BALTIMORE CITY, Md. — The state is making it easier to live in Baltimore City.
The Department of Housing and Community Development in partnership with the City of Baltimore launched two new home ownership incentives Wednesday.
Secretary of Housing and Community Development Jake Day said that the state invested nearly 4.5 million dollars into Reinvest Baltimore.
Baltimore City and Maryland State invest in redeveloping vacant homes
One incentive provides up to 20,000 dollars in down payment and closing cost assistance.
The second, gives more than 75 homebuyers who purchased redeveloped homes a 3.5 percent interest rate.
"You're being very focused when you talk about what does home ownership look like because what happens when you're doing that, you're creating legacy," Maryland State Senator Corey McCraye said. "That's what you're doing you're making sure that that parent, that grandparent, whoever it is that may purchase that home, that they have something that they're leaving to that next generation and we can't say how important that is."
Officials also said the city will also contribute 10 million dollars to acquire, stabilize and demolish vacant buildings for new development.
Another 40 million dollars will go to community development organizations.
Reinvest Baltimore has also expanded its work this year. The neighborhoods that will be next for redevelopment are Penn North, Brooklyn and Broadway East.
"We're not just funding redevelopment, we're investing it at every stage to make neighborhoods live up to their full potential, and today's announcement is all about reflecting that," Day said.
