Baltimore City Doubles Incentive For First-Time Homebuyers To $10000

credit: buzinesslink

"To continue to grow our city and strengthen our economy, we must do everything in our power to prevent potential Baltimore homeowners from being squeezed out of the marketplace."

So says Baltimore Mayor Brandon Scott in announcing an increase in home-buying incentives for first-time homebuyers, the Baltimore Sun reports.

The incentive for first-time homebuyers who purchase a home in Baltimore's Impact Investment Areas will be increased from $5,000 to $10,000 starting May 1, 2022, with an additional $10,000 available for purchases in the city's Impact Investment Areas.

The incentives are available to households earning less than 80% of the area's median income, which is $55,950 for a household one, $63,950 for two, or $79,900 for four, per a press release.

"Home prices and mortgage rates continue to escalate.

This dynamic can cause housing affordability to sink for many first-time buyers," Scott says.

"To address these challenges and continue to grow our communities, we are boosting the assistance we offer to make buying a home more affordable."

The incentives are available through the Baltimore City Department of Housing & Community Development's First-Time Homebuyers Incentive Program, which is funded with Community Development Block Grant funds and offers down-payment help and closing cost support for first-time homebuyers. Read the Entire Article

A customized collection of grant news from foundations and the federal government from around the Web.

How's Your Community Doing?
Check Out it's
Community Vital Signs

Ecosoc: Multi-Stakeholder Forum on Science, Technology and Innovation (Am &Amp; Pm)

"We are not on track" to meet the UN's goals for sustainable development by 2030, Secretary-General Antonio Guterres said Tuesday at a high-level forum on science, technology, and innovation, per...more

Albany Community Together, Inc. Receives $1 Million Grant from Truist Foundation
Foundation: Truist Foundation

A former grocery store in Albany, Ga., is about to become a hub for local farmers, chefs, and consumers. The Table of Southwest Georgia has received a $1 million grant from the Truist Foundation...more

The VF Foundation Announces $8.3 Million in Community Investments, Highlighting Efforts in ...
Foundation: United Nations Foundation

"We are proud to invest in grantees who share our passion and vision for creating meaningful change in our core focus areas," says Gloria Schoch, executive director of the VF Foundation, the private...more

The Confounding Life of the Woman Seeking to Heal San Francisco's Wounds

"I was determined to go out into the world to find the'medicine' to heal my community," says Lena Miller, a white woman who grew up in San Francisco's historically African-American Hunters Point...more

Tribal Solar Projects Provide More Than Climate Solutions

"We are disrupting the broken fossil fuel-based energy system," says Cheri Smith, a co-founder of Covenant Solar, a nonprofit that has installed solar panels on the Northern Cheyenne Indian...more

Community Works Returns - And Grows - In 2023

If you're in the nonprofit or community-building arena, you may want to consider attending a conference that's being held in person for the first time this year. That's because the annual...more

Future Of Cities

"America's cities are diverse, dynamic, and constantly evolving," and "as we envision the city of tomorrow, what pitfalls should we sidestep and what new heights can we expect to climb?" That's the...more

Enterprise and Wells Fargo Foundation Announce $20M Housing Affordability Breakthrough ...
Foundation: Wells Fargo Foundation

"We urgently need to reimagine access to quality affordable places to live in the US, which is so tightly linked to economic stability, physical and mental health, and ultimately generational...more

Family Promise of Spokane focuses on innovative solutions to help homeless

"Amazon uses technology to predict what product you might want to buy next, Facebook does the same thing to show you ads, so why can't that same type of technology be used to help solve...more

Governor Mills Appoints Former House Speaker Ryan Fecteau As Senior Advisor In ...

The speaker of Maine's House of Representatives is leaving his post to join Gov. Janet Mills' administration as a senior advisor for community development and strategic initiatives, the Portland...more