BALTIMORE, MD — Abandoned, neglected, and blighted properties with an exterior only a mother could love.
Thirteen-thousand of them sit in neighborhoods across Baltimore City. All are useless to the housing market.
Renovating a vacant home can be a challenge. The first step is finding a loan officer to approve money for the project, and that is where the DASHprogram steps in.
"This is a special program that allows for special interest rates for developers coming into Baltimore City exclusively looking to rehab blocks of homes and individual homes," explains Kathleen Mitchell, Head of Underwriting for Dominion Financial Services.
Baltimore is the first city where the DASH program is active. Our city is unique with a large number of vacant homes, a major impact from redlining, a push to end the issue, and a local financial company willing to help with loans.
"There is this opportunity to take this existing vacant housing stock and repurpose it for the homeownership aspirations of Baltimore residents," says Christopher Tyson, President of National Community Stabilization Trust.
So what is DASH? It stands for Developing Affordable Starter Homes, and gives people money, at a lower-than-usual interest rate to renovate vacant homes.
Nathan Robbins is a Developer, "So when I first came to this house I could look through the front window and see the sky through it. There was a big tree growing through the middle."
Robbins has developed a few properties in Baltimore City, including one in Pigtown. He used the DASH program to get the project across the finish line.
"The DASH fund was unique. They were able to help with the purchase and construction costs so it's a little more accessible for small developers in the city."
For Robbins, seeing families move in and enjoy their new space, is the reward.
So far 8 properties have received the loan, six more are in the works.
To learn more, including details about loan terms and eligibility click here.
