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Hopkins employees could be eligible for one-day $36,000 homebuying grant

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Posted at 2:58 PM, Jul 28, 2016
and last updated 2016-07-29 07:22:24-04

Employees of Johns Hopkins University and Johns Hopkins Health System could be eligible for a $36,000 grant toward purchasing a house in East Baltimore—with a catch. The sale is one-day only, September 10, 2016.

“What we need to do is get Hopkins employees out of their offices, across Madison Street, to really see the community,” Andy Frank, special adviser to the president of JHU, said.

The houses, developed by Ryan Homes, are just down the block from the main campus of the Johns Hopkins Hospital. The idea, Frank said, is walk-ability for employees.

The homes are in the Eager Park neighborhood, just north of the hospital. All benefits-eligible Hopkins employees can take advantage of the one-day grant if they qualify, according to the JHU website.

According to a website for the program, the Eager Park program is expected to be completed by December.

The majority of the available homes are 42 units located in the 1700 block of Eager Street. Prices are starting around $160,000” according to a Hopkins website, and are three stories with a garage and optional extras.

“It’s a great benefit,” Tierra Pearson, who works in research administration at JHU, said. “I think that it’s very beneficial for faculty, staff and other employees. If I could take advantage of that, I would.”

Ryan Homes is offering an additional $10,000 to buyers if they use its mortgage loan company. Hopkins is also encouraging buyers to take advantage of a new-construction tax credit over the first five years of ownership, which, according to their website, starts at a 50 percent tax reduction.

“Having people live there, put a stake in this community, will also be an improvement for the project itself, because these are people who are going to demand better services, and they’re going to make sure the community stays strong and viable,” Frank said.

When it comes to security, Frank said they will have 24-hour staff in place. 

The project is part of Hopkins "Live Near Your Work" program that started in 2001. This project was delayed by the economic depression, but administrators are thrilled it is back on track.

The project includes 42 new homes under construction, 15 homes that will be renovated in the area, a park, hotel, office and two restaurants.

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