By Cathy Duchamp
People interested in renovating foreclosed or vacant homes in Baltimore are meeting Tuesday night to learn about a new financing program. Those taking part in the program are being offered $25,000 loans to help defray costs, but there is a catch.
To get the loan you need to buy a house in a one of several targeted Baltimore neighborhoods the government has deemed strong, but undervalued. If you renovate the house, and live there, part of the loan turns into a grant you don’t have to repay.
The program is managed by a non-profit called Healthy Neighborhoods. The money comes from the federal government to soften the blow of foreclosed and abandoned homes in Baltimore.
An analysis conducted by the Greater Baltimore Board of Realtors, shows that 4 in 10 properties sold in the city in the first quarter of the year were either foreclosures or short sells.