June is National Home Ownership month. With that as a backdrop, Baltimore City, in collaboration with Wells Fargo, NeighborWorks America and its network member Neighborhood Housing Services of Baltimore, Wells Fargo will expand the NeighborhoodLIFT program that offers homebuyer education plus down payment assistance grants for Baltimore City.
The 2019 Baltimore NeighborhoodLIFT program will create more than 290 homeowners. Mayor Bernard C. “Jack” Young will be joined Tuesday by Congressman Elijah Cummings to announce a new partnership and program to boost homeownership in Baltimore City.
Since 2012, LIFT programs have helped create more than 21,100 homeowners with down payment assistance and homebuyer education through 71 program launches, including 386 through the Baltimore CityLIFT program.
To be eligible for $15,000 home down payment assistance grants, annual incomes must not exceed 80 percent of the local area median income in Baltimore City which is $75,500. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who may reserve $17,500 down payment assistance grants within eligibility requirements including earning up to 100 percent of area median income, which is $101,000.
Additionally, Wells Fargo has committed $325,000 to team up with NeighborWorks America to make face-to-face Home Ownership Counseling grants available for up to 650 consumers who want to prepare for homeownership. Interested homebuyers will receive a voucher at the Baltimore NeighborhoodLIFT launch event that will provide complimentary homeownership counseling with a participating HUD-approved housing counselor in the Baltimore City area.