MATCHING GRANTS FOR RENOVATION
Baltimore City has committed $1 million to match dollar-for-dollar the rehab portion of loans made from the Healthy Neighborhoods Loan Pool.
Existing homeowners on target blocks may refinance their existing mortgages and borrow additional funds to make improvements.
Click here for a list of target blocks. Current residents may borrow as much as 120% of the after-rehabilitation appraisal of the property. This loan has a fixed rate that's always 1% below the 60-day Fannie Mae rate but in no event less than 4%. The term is 30 years. This loan requires no private mortgage insurance. Design assistance from an architectural form is available at no cost to help buyers plan improvements and review contractor proposals.
For full terms of this loan, click here >>
Apply here >>
Frequently Asked Questions
A: No. You must use the borrowed funds to pay for home improvements you will make after settlement on the loan.
Q: Can I use this loan to pay off credit card or other debt?
A: No. This loan is for home improvements only.
Q: Can I use this loan for a new porch?
A: Yes! Healthy Neighborhoods encourages standard-setting exterior renovations that add value to your home and your neighborhood.
Q: What about new appliances for my kitchen?
A: Yes! We encourage any permanent improvements that add value. And check out energy-efficient appliances that help you save money on your energy bills. Click here for more information.
