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$15k down payment grants offered to potential Baltimore homebuyers

Posted at 5:02 PM, Jun 18, 2019
and last updated 2019-06-18 19:53:58-04

BALTIMORE — A new homebuying initiative designed to bring equity and stability to Baltimore neighborhoods will make available $15,000 in down payment assistance for qualifying families.

Mayor Jack Young announced the expansion of the Neighborhood Lift Program at a press event Tuesday. Run in partnership with Wells Fargo, the program makes $15,000 down payment assistance grants available to residents who earn less 80 percent of the local area's median income. In Baltimore, that means those earning less than $75,500 a year.

The program offers exceptions to promote local homeownership with first responders. Veterans, service members, teachers, law enforcement officers, firefighters, and emergency medical technicians who earn up to 100 percent of the median income of $101,000 can apply for $17,500 down payment assistance grants

The aim of the program is to cultivate 290 new homeowners. An additional 650 Home Ownership Counseling grants will be made available to provide guidance to residents preparing to enter and navigate homeownership.

The LIFT program began in 2012, helping more than 21,000 homeowners with down payments nationwide, including 386 in Baltimore, Wells Fargo said.

“To able to apply for and qualify for a down payment assistance grant we are encouraging homebuyers who want to buy and live in Baltimore City to attend the free launch on July 19th and 20th at the Baltimore Convention Center,” said Monica Mitchell, the Vice President of Community Relations and Corporate Social Responsibility at Wells Fargo. “Home buyers can register at www.wellsfargo/lift beginning July 1st.”