Baltimore City Homeownership Incentive Programs
Baltimore CityHomeownershipIncentiveProgramsBALTIMORE HOUSINGOffice of Homeownership410-396-3124; fax ngs-BlakeMayor1Paul d 4/2012
Office of Homeownership417 E. Fayette Street, Suite 1125Baltimore, MD 21202410-396-3124www.baltimorehousing.orgTable of ContentsBaltimore City Homeownership Incentive Programs1Buying Into Baltimore Fairs and Trolley Tours1Baltimore City Employee Homeownership Program2Baltimore City Live Near Your Work Program3Additional Homeownership Incentives6Vacants to Value6State Mortgage Programs and Homeownership Assistance7Federal Mortgage Programs and Homeownership Assistance8Housing Choice Voucher Program9Baltimore City Tax IncentivesResources1011Homeownership Counseling Agencies11Homeownership Resources on the Web12Maximizing Your Homebuying Experience13Office of Homeownership Policies and Procedures14Baltimore Housing Refinancing & Release Policy15Homeownership Glossary of Terms162www.baltimorehousing.orgrevised 4/2012
Baltimore City HomeownershipIncentive ProgramsBuying Into Baltimore Fairs and Trolley ToursContact: Ernestine Carter 410-396-3124We mandate that all applicants review the Office of Homeownership Policiesand Procedures on page 14 prior to submitting any application for incentives.Office of Homeownership417 E. Fayette Street, Suite 1125Baltimore, MD 21202410-396-3124www.baltimorehousing.orgWhat is it?This program is a joint venture of the City of Baltimore and the Live BaltimoreHome Center. Neighborhood tours are scheduled in the spring and fall. The first 50homebuyers that attend the trolley tour and execute a sales contract within 90 days ofthe fair receive a 4,000 award towards closing costs.Who is eligible?Homebuyers executing contracts of sale within 90 days of the Buying Into BaltimoreHome Buying Fair and Neighborhood Tours. Validated tickets are accepted on a firstcome, first-served basis at the Office of Homeownership.What are the benefits? 4,000 down payment and closing assistance with no annual income limits.What are the restrictions/loan terms?Mortgage loan may not exceed 417,000. Buyer must contribute at least 1,000 towardspurchase and must use the property as the principal residence. Borrower must attendthe fair, get a ticket, and have ticket validated in at least four tour homes. The homemust be located in the designated region for that fair. Contract must be signed after theevent. Closing on the property must occur within 90 days of the event date. Loan isforgivable (20 percent per year) over 5 years for each year of occupancy.How to Receive Your 4,000 Down Payment andClosing Cost AwardPlease note the new requirement by the City of Baltimore in order to qualifyfor the 4,000 award.How to Qualify for the 4,000 Award Attend a Buying Into Baltimore Fair and have your ticket stamped in at least 4 of the16 featured tour homes. You must purchase a home in Baltimore City. This is not limited to only the featuredtour homes but can be any home located in the designated region of the city. Contract of sale must be signed AFTER the date of the event; contracts signed priorwill not be eligible. Closing on the property must occur within 90 days of the event. Program applicants are required to get one-on-one counseling and a counselingcertificate from a City-approved counseling agency prior to signing a contract ofsale. There are no annual income limits, and you do not have to be a first time homebuyer.1www.baltimorehousing.orgrevised 4/2012
Buyer must: Agree to use the Baltimore City property as his/her principal residence. Use a Fannie Mae or Freddie Mac approved lender with a mortgage loanamount not to exceed 417,000. Contribute at least 1,000 towards purchase. Complete homeownership counseling and receive a certificate of completionprior to signing a contract of sale.Office of Homeownership417 E. Fayette Street, Suite 1125Baltimore, MD 21202410-396-3124www.baltimorehousing.orgTo Receive Your Award1. Submit a copy of your executed contract of sale, validated home tour ticket,counseling certificate and picture ID in person to:Baltimore Housing Office of Homeownership,417 E. Fayette Street, Suite 1125, Baltimore, MD 21202.For award information, call: 410-396-3124.2. All contracts with validated tickets will be accepted on a first-come, first-servedbasis at the above address.3. Those received will be stamp-dated and placed on a list for the first 50 receivedfor the fair tour.4. All others will be placed on a waiting list.5. If awarded, the City will give an instruction sheet and a commitment letter forthe award funds, and funds will be issued at closing.Baltimore City Employee Homeownership ProgramContact: Marva Allette 410-396-3124We mandate that all applicants review the Office of Homeownership Policies andProcedures on page 14 prior to submitting any application for incentives.What is it?This program is designed to assist employees of the City of Baltimore to becomehomeowners within the city limits.Who is eligible?All active employees of Baltimore City’s agencies and quasi-agencies working for aminimum of 6 months.What are the benefits? 3,000 down payment and closing assistance with no annual income limits. Anadditional 750 is given for homes purchased in Healthy Neighborhoods targetblocks. Borrowers purchasing homes in Healthy Neighborhoods target blocksmust notify the Office of Homeownership in writing at the time of application.What are the restrictions/loan terms?Property must be located in Baltimore City. Mortgage loan may not exceed 417,000. Buyer must contribute at least 1,000 towards purchase and must usethe property as the principal residence. Closing on the property must occur within90 days of the contract date. Only one City employee per household may receiveassistance. Loan is forgivable over 5 years, reducing 20 percent for each year ofoccupancy.2www.baltimorehousing.orgrevised 4/2012
