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Mayor increases incentive for first-time homebuyers to $10,000

r m
Posted at 1:49 PM, Apr 27, 2022
and last updated 2022-05-02 06:16:09-04

BALTIMORE — Mayor Brandon Scott announced that effective May 1, 2022, the city is increasing incentives for eligible first-time homebuyers to $10,000.

Also, qualified homebuyers purchasing homes in Impact Investment Areas will be eligible for $20,000 in first-time homebuyer incentives.

This strategy supports Scott Administration’s growth plan for 2030, which was created in response to declining population numbers – especially among middle-income Black homeowners in Baltimore.

“Home prices and mortgage rates continue to escalate. This dynamic can cause housing affordability to sink for many first-time buyers,” Mayor Scott said. In order to continue to grow our city and strengthen our economy, we must do everything in our power to prevent potential Baltimore homeowners from being squeezed out of the marketplace.”

Eligible buyers must live in the home as their primary residence and have a household income at or below 80% of the Area Median Income (AMI). Currently, AMI is $55,950 for a household of one, $63,950 for two, or $79,900 for four.

For more information click here.