We love our communities and are excited to share that the Dundalk Renaissance Corporation is working to revitalize greater Dundalk through its Home Buyer Grant Program! This limited-time-only grant program provides eligible borrowers funds towards closing costs and/or down payment for homes purchased in the following neighborhoods: Old Dundalk, Dun-Logan, St. Helena, Turner Station and Graceland Park.
Eligibility is determined by the following items as outlined by the Dundalk Renaissance Corporation:
1. Earn home buyer certification from a home ownership counseling program PRIOR to signing a purchase agreement. All adults who will be on the title and/or mortgage must be certified. Agencies are listed on page 2. Note: in certain circumstances, an online course and certification may be allowed – inquire! Certification is good for 12 months. Classes fill quickly, so don’t wait to start this part of the process; it can take up to 2 – 3 months.
2. Attend one of our home buyer events – Neighborhood Close Up Tour or Be A Buyer Workshop or other home buyer event PRIOR to signing a purchase agreement. Find our events on Facebook.com/dundalkusa, our website dundalkusa.org, our e-newsletter (sign up from the website) and our monthly Dundalk Eagle ad.
3. Total household gross annual income must be between 80% – 120% of the Area Median Income for household size (adults and kids). The income chart, below, is from HUD and changes annually. Note: household incomes below 80% AMI may qualify for Baltimore County Settlement Expense Loan Program (SELP) or other programs.
4. Buyer must be the owner-occupant of the home purchased with our grant funds. Because this is a 5-year forgivable loan program, if the buyer sells the property before a full five years of owner/occupancy, a repayment schedule will be in effect.