Baltimore City Live Near Your Work ProgramContact: Robert Bartolini 410-396-4159We mandate that all applicants review the Office of Homeownership Policies andProcedures on page 14 prior to submitting any application for incentives.What is it?This program is a partnership between participating employers and the City ofBaltimore designed to encourage homeownership near place of employment.Please see the table below for list of participating employers.Office of Homeownership417 E. Fayette Street, Suite 1125Baltimore, MD 21202410-396-3124www.baltimorehousing.orgWho is eligible?Employees of participating companies who are first time homebuyers in the City ofBaltimore. Participating employers have the right to develop additional eligibilityrequirements for their employees.What are the benefits? 2,000 minimum grant or conditional grant ( 1,000 from City of Baltimore, and 1,000 from employer) to be used toward down payment and closing assistancewith no annual income limits. 5,000 maximum grant or conditional grant ( 2,500from the City of Baltimore, and 2,500 from employer) for participating employers.What are the restrictions?Buyer must contribute at least 1,000 towards purchase and must use theproperty as the principal residence. Funds are a grant. Participating employers havethe right to develop additional program restrictions for their employees, includingeligible neighborhoods.Participating EmployersContactPhoneFax14 West Administrative ServicesA Better Laser ServiceAccountants on CallAdvertising.comAllines, Inc.Annie E. Casey Foundation, Inc.Assoc.of Baltimore Area GrantmakersAyers Saint Gross, Inc.Blind Industries & Services of MarylandBlue Water BaltimoreBon Secours Balt. Health SystemBroadway ServicesBrown Capital ManagementCangene bioPharmaCatalyst IT Services, IncorporatedRachel ShifreenRonald HoffLisa WittMeg NavorAdam ArnoldPattie SutorisAnn SherillMelissa LynchChristina M. TannerHalle V
Bon Secours Balt. Health System Joanna Pi-Sunyer 410.362.3244 410.362.3443 Broadway Services Barbara Pettit 410.563.6956 410.563.6960 Brown Capital Management Charlene Gross 410.837.3243 410.837.6525 Cangene bioPharma Charity Brown 410.843.5000 410.332.7532 Catalyst IT Services, Incor
2. Group Incentive Plans Team Incentive Plans – Compensation plans where all team members receive an incentive bonus payment when production or service standards are met or exceeded. Establishing Team Incentive Payments – Set performance measures upon which incentive payments are based – Determine the size of the incentive bonus.
The survey was aimed at incentive travel professionals all over the world and was available in English and Spanish, customised for 5 distinct incentive travel personas under the two main categories of buyers and suppliers. Buyer: 1. Incentive Travel End-User (e.g. corporate buyer) 2. Incentive Travel Agency (e.g. incentive house,
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also includes Incentive Compensation functional areas and features for ease of access and more streamlined set up. CAUTION: Don't use the Incentive Compensation offering to implement Incentive Compensation. Instead, see the Implementing Incentive Compensation guide for implementation information.
incentive travel to be 'motivating at all'. This suggests that, currently, a group incentive travel award is a near universal sales incentive, with only rare exceptions to the rule. Like last year, both genders find group incentive travel highly motivating, with males being only slightly more enthusiastic.
the homeownership rate went down because the ratio of your friends who own their own homes is too close to the number of those who rent. If your friends who lived at home with their parents decided to move out and one bought a home, and the other two decided to rent the homeownership rate among your friends would be: 58%
Becoming a Homeowner Study Guide I. Preparing for Homeownership II. Financing your Home III. Purchasing your Home I. Preparing for Homeownership In this sectio n, we will explore whether homeownership is the best choice for you, find out what you need to know
liquid wealth to illiquid housing (\house-rich, cash-poor"). On the other hand, as in all models of transfers, future transfers decrease the savings motive, decreasing the homeownership rate. I estimate the model by matching data on homeownership, savings, and transfers from the Panel Survey of Income Dynamics (PSID). I then compute a .
