Baltimore County

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Baltimore Countys Neighborhood Stabilization
Program

• REO Acquisition
• Mortgage Assistance Loan Program
• Affordable Rental Housing

Baltimore County Office of Community Conservation
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• Baltimore Countys Program Consists of Two
  Distinct Programs
• Mortgage Assistance Loan Program
• Affordable Rental Housing

Baltimore County Office of Community Conservation
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General Requirements
Baltimore County Office of Community Conservation
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Property Criteria

• Must be a vacant and abandoned property due to
  foreclosure. No exceptions.
• Purchase price must be less than the appraised
  value.
• Property must be inspected prior to settlement.
• All rehabilitation work must be approved by
  Baltimore Countys Rehabilitation Inspection
  Staff.
• Sustainable and energy efficient rehabilitation
  required.
• Must be located in one of eight targeted
  zipcodes.
• 21117, 21133, 21207, 21220, 21221, 21222, 21234,
  21244

Baltimore County Office of Community Conservation
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Loan Terms

• Assistance may be provided in the form of a
  deferred or amortized loan.
• Payments may be deferred for a minimum of 15
  years.
• The deferral period is known as the period of
  Affordability.
• Loans are evidenced by a Promissory Note and a
  Second Mortgage Agreement
• Loan is forgiven after the Period of
  Affordability is completed provided the intended
  use remains the same throughout the Period of
  Affordability.
• Refinance, transfer of title, and sale of the
  property will trigger repayment provisions.

Baltimore County Office of Community Conservation
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Mortgage Assistance Loan Program
Baltimore County Office of Community Conservation
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Program Requirements

• Household Income must not exceed 120 of AHMI.
• Must complete 8 hours of pre-purchase
  counseling.
• Does NOT have to be a first time homebuyer.
• Must agree to have a lien recorded on the
  property.
• Must obtain a conventional fixed rate mortgage
  from a participating lender as determined by
  Baltimore County from time to time.
• Funds can be used for closing costs, downpayment,
  principal curtailment, repairs, and
  rehabilitation.

Baltimore County Office of Community Conservation
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Affordable Rental Housing
Baltimore County Office of Community Conservation
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Program Requirements

• Must be nonprofit organization with housing
  development capacity.
• Must be in Good Standing with the Secretary of
  State.
• Must have evidence of other sources of
  financing.
• Must agree to provide housing that is affordable
  to households whose income is 50 or less of the
  AHMI.
• Must agree to serve homeless households
  experiencing mental illness.
• Funds may be used for acquisition and
  acquisition/rehabilitation.
• Must agree to provide supportive housing and case
  management services.

Baltimore County Office of Community Conservation
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Program Contacts Marcia D. Williams HOME Program
Coordinator Elizabeth S. Glenn Chief of Community
Planning and Development Office of Community
Conservation Housing Opportunities
Program 410.887.3124 www.baltimorecountymd.gov/age
ncies/community/housing
Baltimore County Office of Community Conservation