The recent riots in Baltimore have bruised the city’s image, possibly scaring away potential home buyers. That’s not something that neither the mayor of Baltimore nor the Governor of Maryland are willing to simply ignore.
So they’ve teamed up to provide incentives to encourage property purchasers to favor Baltimore as their top choice for residency. The Governor has pledged $2 million and the Mayor of Baltimore $1 million to form a program that will provide $7,500 down payment grants to Maryland first time home buyers.
The Baltimore Sun reports:
The state committed $2 million and the city contributed $1 million to a program that will provide financial incentives for people to move to Baltimore, officials said.
Called the “Maryland Grand Slam,” the program will offer prospective city homeowners four ways to reduce the cost of buying a home — including $7,500 in down payment assistance grants.
The city’s Board of Estimates approved Baltimore’s $1 million contribution Wednesday. The $2 million in state funds comes from $20 million the Maryland Board of Public Works authorized to help Baltimore rebuild after the rioting that followed the death of 25-year-old Freddie Gray from injuries suffered in police custody.
“A strong housing market is key to a strong economy,” Hogan, a Republican, said in a statement. “This program will help more families become homeowners and will improve our economy.”
Rawlings-Blake, a Democrat, held a news conference at City Hall to announce the program with Tiffany P. Robinson, an assistant secretary of housing and community development under Hogan. The governor and the mayor have clashed recently over funding for the Red Line, city schools and rebuilding city liquor stores, but Rawlings-Blake said the new effort shows the administrations are working together.
>> read the full article at baltimoresun.com