Grants and Incentives

There are many financial incentives available, whether you’re a first-time homebuyer or not. Click on the LiveBaltimore links below to find out more information.

 

Down Payment & Closing Cost Grants

 

Community Partners Incentive Program

CPIP grants homebuyers using a Maryland Mortgage Program loan more downpayment and/or closing cost assistance than is available through the standard downpayment and closing cost assistance program.

 

Federal Home Loan Bank of Atlanta Community Stability

FHLBA’s Community Stability product provides downpayment and closing cost funding. Homebuyers are granted up to $5,000 for the purchase or purchase and rehabilitation of a home in a neighborhood that the government or special district targeted for rehabilitation.

 

Federal Home Loan Bank of Atlanta First Time Homebuyers

FHLBA partners with member financial institutions to create First-time Homebuyer Product (FHP) awards of up to $5,000 per household. FHP matches funds for downpayment and closing cost assistance to low- and moderate-income homebuyers. The money is distributed to eligible homebuyers on a first come, first serve basis.

 

Buying Into Baltimore

Buying Into Baltimore is a $4,000 incentive to use toward buying a home anywhere in Baltimore City. You must attend a Buying Into Baltimore event to become eligible for the $4,000 incentive. Every year, there are two events: a spring/summer event and a fall/winter event. That’s two opportunities to get $4,000 toward buying your home! See when the next Buying Into Baltimore Event is in the Events & Education section of this website.

 

Healthy Neighborhoods Neighborhood Stabilization Program

Homebuyers may receive $6,000 when toward the purchase of a fully-renovated home from a Healthy Neighborhoods development partner located in a healthy neighborhood census tract. These homes have been rehabbed top to bottom with new systems, new appliances (including a washer and dryer), and new kitchens. Most include hardwood floors and some have granite countertops in the kitchen. All are energy efficient to save money on utility bills!

 

Homeownership Assistance Program

First time homebuyers may receive a $5,000 incentive from the Community Development Block Grant (CDBG) toward buying a home.

 

Housing Choice Voucher Homeownership Program

The Housing Choice Voucher (HCV) Homeownership Program is an optional next step for those participating in the HCV Rental Program. The HCV Homeownership Program helps low to moderate-income families, the elderly, and the disabled to purchase decent, safe housing in the private market. The homebuyer is free to choose any housing type that meets the requirements of the program.

 

Maryland Mortgage Program Save-A-Home Program

Homebuyers purchasing a short sale or foreclosed property (not owned by DHCD) using an MMP loan can receive up to $6,500 in downpayment and settlement assistance through the Save-A-Home Loan Program.

 

Maryland Mortgage Programs Downpayment & Settlement Expense Program

The DSELP program may provide $5,000 toward downpayment and closing costs when using a Maryland Mortgage Program Loan.

 

 

Employer-Based

 

Baltimore City Employee Homeownership Incentive

Employees of City agencies and quasi-city agencies, who are employed and paid by the Mayor and City Council of Baltimore City, may receive up to a $3,000 toward buying a home.

 

Good Neighbor Next Door

GNND offers a substantial incentive for law enforcement offers, teachers of grades K-12, and firefighters/emergency medical technicians interested in becoming homeowners. These potential homebuyers are offered a 50% discount from the list price of a home.

 

House Keys 4 Employees

The State of Maryland will match participating employer contributions and other local incentives up to $2,500. An additional $1,000 is offered to employees buying a home within 10-miles of their employer.

Here is the list of participating employers: http://www.mmprogram.org/hk4eParticipating.aspx

 

Live Near Your Work

LNYW provides assistance between $2,000 – $36,000 toward a first-time home purchase in Baltimore City to encourage homeownership near the place of employment. The amount of assistance depends on your employer’s participation. If your employer offers $2,500 then Baltimore City will match an additional $2,500 for a total of $5,000.

 

 

Home Buying Loans

 

Maryland Mortgage Program Loans

Conventional, FHA, VA, Refinance, REO, and RHS loans are available through the Maryland Mortgage Program (MMP). Loans are below market-rate, 30-year fixed, and fully amortizing

 

Healthy Neighborhoods, Inc. Direct Purchase Program

Homebuyers can receive up to $25,000 to settle the costs of the purchase or purchase and renovation of a home located in one of the eligible census tracts.

 

Healthy Neighborhoods Purchase & Rehabilitation Loan

Homebuyers can use this loan to purchase and rehab a home or refinance a home on a target block in a designated healthy neighborhood. The loan carries a fixed interest rate that’s always 1% to 4% below…

 

Homeownership for Individuals with Disabilities

The Homeownership for Individuals with Disabilities Program provides low-interest mortgage loans to eligible disabled homebuyers and homebuyers with a disabled son or daughter.

 

Department of Housing and Urban Development 203k Loan

The HUD loan may be used to purchase and rehab a home or refinance and rehab your current home. Homeowner may finance painting, room additions, decks, and other items.

 

 

Renovation and Rehabilitation

 

Healthy Neighborhoods, Inc. Direct Purchase Program

Homebuyers can receive up to $25,000 to settle the costs of the purchase or purchase and renovation of a home located in one of the eligible census tracts.

 

Healthy Neighborhoods Purchase & Rehabilitation Loan

Homebuyers can use this loan to purchase and rehab a home or refinance a home on a target block in a designated healthy neighborhood. The loan carries a fixed interest rate that’s always 1% to 4% below…

 

Department of Housing and Urban Development 203k Loan

The HUD loan may be used to purchase and rehab a home or refinance and rehab your current home. Homeowner may finance painting, room additions, decks, and other items.

