Maryland Department of Housing and Community Development (DHCD) has announced the availability of $14 million in funding for activities that stabilize neighborhoods impacted by the economic downturn. The funding is made available through the Maryland Office of the Attorney General’s National Mortgage Loan Servicing Practices Settlement.
Eligible uses of this funding are:
1. Down payment and closing cost assistance for income eligible home buyers to acquire houses as their primary residence;
2. Acquisition and rehabilitation of houses for resale or rental to income eligible persons;
3. Acquisition and redevelopment of blighted or abandoned properties to be used for new housing or community facilities; and
4. Other innovative strategies that demonstrate significant funding leverage and potential to stabilize local neighborhood housing markets.