BALTIMORE — Renters in most of Baltimore City can now get up to $20,000 to become a city homeowner - as part of a dramatic expansion of Live Baltimore's "Buy Back the Block" program.
There's now a total $1 million available for eligible renters, with the program expanding from 15 to more than 120 neighborhoods, announced Live Baltimore (a nonprofit that promotes city living) today.
"Buy Back the Block" is funded by federal pandemic-related grants. Baltimore City got $641 million in pandemic-related funding.
The program will now provide 100 grants to eligible buyers, on a first-come, first-served basis.
Renters can get $10,000 to buy a home, or $20,000 to buy and renovate. They must complete specified homeownership counseling, and work with a Live Baltimore-approved lender.
Eligible residents must have rented for at least 12 months, and intend to buy a home anywhere in the grant-eligible area.
Julie French, Live Baltimore's interim executive director, said in a press release:
By expanding this powerful program, we’re helping more residents - and first-time homebuyers - who want to stay in the city make the shift to homeownership, a move that matters not only for individuals’ financial and personal lives, but for our expanding economy, our increasing tax revenue, and our city’s continuously growing potential.
More information is available here.
