Baltimore home improvement loan program awaits vote on additional funding
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.
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