Baltimore’s Healthy Neighborhoods Inc. home improvement loan program may soon receive a pair of new grants depending on the outcome of a vote by the Board of Estimates on Wednesday. The two grants together would provide $750,000 to the program, according to the Baltimore Business Journal.
The program, made up of 13 local nonprofit organizations, distributes loans to Baltimore-area homeowners for home improvement purposes. The goal of said loans is to increase property values in “stable communities” that are viewed as underpriced.
One of the grants voted on Wednesday would contribute $600,000 toward operating costs, shared amongst all of the affiliated organizations. The other would provide $150,000 for HNI’s matching loan program, which would go toward helping recipients of initial loans of $5,000 or more.
Under HNI requirements, 15 area neighborhoods are considered “healthy” enough to participate in the program. Property owners in the 15 qualifying neighborhoods can receive acquisition and rehabilitation loans, refinancing, and home improvement loans.
In its 13th year of operation, Healthy Neighborhoods has dispersed nearly $25 million in competitive loans, doubling median sale prices in target areas.
To read the rest of the story, click here.
Related Stories
Forty Under 40 Remodeling Trendsetters
The new ideas embraced by our Forty Under 40 winners are examples of forward-thinking leadership in remodeling
How to Create a World-Class Remodeling Team
Great remodeling companies position themselves for the future with the right players
How to Increase Your Odds of Closing Remodeling Sales
Use these tips to hone your sales process and grow close ratio
Everyone Should Have a Number: KPIs for Your Design Build Team
Measuring key performance indicators guides your team to success while creating accountability and ownership
Becoming Profitable in Your Remodeling Niche
The 2023 NAHB Remodelers Chair shares insights and advice for contractors in our 2024 Thought Leader predictions series
Combat Remodeling Market Pullback with Increased Marketing
Mosby Building Arts' president shares his expert predictions and approaches to remodeling in 2024 for Pro Remodeler's Thought Leader predictions series
A Mindset of Serving Others
A research study shows surprising results about what makes us take ownership of our work.
4 Surprising Home Improvement Trends for 2024
Leaf Home CEO Jon Bostock offers insight on topics and trends that will impact the home improvement industry this year