborhood tours to the previous 2 citywide tours. The number of incentives to be awarded has also been increased from 60 to 100 per year. There are no income restrictions for this program but home buyers must take homeownership counselling from an accredited agency.
Baltimore City Employee Homeownership Program
The incentive for City employees has been increased from $3,000 to $5,000. Qualifying homebuyers must be a city of Baltimore employee. There are no income restrictions but city employees must take the homeownership counselling too.
Community Development Block Grant
This program is for first time home buyers with a total income at or below 80% of the area median income. In Baltimore City the maximum income level for a single buyer is $45,100. The grant is $5,000 towards downpayment and closing cost assistance. This is a forgivable grant that is forgiven after 5 years.
Live Near Your Work
This program is a partnership between the City of Baltimore and participating employers to encourage homeownership near their place of employment. The City of Baltimore matches participating employers up to $2,500. To find a list of employers visit here. The only restriction here is that the home buyer has to have at least $1,000 of their own money in the transaction.
These are some great programs to help people buyer a home in Baltimore City. If you are thinking about buying a home in the City, I can help you work out which grant programs might be good for you and how to maximize the help you can get. It is possible to qualify for more than one program.
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