 

Baltimore City Lead Abatement Program

LAP creates lead-safe housing for low-income families with young children. The program is available for families with a pregnant woman or child living in the house age 6 or under.

 

Be SMART Home Complete

Be SMART Home Complete provides an unsecured loan, up to $15,000, for weatherization and whole home envelope improvements at an interest rate of 4.99%.

 

Be SMART Home Energy Star

Be SMART Home ENERGY STAR provides Maryland homeowners with an unsecured loan, up to $15,000, for replacement and ENERGY STAR upgrading of appliances and home heating or cooling systems.

 

City of Baltimore Historic Restoration & Rehabilitation Property Tax Credit

This is a 10-year program, with the credit granted on the increased value of a historic property due solely to the qualified historic improvements.

 

Baltimore City Deferred Loan Program

This program promotes safe living conditions by offering below market-rate rehabilitation loans for owner-occupied properties. Loans of up to $10,000 are available to low-income households.

 

Federal Home Loan Bank of Atlanta Accessibility

FHLBA’s Accessibility Product grants up to $12,000 to pay for accessibility improvements of an existing owner-occupied home. Typical improvements include but are not limited to exterior ramps and sidewalks…

 

Federal Home Loan Bank of Atlanta Energy Efficiency/Weatherization

This product provides up to $12,000 for energy efficient and weatherization improvements. Eligible improvements include but are not limited to exterior doors, HVAC systems, insulation, water heaters, roof…

 

Federal Home Loan Bank of Atlanta Foreclosure Recovery

FHLBA’s Foreclosure Recovery product provides up to $15,000 in downpayment, closing cost, and rehabilitation funding. Homebuyers are granted this incentive for the purchase or purchase and rehabilitation…

 

Healthy Neighborhoods Home Improvement Loan

This loan is for homeowners who live in Healthy Neighborhoods to borrow between $5,000 and $20,000 for home renovations, including some visible exterior improvements.

 

Healthy Neighborhoods Refinance & Renovate Loan

Existing homeowners on target blocks may refinance their existing mortgages and borrow as much as 110% of the after-rehabilitation appraisal of the property to make improvements.

 

Lead Elimination Action Program

LEAP is a matching grant program that provides free replacement windows and clearance testing for enrolled properties that meet risk reduction standards.

 

Maryland Housing Rehabilitation Program

MHRP offers below market-rate rehab loans to correct health safety violations and major system deficiencies (HVAC, furnace, boilers, water heaters, etc.) on owner-occupied properties.

 

Maryland Lead Hazard Reduction Grant Program

This program assists homeowners and landlords reduce the risk of lead poisoning and preserve the housing stock by reducing or eliminating lead-based paint hazards.

 

Neighborhood Housing Services of Baltimore Home Improvement Loan

NHS of Baltimore offers a home improvement loan for low income Baltimore area residents, to assist with structural or appliance repair- such as roofing, plumbing, heating/air conditioning, window replacement…

 

Office of Home Energy Programs Weatherization Program

This is an energy conservation program that assists low-income homeowners and renters in making their homes more energy efficient, comfortable, and safer, and reduces their utility bills.

 

Senior Roof Repair Program

This program offers loans up to $5,000 to homeowners 62 and older for roof repairs.

 

Maryland Sustainable Communities Rehabilitation Tax Credit Program

This credit is available for single-family, owner-occupied residential properties and offers an income tax credit equal to 20% of the qualified renovation costs, with a maximum of up to $50,000.

 

Vacants to Value Booster

This incentive offers $10,000 toward downpayment & closing costs to the first 50 buyers of Vacants to Value properties. Vacants to Value is new approach to address the blight that decades of property…

 

Rainwater Runoff Audit Program

If you live in one of the watersheds protected by Blue Water Baltimore (BWB), you may be eligible for services and financial incentives to help implement recommendations to reduce the amount of stormwater…

 

 

Tax Credits & Rebates

 

City of Baltimore Historic Restoration & Rehabilitation Property Tax Credit

This is a 10-year program, with the credit granted on the increased value of a historic property due solely to the qualified historic improvements.

 

Maryland Sustainable Communities Rehabilitation Tax Credit Program

This credit is available for single-family, owner-occupied residential properties and offers an income tax credit equal to 20% of the qualified renovation costs, with a maximum of up to $50,000.

 

Green Tax Credits

Homeowners who install renewable energy systems and have them in service in their homes before December 31, 2016 are eligible for a 30% tax credit.

 

Home Improvement Property Tax Credit

Homeowners may receive a 5-year tax credit on the additional assessed value of their home due to recent improvements. The credit is 100% of the home improvement assessed value the first year and decreases…

 

Homeowner’s Tax Credit

Homeowners whose combined gross household income is less than $60,000 may receive a tax credit that limits the amount of property taxes. Applications are due every year by September 1 by a standard application…

 

Homestead Property Tax Credit

This tax credit protects homeowners, regardless of age, income, or property value, from annually spiking tax bills on the home they live in.

 

Arts & Entertainment Districts Tax Credits

Baltimore City has three Arts & Entertainment (A&E) Districts: Bromo Seltzer, Highlandtown, and Station North. Artists or arts and entertainment enterprises may receive a 10-year property tax credit…

 

Newly Constructed Dwelling Tax Credit

This credit provides a five-year Baltimore City real property tax credit on newly constructed or substantially rehabilitated dwellings.

 

Renter’s Tax Credit

This credit provides property tax credits for renters based on the reasoning that renters indirectly pay property taxes as part of their rent and thus should have some protection, as do homeowners.

 

All information sourced from LiveBaltimore.com.